Are you considering buying property soon? With Sydney so far out of reach, investors are continually looking toward more affordable markets. One of these is, of course, Brisbane. From an increasing population to outstanding infrastructure projects, Brisbane is becoming one of Australia’s investment hotspots.
Here are nine awesome reasons to buy in Brisbane.
1. Brisbane is affordable (still)
If you’ve been looking to invest in Sydney and certain parts of Melbourne, Brisbane prices will seem refreshingly low. Still affordable for investors and occupiers alike, the Brisbane real estate market is attracting southern migrants in unprecedented numbers. Furthermore, you’d only need a small percentage of the capital to invest in the market.
2. Low interest rates
With the cash rate at a record low, it’s never been more affordable to invest in the Brisbane property market.
3. Brisbane continues to grow
Brisbane is projected to grow 662,000 residents by 2031. Think of it as adding the Gold Coast’s current population to the city. To accommodate said growth, an additional 280,000 properties are needed.
4. Perfect position for growth
With the price gap between Brisbane and Sydney at close to a record high, a growing economy and increasing rates of internal migration, Brisbane is perfectly positioned for growth in the near and medium term. Savvy investors who enter a growing market can expedite equity uplift which facilitates property portfolio growth.
5. Infrastructure investment
Over the coming 10 years, particular in the years leading up to 2022, Brisbane will continue to benefit from investment in excess of $18 billion. Major projects include: a new International Cruise Terminal, redevelopment of Brisbane Airport, the Queen’s Wharf Precinct, revitalisation efforts in Brisbane Live Entertainment Area and Northshore Hamilton.
6. Portfolio diversification
Rental yields in Brisbane are 25 per cent higher than Australia’s capital city average. Therefore, you’re far more likely to be closer to cash flow neutral (after tax) than if you invest in other cities. Invest in Brisbane can greatly complement your exisiting portfolio consisting of lower yielding investments.
Looking to invest?
If you are looking to find your dream home or investment property in this beautiful city, a pre-handover inspection Brisbane is necessary to ensure the property is up to standard. Building inspections Brisbane find any current or potential defects, dealing with the issue so that you don’t pay more for a property that needs work.
A building inspection Brisbane will ensure the property is up to scratch. Building inspectors Brisbane know the ins and outs of a property and whether you are paying too much for a property with problems.
7. You might earn tax deductions
You might be able to earn certain tax deductions by investing in Brisbane property. Deductions offset your income, making you pay less tax. The result is the significant reduction in cost of owning an investment property.
8. Passive income
With rental yields at above national figures and interest rates at record lows, the cost of owning a property in Brisbane is significantly lower than in Melbourne or Sydney. This increases the likelihood of neutral of positive cashflow.
9. An improving job market
By 2031, Brisbane’s regional product is expected to grow to $250 billion, a massive 67 per cent higher than current levels.