Dakota Peters
Inspections Officer
HOUSE PRICES in flood-prone areas are floating to the top of the market, outperforming the rest of the city, but experts warn it is not without risk.
Universal Buyers Agents property expert Darren Piper said the 2011 Brisbane floods do not appear to have dampened the appetite of home buyers as prices continue to trend upwards in flood-prone areas.
According to the latest analysis by Core Logic, 19 of the 20 suburbs affected by the Brisbane floods have outperformed house sales in the rest of Brisbane.
Fig Tree Pocket saw the highest amount of growth over the past five years jumping 52.7 per cent compared to the Brisbane average of 26.7 per cent.
“After the floods, we saw a noticeable shift downwards in prices and those areas did see prices slide quite significantly in the aftermath,” Mr Piper said.
“You would think that the perception among buyers would continue to see these areas as risky or negative, but anecdotally we’ve seen the complete opposite.
“Some of these areas, particularly around the Western Suburbs are skyrocketing, seeing some of the best price growth in years.
“Before the floods, these areas were seeing record high prices, now is a great time to buy while prices are still on the rise.”
Because of the close proximity to the Brisbane River and great nature and aspects of riverside living, Mr Piper said despite the floods these areas will continue to be a hotly sought-after opportunity for buyers.
However, he does warn buyers to weigh up the risks and seek the advice of a professional before being sucked in by the promise of high return.
Mr Piper warns that although house prices may be trending higher, buyers should do their homework to find out how their insurance costs could increase, potential maintenance costs and ongoing concerns could affect their investment long term.
“If you consider the likelihood of another once in a hundred year flood happening again in our lifetime is quite low, you can see why perceptions have shifted,” he said.
“But despite the opportunity, it is not without risk.
“Given the challenges, it is worth employing a property expert to help you weigh up the positives versus the risks and make sure you’re making the best decision.
“We can help work out what the potential opportunity is.
“We know developers are eyeing up these areas and they will continue to see demand rise, but it helps to have someone in your corner.”
When buying a property, it’s important to know what to do when in the negotiation process. Today, we are giving you the top five tips to remember when negotiating your property price.
Ask questions to figure out the vendor’s position. Why are they moving from this property? Ask for any repairs you think are needed. What are they wanting to get out of the deal? Questions about your future home are important to ensure your happiness in your new home! If you’re wondering about it, don’t be afraid to ask!
Make sure to research the surrounding area and neighbourhood to make sure you’re getting your money’s worth. Look at similar homes in surrounding neighbourhoods to ensure that your property value won’t go down in the future. In addition, make sure you are buying a home that will grow with you and your family in the future!
It’s also important to look up surrounding schools and workplaces if that is something you need to consider. It’s always important to plan proximity and location to your future workplaces and schools!
When negotiating your offer, you want to make sure you’re not overwhelming your seller with a lot of terms and conditions. Keeping it simple makes your contract easier to accept and finalize, making it a better option for the seller. But, don’t forget to ask for what you are looking for as well. It’s fine balance, but an important one!
Putting a short time frame on an offer gives you the security of no other offers possibly being made. Set your time frame to around 24-72 hours to give your sellers time to think over your offer and accept before any others come in. If you’re serious about buying a home, be prepared to move quickly when you find the perfect one.
Avoiding emotion makes you look like a firm and serious buyer. If you let the stress of buying a home take over, it could possibly jeopardize your chance of closing. Emotions also play into the budget when finding your “dream home”. Don’t get boxed into a price that’s above your comfort zone and budget. Be firm and don’t let your want to lock down on a home take over what you can afford. It may be the perfect home, but it has to be perfect financially too.
To ensure you buy the right property at the right price give our team a call now on 1300 117 561
SOUTHERN home buyers are flocking to the last affordable enclave of real estate, Brisbane’s property market.
Driven out of the housing market with exorbitant prices in Sydney, an overwhelming number of home buyers are turning their eye to the Sunshine state where prices have remained more stable.
Universal Buyers Agents Director Darren Piper said enquiries from Sydney have doubled in the past six months and the apartment and unit market is in hot demand.
Mr Piper said Sydney buyers are even stepping up to replace foreign buyers and local investors who been hit with negative sentiment around investor loans.
“Sydney buyers see great value in Brisbane, one of the last markets where property prices still afford opportunities to see great returns,” Mr Piper said.
“It’s not just investors either, a lot of enquires are coming from people who are looking to relocate to make the most of the cheaper cost of living.
“For many who have been battling the Sydney property market, buying property under a million dollars might sound like stuff of fairy tales, but in Brisbane where we have seen a large amount of apartment stock come online it is a reality.”
Mr Piper said now is the best time to snap up buying opportunities in the apartment market where buyers can secure property next in the heart of Brisbane for as low as $300k.
“There was a lot of scaremongering around the property market in Brisbane the last couple of years that may have scared a few interstate buyers away,” he said.
“But we are seeing those buyers returning in droves. Brisbane has had a consistent and stable housing market in comparison with the intense competition currently driving people out of Sydney’s market.
