4 Things you need to know about Brisbane before buying Property
In case you haven’t noticed, Brisbane is growing up fast.
Whether it’s the Winters that never come, or the massive suburban blocks on offer at prices that wouldn’t buy a carport down south, property investors can’t get enough of the river city. While Sydney and Melbourne property prices continue to skyrocket, the Brisbane market is ripe for the picking.
But there are big differences between what makes Brisbane’s property market tick, compared to Sydney and Melbourne. So here’s our list of four things you must know about Brisbane before buying.
1. Start with a plan
As with all property investments, getting an in-depth understanding of the area is crucial to making good decisions. Luckily, Brisbane has a wealth of information available to do just that.
In 2014 the Brisbane City Council released its’ plan for the future development of the city. The Plan is available online, together with interactive mapping tools and fact sheets, which outline the important information on flooding, overland flows, local zonings and designations as well as planning restrictions and relaxations.
The plan is a technical document used by Council to assess new developments in the city, so the in depth information can be overwhelming to anyone not accustomed to the language of city planning and development. Despite this, the importance of the information can’t be understated for property investors looking at Brisbane.
2. Queensland style is different
If you’re in the market for a character home in Brisbane, it’s going to be a very different look to anything you’ll find in Sydney or Melbourne. Brisbane’s most popular character homes are raised up on stumps, usually with timber walls and a tin roof.
This iconic style is by far the most sought after in the Brisbane property market, despite the additional maintenance costs attached. However, this classic ‘Old Queenslander’ style of home can have protections under the BCC heritage plan, so be sure to do your research if you intend to develop.
While owners in other cities can be attracted by low lying properties on a flat topography, Brisbane loves an elevated vantage point. The hills are part of Brisbane’s charm, and offer airflow for the never-ending Summers, improved natural light, and a vantage point for stunning sunsets over Mount Coot-tha.
Low-lying properties can also be more at risk of flooding in some suburbs, so be sure to check the Council’s interactive flood map before buying. Orientation and aspect are extremely important in Brisbane due to the harsh realities of Summer. A north-facing home that catches morning warmth but is shielded from the sunset will always appeal to prospective buyers.
3. School proximity
State school catchments are one of the most important aspects to finding the right investment property in Brisbane, and have a big influence on prices for those properties within.
Suburbs like West End and South Brisbane, which form a large part of the catchment area for one of the premiere state schools in Queensland (Brisbane State High School), have experienced higher price growth than surrounding suburbs. This has occurred as the rules surrounding school catchment areas have been tightened.
Good examples of desirable state school catchments include Wilston, Bulimba, Ashgrove, Mansfield and St Lucia.
4. We live differently
As simple as it may sound, air conditioning is now a must in Brisbane. Where ceiling fans may have satisfied tenants previously, in the past 18 months properties without air conditioning have been negatively affected when attracting tenants.
If you’re an out of town investor, it’s important to avoid imposing rules which may not apply to the River City when finding your investment property. The Brisbane way of life can be very different to Sydney and Melbourne, as are the properties buyers respond to.
Winter in Brisbane is an extremely mild affair to say the least, which leaves plenty of time for outdoor entertaining. Homes that take advantage of our never ending Summer and adapt to this love of the outdoors can fair far better on the market, so make sure the floorplan is conducive to outdoor living.