First property in Brisbane!

Hi there,

I am hoping to take the plunge and purchase my first property (owner-occupier) sometime next year, in Brisbane! ☺️ I am single, early thirties, just looking to set myself up for the future in the best possible way.

It is extremely unlikely that I will be purchasing a house ☹️ so my question is related to the unit vs townhouse debate.

I currently live in Teneriffe and would love to continue living here or in New Farm (not so much Newstead). In terms of building type, I would be avoiding the large multi-storey developments and instead looking out for 3 storey walkups, with less than 12 units.

My other option is I could potentially focus on the southern side of the river, as my work is south of Brisbane/Logan, and look for a townhouse option in perhaps Morningside.
Side note: I'm a town planner so I know where to find flood mapping and consider proximity to train line etc.

I am trying to figure out, in terms of strategy, what would be better.

I guess my main question comes down to, do I buy in an area where apartment living will probably continue to be in demand, access to great amenities or somewhere a bit further out, with well connected public transport and where I can get my own tiny patch of grass?

I would love to hear your thoughts ☺️

 

Hello! Having lived in New Farm for a time, I can see why people want to live there. Unfortunately most people I knew who owned there sold up and moved away long ago. Now if you do choose to live in suburbia it may take some adjusting.

 

It may be hard to find that vibe that new farm has with all the river walks past the ww2 submarine bases and the parks outside new farm ,and there are still 2 levels walk ups in new farm depending on the price size and location.
West end would be another location and Dutton Park. Good luck.

 

What’s your approximate budget ?

 

New Farm is probably the only place in Brisbane to buy an apartment as long as you buy in an older building or in a boutique new development in desirable parts.

 

Yes the vibe is hard to beat!
Did you buy your PPOR for the location or for the property?

 

Yet to see a mortgage broker but I think it will be max $600K so I think an older apartment in New Farm should be achievable but might start being a stretch for a decent townhouse Morningside way.

 

There are some lovely Art Deco buildings that I like so that would be ideal. Also it’s a great location so one would assume there would be some growth in the *far* future - I would just like a crystal ball

 

Yes the adjustment is something I may not realise how hard that would be I walk everywhere, outside of driving to work and everyone comes over this area for social things. It’s great!

 

Yep good call , maybe something similar to this
https://m.realestate.com.au/sold/property-unit-qld-new+farm-137332290

 

From memory it was the location and land area ,but that was 0ver 30 years ago as inner Brisbane was still very affordable back then,and anyone that has held property would know ..
Some have gone from a entry price of 50k that now are valued about 450k and others that we purchased just below 100k now are above 1-5 mill ,and from my small experience investing in Brisbane some market's within market's in Brisbane never slow down,look up west end over the past 25 years and just the data on that suburb alone,no matter what economics professional real estate fast buck guru's talk about real estate is like a chess game as you just wait for the Right move..

 

That would be perfect! Anything with a courtyard gets a tick and within price range. I’ll cross my fingers for something similar!

 

Very interesting! I need to learn how to play chess it seems but also probably just need to buy sooner rather than later and hope for the best.

 

May I ask why it's extremely unlikely that you'll be purchasing a house? Budget? Personal choice? Other reasons?

 

Spring Hill always seems affordable compared to other inner suburbs. I really like the feel of it, plus the fact it doesn’t flood.

 

I think it’s a mix of all of those. I think budget will stop me in terms of my desired location however I have had a quick squiz at houses around Rochedale way and am thinking I would be able to suck it up - being away from family and friends (although not that far in the scheme of things). The other thing that has crossed my mind is the maintenance aspect but also being single female, it could be a bit creepy living in a house on my own (Housemates really cramp my style ). However I guess a solid security system would probably alleviate that.

Bottom line, I think I am open to looking at locations in Logan area but I would be sacrificing a few things - however on the flip side, it’s obviously a more ‘strategic’ move to buy a house.

Do you have any suburbs south of Bris that you would recommend I check out anyway? (Budget is probably max $600k, and I currently work at the GC so south is more convenient).

You know what, adulting is hard.

 

Yeah those are all solid points, there are some great character houses there too! I’m going to take a peek and see what’s available.

 

It's hard, isn't it? I've been doing for decades and haven't learned it yet...

With $600k you can buy a good house in a good Logan suburb. Lots of people frown on that idea, but the reality is that Logan is changing massively and there are quite a few areas that are really nice and have massive potential.