An article was recently published in a reputable Mortgage Broker publication that discusses the best property hotspots in Brisbane.
There were differing opinions from research and experts on where those hotspots were, which got me thinking... what makes an area "hot" for you?
If you're looking to buy a home, this is really subjective and dependent on your needs - not the research or the experts. What is it you're looking for? What are your non-negotiables when looking for a new home?
Are you looking for somewhere close to work, in an area that has good schools, somewhere with great public transport links? This is all up to you and what you want from your home for the period you imagine living there.
If you're looking to buy an investment property, it's wise to listen to the research and experts, because this decision should be made with your head over your heart. Seek out opinion and advice - this is a business decision about creating wealth. It's a different mindset to buying a home.
My point is, don't be swayed by the media hype when it comes to buying a home. Think about your non-negotiables, think about the next 5 - 10 years (or however long you plan to live in your home), and think about what's important to you now and in the future. Use that as your basis for house hunting.
Take a look at the opinion of experts, because it's good to see what they have to say. You may uncover some future planning for your chosen suburb that could make or break your decision, so it's important to do some research, but make sure your heart is just as happy as your head.
As they say, your home is your castle.
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If you're curious about the article that promted this blog, please see it below.
Brisbane property hotspots get mixed reviews from experts
Six Brisbane suburbs are set to take off in 2016, according to a new report form PRD Nationwide.
The PRD Nationwide Brisbane Property Hotspots report for the second half of 2015 has identified three suburbs for houses and three for units in the Queensland capital as their hotspots for 2016.
For houses, PRD pointed to Zillmere, Upper Mount Gravatt and Carina due to factors such as rental yields, population growth and planned developments.
According to the report Zillmere (median house price of $441,250) is currently returning a rental yield of 4.7%, while Upper Mount Gravatt ($586,500) has $179 million worth of developments set to begin next year and one of the city's highest projected rates of population growth. Carina ($610,750) is set to benefit from its access to the Brisbane CBD and the Gold Coast, as well as an estimated $141.2 million worth of development.
While the three suburbs are PRD’s picks for Brisbane, Brisbane based buyers’ agent Wendy Russell has mixed feelings about their outlook.
“For me I probably wouldn’t pick Zillmere, I take demographics into account when I’m looking for an area to buy in and in my opinion Zillmere doesn’t have the demographic that’s likely to lead to growth,” Russell said.
“Upper Mount Gravatt and Carina though are two suburbs that don’t really throw up any negatives to me. I haven’t bought a lot in those areas, but there’s nothing to suggest that they carry any red flags for people looking to invest.”
In terms of units, Woolloongabba, Coorparoo and Taringa - all of which are within 6 kilometres of the Brisbane CBD - are the three suburbs identified in the PRD report.
The three carry median unit prices ranging from $420,000 - $450,000, but Zoran Solano, buyers’ agent with Hot Property Specialists Buyers Agency, said people should be selective about investing in the areas.
“For me those three are all areas that have been earmarked for a lot of development and do carry some risk of oversupply,” Solano said.
“That’s not to say there isn’t value in units in those areas, but I would suggest people be selective in those areas and look to the smaller, boutique developments and try to find something with a point of difference,” he said.
“Something like a ground floor unit with a courtyard or a unit with a two car garage; something that sets you apart.”