Being Australia’s third-largest city, Brisbane offers one of the most booming and diverse property markets in the world. The city has been enjoying a strong economic and population growth- which has driven great returns for the potential property investors. In the past few years, Brisbane Property has witnessed impeccable long-term growth.
The capital city of Queensland continues to maintain strong rental yields, even during the COVID-19 pandemic. It is one of the best places to invest a property. It is important to know the key reasons for buying an investment property in Brisbane. However, there are few things that you need to consider before make the final investment decision.
The following things are specific to Brisbane. So, if you want to invest in the Brisbane Property Market, keep the following tips in mind:
1. Flood Zones
It is important for you to know that there was a huge flood in 1974 and 2011. A lot of residential properties went underwater. That’s the reason why the Brisbane City Council introduced flood maps. Make sure you go through the map before making any property investment decision in Brisbane.
You can see whether this property was under water at any stage in the past or not. There is no use of taking any risk if you are planning for a long-term investment.
One of the best things you can do is to avoid flood prone areas while buying a new property.
2. Infrastructure Projects
There is no denying the fact that infrastructure developments boost liveability, demand and community amenity. It creates more employment opportunities and encourages people to invest in such areas. In the coming years, especially in 2022, Brisbane will benefit from investment in excess of $18 billion. Some of the major infrastructure development products are:
This project is worth $ 5 billion which has 18 stations in 21-kilometre line. The project is completing by the end of 2022.
Metro Transport System
It is Queensland’s largest project that will increase the demand for properties and also create new jobs.
Another big infrastructure development in the capital city of Queensland
Queens Wharf Resort and Casino
This will create 2,000 jobs because more than 50 new restaurants and bars will be opening by 2022.
So, make sure you consider upcoming infrastructure development projects if you want to get the most out of your property investment strategy.
3. Standard of Living and Lifestyle
Being a property investor, you need to understand the standard of living and lifestyle of people who are living in Brisbane. For instance a carport is totally okay in Brisbane, whereas in Sydney you want it to be locked up. Apart from this, you need air conditioners in Brisbane because it is a hot city.
Buying a property in the hotspots is one of the best options for a long-term investment. So, understand the living standard and lifestyle status of locals before making the final decision.
4. Surrounding Suburbs
Always remember that not all parts/suburbs of Brisbane will deliver equal outcomes. There are many suburbs that will suffer from oversupply of property as compared to demand. This will limit the price growth and force investors to sell at a low price.
So, make sure you do thorough research if you want to buy a property in surrounding suburbs of Brisbane. In today’s era, people are again heading towards big backyards, relaxed lifestyle and spacious homes- which is why demand for homes in small towns and suburbs are constantly increasing. Here is the list of best suburbs to invest in Brisbane in 2021 so that you can generate higher returns in the long run.
5. It has One City Council
Did you know that Great Brisbane is one City Council? In Sydney, Perth and Melbourne, a few suburbs are in one council while a few in another council. This means what you can do in a particular suburb might be different to what you can do in the other suburbs because the councils have different set of rules. But the scenario is completely different in Brisbane. You have to follow similar rules throughout the city- which is quite relaxing for potential property investors and home buyers.
Buying a promising investment property in Brisbane requires thorough research about the market. Make sure you consider the location, property type, price and local amenities if you want to make the most out of your investment.