In recent years, there has been considerable discussion about the promising investment potential of Brisbane property. The decline in prices during 2022-2023 is widely viewed as an opportunity to purchase an investment property in Brisbane at a more affordable rate.
If you’re considering buying a home in Australia’s most rapidly developing city, we have compiled some key points for you to consider.
Did you know about the Brisbane plan?
In 2014, the Brisbane City Council unveiled its comprehensive plan for the city’s future development. This plan, which can be accessed online, provides valuable insights. It includes interactive mapping tools and informative fact sheets that outline crucial details such as flood-prone areas, overland flows, local zoning regulations, designations, as well as planning restrictions, and relaxations.
The specifics of buying a house in Brisbane in a flood zone is an important topic, so we wrote a separate article about it.
While the plan may appear overwhelming, primarily for those unfamiliar with the language of urban planning and development, its significance cannot be underestimated for property investors interested in Brisbane. Taking the time to delve into this wealth of information is crucial for making well-informed decisions in the city.
The City Plan includes aerial photography of each property, plus information on:
- Local zonings and designations
- Planning restrictions and relaxation
- Flooding
- Overland flows
- Property lot reports
- Property holding reports
- Bicycle networks
- Noise corridors
- Air quality corridors
- Infrastructure plans
- Distance from airport
- House character
- Sun angles
- Local geographical features
And that’s just a sample of what you can find out about your planned property purchase! Spend a bit of time learning how to use the plan and interpret the information you can find. Having all that knowledge at your fingertips will help you make the best property purchase.
You should also know about the school map
Whether or not you have children, living near a great school definitely adds value to the surrounding real estate. Many home buyers want to know what state school catchment they will be living in.
It’s important to be able to access schools with a strong principal and a good reputation. Buying property inside such a catchment can make it easier to sell later on and increase your property value significantly. As well, living near a great private school can also add value to your property. It’s wise to consider buying an investment property inside of one of Brisbane’s desirable school catchments, as this is a great drawcard for property investors.
You can access the Queensland Government’s education map for Brisbane here.
Brisbane’s Inner, Middle, and Outer rings
The Brisbane suburbs are divided into three rings, and it is essential to grasp this geographical arrangement.
Here’s what it looks like on the map:
Source: Rpdata, Pricefinder, Abs, Queensland Government. Prepared By Place Advisory
As the resident population in Brisbane starts to grow rapidly, statistical data reveals intriguing patterns. The inner ring of Brisbane is anticipated to undergo the most substantial population growth, with a projected increase of 20% by 2026 and an even more significant growth of 42% by 2036. However, in terms of sheer numbers, the outer ring of Brisbane will experience the most significant surge.
Projections suggest that the population in the outer ring will increase by approximately 118,000 individuals over the next two decades. These projections provide valuable insights into the changing demographic landscape of Brisbane’s suburbs, emphasizing the need for careful planning and resource allocation to accommodate the evolving needs of its residents.
Carefully study the suburbs’ rings data before making a decision about buying real estate in Brisbane.
Old Queenslander
If you’re in search of a character home in Brisbane, you’ll discover a distinct architectural style unlike what you’ll find in Sydney or Melbourne. Brisbane’s most popular character homes are typically raised on stumps, featuring timber walls and tin roofs.
This iconic style, known as the “Old Queenslander,” holds significant appeal in Brisbane’s property market, despite the additional maintenance costs it entails. It’s worth noting that these classic homes may have protections under the Brisbane City Council’s heritage plan, so conducting thorough research is vital if you have plans for development.
Can foreigners buy a house in Brisbane?
The short answer is yes. It is important to understand that permanent residents, New Zealand citizens, and ordinary non-residents are three different stories about buying property in Brisbane. In short, non-residents can only buy an investment property, as the Queensland authorities want to protect the rights of Queenslanders.
One way or another, this is a topic with many nuances, so we have already written several articles about it earlier:
Is it worth buying an investment property in Brisbane?
Brisbane, a rapidly expanding capital city in Australia, is experiencing significant growth in both population and employment. The surge in population is considered a major catalyst for the increasing property values throughout the country. Projections indicate that Brisbane’s population will surpass three million by 2035.
Furthermore, it is noteworthy that Brisbane will host the Olympic Games in 2023. This prestigious event serves as a catalyst for enhancing the city’s aesthetics and overall appeal.
But is it a good time to buy property in Brisbane? We have described in more detail the prospects for buying investment property in Brisbane in 2023 in this article.
Do you know the difference between buying property in Queensland and other Australian states?
If you have already chosen the right property in Queensland, it is important to understand how the property transfer process works in this state. For example, in Queensland, it’s only conveyancers (not solicitors) who can carry out conveyancing.
For those who may have more questions, we have written an article TOP questions to ask Brisbane conveyancing solicitors.
How can a local solicitor help you?
A conveyancing solicitor will help you legally transfer ownership from the previous owner of the house to yourself, the new buyer. There’s a lot of legal, financial, and contractual work involved in a property purchase, and it must all be carried out completely and correctly to fulfill all legal obligations.
Choosing a local conveyancing professional to assist with your property purchase is usually a wise idea. A local conveyancing solicitor should have more knowledge and experience of your local area than a non-local one.
As well, they will be far more knowledgeable of your state’s policies, practices, and procedures. As conveyancing laws and requirements differ between the states and territories of Australia, it’s wise to use someone local. A conveyancing solicitor’s local knowledge of your area should prove useful and beneficial to you.
Your local conveyancing solicitor will:
- Review your contract to discover hidden third-party rights or stipulations
- Communicate with all parties involved in the transaction
- Conduct searches to uncover any preconditions
- Review and explain the search results
- Prepare documentation
- Ensure proper adjustment of the price paid at settlement
- Facilitate settlement and ensure property ownership is lawfully transferred to you
To talk to local Brisbane conveyancing solicitors with the highest levels of property law experience, get in contact with GM Law via email or call 1300 185 636.
