If you’re looking to invest in property in Brisbane, it’s important to do your research and make informed decisions to ensure the best return on your investment. In this blog post, we will cover ten essential things to consider when investing in Brisbane property.
- Look for growing areas – Brisbane is a rapidly expanding city, so it’s essential to look for areas that are predicted to grow in the future. To identify such areas, consider existing and new infrastructure and projected population growth.
- Research the area’s demographics – Who lives there, what kind of jobs are available, and what kind of schools are nearby? These are some of the questions you should ask when researching the area’s demographics. Live micro burbs is a free tool that can help you break down the local demographic.
- Consider your budget and find an affordable area that still has potential for growth – Areas within 20km of Brisbane start to get priced around the $700k plus, which can make it challenging to get rental yield. This is when you need to get your research hat on and start shopping in suburbs 30km away. By doing your research on growth indicators, you can benefit from the capital city’s growth without the negative gearing.
- Familiarize yourself with zoning laws in the area – Some areas may be zoned for commercial or industrial use only, which would not be ideal for residential property investment. You also want to check the street to see the zoning to make sure it won’t be zoned for apartments down the track if you’re looking for your next family home. These details can easily be found on local council websites.
- Talk to local real estate agents – Local real estate agents have the best and fastest data on which areas are worth investing in. Simply pick up the phone and contact local agents who have recently sold.
- Look at recent sales data – To get an idea of how much prices have increased in certain areas, you can check out free sites like Real Estate.com or Domain. You can also get more in-depth data by using paid platforms such as Pricefinder or RP Data.
- Check flooding maps – Brisbane has a history of flooding, so it’s important to check the flooding maps to ensure that the property you’re purchasing is not within a flood zone. You can easily check this on local council pages.
- Hire a Buyer’s Agent – A buyer’s agent is a licensed professional who acts on behalf of the buyer in a property transaction. They can help you identify properties that match your criteria, negotiate the best price, and guide you through the buying process.
- Have a team set up – Make sure you have the right mortgage broker, building and pest inspector, solicitor, and buyer’s agent to ensure the buying process is smooth with no costly mistakes.
- Enjoy watching your investment grow! – Investing in property can be a profitable venture, but it’s important to be patient and think long-term. With the right strategy and team, you can enjoy watching your investment grow over time.
In conclusion, investing in Brisbane property can be a wise decision, but it’s important to do your research and seek professional advice to make informed decisions. By considering the ten points above, you’ll be well on your way to making a successful property investment in Brisbane.