“Apartments have seen a bit uptick and with the right expertise, people are able to take advantage of the opportunities particularly now as we see prices in a lull.”
Another telling statistic driving the Brisbane market is also the ratio of median house price to average salary, which is running at as much as six times in Brisbane, according to the latest Demographia report, and as much as 12 times in Sydney.
Recent purchases for interstate investors:
17 Ellen Street, Wood point – Complete pack of townhouses
3/16 Cardross Street, Yeerongpilly – $376,000
208/33 Water street, Fortitude Valley – $362,500
201/28 Northcliffe Terrace, Surfers Paradise – $510,000
Universal Buyer’s Agents Darren Piper joins Kevin Turner from Real Estate Talk to discuss the startling news that people are making one of the biggest purchasing decisions of their life in under 60 minutes.
Click to listen to the full story with Kevin and Darren.
Buyers have been warned not to give into scaremongering claims of an “overcooked” apartment market as property experts insist now is the best time to buy.
Following fresh revelations that more than 20 per cent of apartments in inner Brisbane are sitting empty, according to a new BIS Oxford economics report, property solutions expert Selena Corness from Universal Buyers Agents said with prices at a new time low now is the time for opportunistic buyers to strike.
“Now is absolutely the time to buy and diversify your portfolio,” Ms Corness said.
“In the past 18 months there have been a lot of new residential multi-storey unit complexes completed within a 2km radius of Brisbane CBD.
“This has flooded the market and pushed prices down.
“Unfortunately this had led to buyers panicking and pulling back on investing in this market segment. But the reality is they’re scared and confused because now is a buyer’s market for units in Brisbane it’s the first time in years where you can get prime real estate close to the city at an affordable price.”
Ms Corness said buyers only need as little as $300k as a pre-approved loan to invest in a unit in one of Brisbane’s $2m+ home markets such as New Farm and Teneriffe, a dream that would have been out of reach only five years ago.
“Not too long ago living in these inner city locations would have been a dream for most buyers but now prices are at the bottom end of the market it’s a dream that can become a reality,” she said.
“We know that prices will not continue to stay this low so there is a lot of opportunity to make smart investments that will create great returns in the long term.”
Brisbane unit development Belise apartments in Fortitude Valley have slashed prices by nearly 25 per cent in an effort to move the last of its units.
The largest price reduction was for the last two-bedroom, two-bathroom unit, down from $632,000 to $475,000
Ms Corness said for buyers this is the perfect example of how much growth is left in the market when prices eventually return to equilibrium.
But she does warn that such bargains are complicated to find and buyers should seek the advice of buying agents to ensure they are really getting a good deal.
“We look for things like historical sales data for the unit complex to see how it has performed during other market downturns,” she said.
“If you have $600k to invest in the Brisbane property market my recommendation would be to split it and buy two units in different buildings aiming for an immediate minimum gross rental yield of 5.5%”
She said a number of interstate buyers are realising the opportunities and have reached out to buying agents to explore investment.
“By buying smart and taking advantage of the market buyers are really in the drivers seat.
“It’s a real glass half full view – you could choose to see the doom and gloom side of the market and see it as half empty or appreciate it for what it is as a buyer – an opportunity.”
Please call us on 1300 117 561 or Click Here for further information on how we can help you buy your dream unit!
While Brisbane’s property market continues its solid performance in 2018, it is the city’s luxury property market that is moving at a rapid rate.
A recent listing on realestate.com.au proves the high-end market is booming, with a riverfront home in one of Brisbane’s most prestigious streets hitting the market.
The five-bedroom, six-bathroom home, sitting on 2137sqm of waterfront land on Virginia Street in Hawthorne, boasts city views, two swimming pools, a spa, a tennis court, putting green, a boat house, a private jetty and a wine cellar.
And it’s not alone. On the realestate.com.au site, there are more than 250 luxury homes listed – most offering skyline views, huge floor plans and all of the little indulgences expected when purchasing a home in the millions.
As the city’s wealthiest hunt for prestigious properties on the market, Universal Buyers Agent’s Selena Corness says when it comes to multi-million- dollar purchases it is worth enlisting the help of a property buying expert.
“The high-end market is moving quite rapidly in Brisbane at the moment and when it comes to purchasing a luxury property, a buyers agent Brisbane can definitely make the process a lot smoother,” Selena said.
“Particularly when such a large investment is being made, it is a good idea to have an expert helping you through the process.”
Selena said a lot of high-end, luxury purchases are made by interstate buyers.
“While buyers agents can help first home buyers and inexperienced buyers find their dream home, they are also extremely beneficial for time poor investors and interstate buyers,” she said.
“Purchasing a property can be particularly hard if you are an international investor or located in another city.
“There is always the fear of missing out on your ideal property, due to your proximity and lack of presence.
“A buyers agent is your expert on the ground. They can inspect, negotiate, and appear at auctions on your behalf – taking the stress out of the process.”
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