Buying solid real estate involves purchasing lands, houses, or apartments that are known hotspots for resident locals or tourists. When you have noticed that a particular area has been highly in demand lately, it would be a wise move to check it out and decide if an investment would bring you money in the long term.
This is why Brisbane has become a hotspot that attracts real estate investments. Brisbane is the capital of Queensland, also known as the Sunshine Coast of Australia. It is a vibrant city surrounded by turquoise waters, white sandy beaches and amusement parks! It has a community that keeps on growing in terms of cultural diversity and offers unique experiences to anyone who visits.
When people think of summer, beaches and sea breeze- they think of Brisbane, the land known as an endless Australian summer. If you want to find out why you should make a real estate investment in Brisbane, here are three reasons you should get your money ready for a property:
1. Doubling Population
We all know where there are people, housing is a major requirement. To put it in laymen terms- more people, more houses! Not only is Brisbane the third most populated city in Australia, but the bustling city is also set to double up in numbers.
Currently, Brisbane is home to 2.5 million people and by 2031 the population is expected to grow up to approximately 4.6 million. This could result in the city needing at least forty-percent more homes compared to 2006. Get your investments in now and make some big cash in the years to come!
2. Affordable
Many people may decide not to even consider investing in a property because they are unsure on returns and the budget allocation for a particular investment. However, Brisbane is a budget-friendly and safe choice. The median house price in Brisbane is around 700,000 AUD and the median unit price is around 496,000 AUD as of January 2023 according to CoreLogic.
On the other hand, Sydney and Melbourne have higher median prices in comparison to Brisbane. For instance, Sydney’s housing and unit median prices were 1.4 million AUD and 748,000 AUD approximately in December 2022. Similarly, Melbourne’s median house and unit prices were roughly 836,000 AUD and 719,000 AUD respectively in January 2023.
This clearly illustrates that Brisbane is more affordable in comparison to other Australian cities such as Sydney and Melbourne. You could check out the Brisbane council rates to get the best prices for properties. Moreover, first-time home buyers are offered concessions and a First Home Owners’ Grant is provided by the Queensland government which can help you save money!
3. Status
Brisbane is also known as a New World City. The city is ranked within the highest 30% of the globe’s rapidly growing cities, specifically for job opportunities and job creation. Brisbane has been modernized and developed to provide a better quality of life to all residents whilst maintaining stability and accessibility within their market.
It’s time to get your cash out and catch the next flight to Brisbane, your next property investment awaits you!