Buying a Property in Brisbane? These websites will help!
Performing due diligence is of critical importance for investment property purchases, and buying in Brisbane is no exception! Property research does not have to be expensive – Brisbane Buyers Agent, Matt Reeves shares a number of free websites that provide valuable information for investors.
[fusion_dropcap boxed=”yes” boxed_radius=”round” class=”” id=”” color=”#1073a5″]1[/fusion_dropcap]
Brisbane Flood Maps
Flooding is a significant concern across many Brisbane suburbs. Major flood events in Brisbane occurred in 2011 and 1974 and detailed flood mapping is now available on the Brisbane City Council website.
Enter the street address of the investment property to view the flood map, and to download a flood report specific to the property. Also check to see whether flooding is caused by river, creek, storm tide or overland flow as this may impact your decision whether or not to purchase.
Flood mapping is also available for council areas outside of Brisbane city including Moreton Bay and Logan City. Check their websites for more information.
[fusion_dropcap boxed=”yes” boxed_radius=”round” class=”” id=”” color=”#1073a5″]2[/fusion_dropcap]
Satisfy yourself that you’re not paying too much for a property by performing your own research into sale prices. Find out what the property last sold for using websites such as onthehouse.com.au. Also investigate recent similar sales in the suburbs (or complex). Websites including realestate.com.au and domain.com.au provide a wealth of historical sales date that many users don’t realise.
[fusion_dropcap boxed=”yes” boxed_radius=”round” class=”” id=”” color=”#1073a5″]3[/fusion_dropcap]
Understanding Brisbane market conditions
How competitive is the property market in Brisbane? Should you offer more or less, than what a similar property may have sold for 6 months ago? Property negotiations should always take into account current market conditions.
Magazines such as Australian Property Investor provide monthly data for the Brisbane property market. Pay particular attention to the following statistics and follow trends over time!:
- The total number of sales in the suburb
- The average number of days a property is on the market for, prior to selling
- The typical rental yield
- Rental vacancy rates
- The average level of vendor discounting
- The amount of stock currently on the market
While the magazine subscriptions are not free, you can always pick up a copy next time your in a airport lounge or waiting room!
[fusion_dropcap boxed=”yes” boxed_radius=”round” class=”” id=”” color=”#1073a5″]4[/fusion_dropcap]
Zoning and town planning information
The zoning of a property will impact on its potential renovation or redevelopment. The Brisbane City Council website provides valuable information online. Including property reports and interactive mapping. The council also offers a free town planning advice hotline (07 3403 8888).
[fusion_dropcap boxed=”yes” boxed_radius=”round” class=”” id=”” color=”#1073a5″]5[/fusion_dropcap]
Locations of Services and Infrastructure
Dial Before You Dig is a fantastic free service that provides information on the location of underground services such as phone lines, sewerage, stormwater, electricity and gas. The location of these services is important if you are planning extensions or re-development of the property. In some situations this can make the difference between a profitable development project and costly ‘learning’ excercise!
[fusion_dropcap boxed=”yes” boxed_radius=”round” class=”” id=”” color=”#1073a5″]6[/fusion_dropcap]
Inspecting the neighborhood
Where would we be with out Google Maps? This site provides various views of property and allows you to measure the distance to transport services, schools, employment centres, shopping, and recreation facilities. This data makes the comparison of different properties in different areas more objective.
Using the ‘street view’ function allows you to inspect neighboring properties and streets giving you a good idea of what the area is like before you inspect!
Using these online resources BEFORE inspecting a property can save an enormous amount of time. There is nothing more frustrating than spending an hours inspecting a property and later finding out it unsuitable based on your due diligence checks?
We wish you the best of luck with your Brisbane investment property purchase. Please contact us if we can provide any assistance.
Matt Reeves is the founder and principal of Your Property Hound – a Buyer’s Agent service that helps investors and homebuyers to purchase property in the Brisbane area. Your Property Hound offers a range of services for local, interstate and overseas buyers including property searching, inspections, negotiations/auction bidding and managing the settlement process.