How to buy in Brisbane

fyang1024

fyang1024

Hi guys, I'm based in Sydney and going to Brisbane in Jan to buy my first IP. I 've booked flight and rent the car and contacted my friend for sleeping at his home. The biggest problem is I have no idea how to buy property in Brissy.
What do I need to prepare? Is there any step by step tutorial?

Thanks, Fei
 
Make an offer, sign a contract, the usual. Queensland is actually great for buyers, because you can put all sorts of clauses in to get your money back if something goes wrong. And you have plenty of time to get the inspections done (unlike Sydney).

Finance, building and pest inspection clauses would be advisable.

Also check out some Qld specific websites. Google "how to buy a house in queensland" or something like that.
Alex
 
Queensland also has a five day cooling off period - you can pull out of the contract, no reason given, for no penalty. Great for buyers - not so great for sellers.
Gives you the option to put in a few offers, then decide on the one you really want to go through with.

Good Luck,
Lily
 
alexlee said:
Make an offer, sign a contract, the usual. Queensland is actually great for buyers, because you can put all sorts of clauses in to get your money back if something goes wrong. And you have plenty of time to get the inspections done (unlike Sydney).

Finance, building and pest inspection clauses would be advisable.

Also check out some Qld specific websites. Google "how to buy a house in queensland" or something like that.
Alex
Click to expand...

Thank you Alex. Do you know how much usually I can bargain for a house in QLD? I know in Sydney it's usually 5% for median price houses
 
Thank you for correcting me Thrawn. You are right!

We had a buyer pull out during the cooling off period recently (on a house we are selling in Qlds) and we didn't receive the .25%. The reason: he hadn't put down a deposit with his offer - another thing which seems to be quite common with contracts in Qlds. It would not be worth the legal costs to try and claim those few hundred dollars. So, to avoid the penalty for the cooling off period, I suppose write in the contract that deposit will be paid on day five or something.

Contracts seem so much more lax in Qlds from the experience we have had lately. In Vic, you are encouraged to put in a few hundred dollars at least, with the contract, to show it is a serious offer.

Lily
 
Lily...bounce your agent hard for not getting a deposit.

its not as common as what you may think...good agents will almost always get a deposit of some sort - usually between 3-5% of the contract price.

your example re the .25% is one of the many reasons why you should encourage your agent to get a deposit.

i am perplexed by the lax comment too...send me some examples of what you mean and i will try to give you an objective (the way it should happen) response to them

cheers
UC
 
fyang1024 said:
The biggest problem is I have no idea how to buy property in Brissy.
Click to expand...
Hi Fei.

I'd be ringing and speaking to quite a few R/E agents and property managers in the area/s you are going to look at before going up to Brissy.

It may save you some valuable time when you get there if different agents can be lining up properties that may suit you.

Speak to the PM's re what tenants are looking for and what you can expect to get in rent etc.

Regards
Marty
 
Last edited:
Fei,

feel free to PM me if you want some specific questions answered...i am a brisbane based agent and will be able to sort out most of your queries.

cheers
UC
 
I guess it depends on what your investment strategy is and how far you want to invest from the CBD.

Lots of infrastructure happening at the moment..

For houses in bluest of blue chip areas look at suburbs like new farm, bulimba, clayfield, wilston. 650 - 700k +

For other high growth areas close to CBD look at suburbs like coorparoo, wooloowin, Woolloongabba. 550k+

About 10km out; Chermside - lots of current & future infrastrucutre planned.
Tingalpa - 2nd gateway bridge planned & heaps of industry planned for port of brissie & good access to gateway motorway. 450k +

Busways planned for areas leading to kedron & carina in future.

I am feeling very bullish and dont think you can really go too wrong in brissie over the next 18 mths.

Just my opinion, you may have a different strategy and want to go out further.. Others may think otherwise and have different strategy targeting LMR locations or more postive cash flow locations (if there are any left)
 
Brisbane is a big town, try and do some homework about prices and areas, then compare it with what you have to spend, you will save yourself a lot of time. Everyone wants to get a bargain but with prices going on the same way they have been lately, (and with the major projects still going on up there) I can't see much change in the near future, so if get what you think isn't the best bargain now, in 12 months time things will probably look fine.
Happy Hunting
 
Also remember that whatever you buy will be at your risk from contract date. We bought a place in Stafford last month, and as soon as we signed the contract we had to get a cover note. So you'll need insurance.

We didn't have this problem on our previous purchase, because, well, vacant land isn't worth insuring. ;)

-- MJ.
 
pleasure Lily...

feel free to check anytime if you think something is odd...there are a couple of brisbane agents on here including myself and Kevin Hockey. Either of us would be glad to assist you with scenarios etc.

that goes for everyone else too...i hate seeing people told porkies and get stuffed around by stupid or unscrupulous agents - but until they make it harder to become and agent in Qld nothing will change

cheers
UC:D
 
fyang1024 said:
Thank you Alex. Do you know how much usually I can bargain for a house in QLD? I know in Sydney it's usually 5% for median price houses
Click to expand...
Hi Fyang,

Jan isn't a great time to be buying in Brisbane, seasonally it is a time of low supply and high demand. Most of the stock comes up in spring, and you get most of the interstate transfers around Jan, which tends to push up sale prices.

In the areas I've been watching sale prices have been 5%-10% over the asking price this year. Lots of buyers and not many sellers seems to have this effect.

If you are considering buying a unit, this analysis from APM might be of interest:

http://blogs.domain.com.au/2007/11/investors_where_the_bloody_hel.html
 
Brisbane seems quite a hot area for growth at the moment.
So be prepared to know your prices and when you see a good price, make an offer. Have your money ready before you go, so you can back your offer.

I would definitely buy a HomepriceGuide for the postcode u r interested in and then drive by the ones listed in your $$ bracket so you actually get to see what went for what price.
Cheers,
JB
 
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