Brisbane may be a city that has been overshadowed by its east coast rivals Sydney and Melbourne when it comes to property, but Brisbane is certainly one city to watch out for!
Not only is Brisbane still very affordable for owner occupiers and investors alike, but the city is rapidly growing and has some very exciting infrastructure plans over the upcoming years, making Brisbane a great place to invest both today and in the future.
So why should you be buying your next property in Brisbane
? Here are 10 reasons why you shouldn’t be overlooking Brisbane:
10 Reasons why you should be buying property in Brisbane
1. Brisbane’s population set to double
Over the next 15 years, the population of Brisbane is set to double. In 2015, Brisbane’s population was approximately 2.2 million, and is expected to grow to 4.6 million by 2031. This means that the city will require 40% more homes than the city had in 2006, according to government estimates, with a focus on building up, not out.
2. First home buyers can save $20,000 with the grant
To get more first home buyers purchasing property within Queensland, the Queensland Government have increased the First Home Owners’ Grant (what used to be known as the Great Start Grant) from $15,000 to $20,000 from 1 July 2016 until 30 June 2017. However, this is for new property only, such as off the plan and newly built, so established housing does not count. Eligible first home buyers can use this $20,000 towards the property purchase or initial property costs.
3. Stamp Duty Concessions
Alongside the First Home Owners’ Grant, there are also stamp duty concessions to be had when you buy new property in Brisbane and if you’re a first home buyer, you can also make the most of the First Home Concession. This can save you thousands of dollars and worthwhile calculating to see what this could save you.
4. Brisbane property market still very affordable
According to CoreLogic, the median property price in Brisbane now sits at $479,000 at 31 August 2016, with the median house price at $515,000, whilst the median unit price is $390,000. In comparison, the median property price in Sydney is $780,000, whilst Melbourne’s median property costs approximately $576,000.
Brisbane’s property market is still playing catch up and has yet to reach the peak of its cycle. This makes buying property in Brisbane today the ideal time, before things start to heat up.
5. Brisbane market still undersupplied
There has been plenty of media attention lately on the Brisbane property market being “oversupplied”, but in fact, Brisbane’s property market is still massively undersupplied, having only recently experienced a spurt in new properties over the last few years. Although there may be a high number of new properties completing in the next 12 to 18 months, from 2018, the level of new stock completing massively reduces.
Also, it is important to bear in mind that not all properties will be completing. With tougher lending restrictions in place for home buyers, investors and developers, many new developers who lack the experience are now being turned down by their lenders for finance which results in new developments not proceeding.
With Brisbane’s population set to double in just 15 years, the city requires a huge amount of new properties to cater for this increased population. When buying property, then you should also be looking at the long term, not just the first few years. Typically, a property, whether as a home or investment should be for the long term and should be held for at least 10 years if possible to see the best results. This length of times also generally sees property prices doubling in value.
6. You can still buy properties at reasonable prices within 5km of CBD
It is still possible to purchase property within the inner ring suburbs of Brisbane that lie within 5km of the CBD at reasonable prices; however, the middle ring suburbs of Brisbane within 10km of the CBD are also proving popular. At iBuyNew, you can still get a one-bedroom apartment in Indooroopilly for $364,000, whilst Lutwyche has apartments from $359,000 for sale. Compare this with Sydney and the chances of this are extremely rare.
7. Low interest rates
Interest rates in Australia are now at their lowest ever rate of 1.5 per cent, having been cut by 25 basis points in August from 1.75 per cent. This means taking on a mortgage today is far more appealing due to having to pay substantially less over the lifetime of the mortgage. It is also predicted that interest rates will creep even lower before going up.
8. Exciting new developments and infrastructure
Brisbane has a number of exciting new developments and infrastructure under development to help improve and revitalise the city, helping to improve the economy. Some of the main developments include Queens Wharf Precinct, Brisbane Airport Redevelopment, Brisbane Live Entertainment Arena, Northshore Hamilton and a new International Cruise Terminal.
Not only will these new developments appeal to the local population, but they will also improve tourism, putting Brisbane more on the map as a destination to travel to.
9. Increase in net interstate migration to Queensland
During 2014-15, the net interstate migration to Queensland was higher than in 2013-14 and increased from 5,750 persons during 2013-14 to 6,420 persons during 2014-15. With the number of new developments and infrastructure required in the next decade, this will also attract a larger skilled workforce to Queensland, so it is likely interstate migration may continue to rise.
10. New World City Status
Brisbane is on track to become Australia’s next New World City by 2022 and since 2000 the city has ranked within the top 30 per cent of the world’s fastest growing cities, particularly for job creation.
Brisbane is set to provide a better and enviable quality of life for its residents, where Brisbanians will be able to enjoy extensive green spaces, easy commutes to work and world class career and business opportunities all on their doorstep.
If you are searching for your next property investment, first home or next home then Brisbane may be the city to buy your next property. Not only can you benefit from affordable and quality housing, but you can also take advantage of the high amount of growth this capital city is going to see over the upcoming years.
To learn more about the latest property opportunities within Brisbane, then why not speak to one of our expert Property Consultants at iBuyNew who can assist you with all your property enquiries. We have a wide range of new apartments Brisbane for sale, whether you are looking for one, two or three bedroom apartments.
Call us today on 1300 123 463
to find out why you should be buying property in Brisbane today.
To find out more about why you should be investing in property in Australia's next New World City, view this informative article:
Published on 4th of October 2016 by Marty Stanowich