Entering the Brisbane Property Market in 2022 – 2023?
So you’re looking to enter the Brisbane property market in 2023. But where do you start?
In this article, we’ll look at the prospects for the Brisbane property market in the coming year and how that may affect you in terms of building inspections and ensuring your dream property isn’t a money pit.
A volatile year ahead for Brisbane property buyers
Buying property has never been more volatile. So if the next year signals the time for you and your family to buy your dream home in the Brisbane property market, 2023 presents some unique challenges.
Here, we’ll discuss how you can get the most out of your property by factoring in these challenges and how recent events from rising interest rates, La Nina, the slowing market and even the highly anticipated Olympic Games may affect your property purchase – specifically from our unique position as professional building inspectors.
Before we start, it’s important to note that we are not legal professionals and this article is general advice that may not be relevant to your personal situation. It is not a substitute for seeking legal and/or real estate advice from qualified professionals.
Factors to consider when entering the Brisbane property market in 2023
The following discusses the major current and future events you should consider when purchasing property – and how this influences your pre-purchase building inspection.
Cash Flow & Interest Rates
If you’re looking to enter the Brisbane property market next year, you may be tempted to save money by skimping on your property inspection. With rising interest rates and cost of living, we understand the temptation to save where you can. But avoiding a pre-purchase building inspection could cost you a lot more in the long run.
Solid investments are more important than ever – and a professional building inspector can help you avoid making the wrong investment.
Throughout our inspection, we’ll thoroughly inspect your potential new home to identify any structural defects or other red flags. Armed with our detailed inspection report, you’ll know exactly what you’re in for before you sign any contracts.
Not only does this give you peace of mind that your investment is a solid one, it may even give you negotiating power with the seller if there are repairs to be completed before you move in.
Slowing Market
Brisbane property market 2023 predictions indicate that while cash and interest rates are on the rise, the property market is about to slow in the next year.
This means that as the market stabilises, it becomes a great advantage for prospective property owners to enter the market. It also makes the need for a quality property inspection even more important.
Olympic Games
The Olympic Games is on everybody’s minds lately, especially in Queensland. But with growth and expansion comes change.
As Brisbane is set to become a hot commodity over the next couple of years, it may influence where you and your family can afford to buy. It could mean you have to move further out of the city, where properties are more rural and potentially older in construction. Older homes can increase the likelihood of defects being identified during a building inspection.
We’ve written before on the importance of building inspections in rural areas or when buying older homes, but this will become even more prevalent in the following year. It’s also vital that you consider the following when buying an older home or rural property:
- Integrity of home
- Age of home and potential issues
- Flood damage
- Fire damage
- Roof inspections etc.
With a professional pre-purchase building inspection, you’ll be provided with a building inspection report that covers all the above issues.
La Nina
Environmental concerns are a major reason why home owners should take the time to employ the services of a professional building inspector. With recent floods, more and more properties on offer in the Brisbane property market will have been exposed to damage such as flooding, leaks, or structural and roof damage.
When buying a property in Brisbane, you need to do your research if you want to make sure you’re not going to fall victim to natural disasters, or invest in a property that may have already been exposed to flood damage. At Action Property Inspections, we’ll identify previous water damage, subsidence and other structural defects that may be indicators of environmental factors that could have the potential to affect the safety of your property in the future.
Protect your investment
Protect your investment and call Action Property Inspections. Our inspector is highly trained and has decades of experience identifying potential issues with Brisbane properties.
