So, you’re looking to buy. Here is what to consider
No matter if you’re an investor looking to add to your portfolio or a first home buyer – the low number of properties currently on the market is making purchasing more difficult (and competitive) than ever before.
This lack of supply can often lead to frustration as many who are willing and able to purchase, simply cannot find a suitable home.
In this article, we strip it back to basics and go over what to consider when dipping your toes into the market.
Location! Location! Location!
No matter how well you think you know the area you are considering buying in, it is extremely beneficial to do some extra research or talk to a local. Do your research on any upcoming developments, changes to roads, events, etc. which may impact the area.
Also, don’t underestimate how important it is to talk to someone who lives in the area and understands not only the market but the best parks and cafes. Many of our buyers credit this local knowledge when reflecting on their experience with us – take these two Toowong sellers for example:
“Byrony’s knowledge of the local market and potential buyers was invaluable.”
“Byrony knows Toowong best! Her personal experience of sales in the area helped us to get the best sale possible. In addition, her personal characteristics made working with her a pleasure!”
Think about which school catchment area the property sits in. Being surrounded by highly desirable and sought after schools will increase the property’s value in the long run.
Domain’s 2021 School Zone Report revealed that one-third of Brisbane school catchments had up to 10%, additional annual growth above respective suburbs. In this report, it was also found that secondary school catchments, compared to primary schools, had higher growth in house prices.
Here is a quick list of schools in the inner-western suburbs:
St Lucia Schools
Finally, be patient! The demand vs supply in Brisbane, especially the inner-western suburbs, is skewed right now so finding the right property is taking more time than usual; therefore, we recommend signing up to a pre-market database, such as our own, so that you can be notified of properties before they go live on either Domain or RealEstate.com.
We are always actively speaking to potential sellers in the surrounding suburbs, so you never know when another property will appear.
If you’re interested in knowing more, you can register for our upcoming properties and pre-market opportunities here.