In Australia, housing affordability is at its lowest level in three decades and for first-home buyers, it’s almost impossible to get a foothold in the market. Generation Z are finding it even more difficult than Millennials did before them.
For those that do manage to save a deposit, the ‘affordable’ Brisbane suburbs they’ll be considering are home to the kind of properties that nobody else wants. From flood zones to industrial areas, and properties that have ‘money pit’ red flags a mile long, many first-home buyers are purchasing less-than-desirable homes just to get a foot on the property ladder.
"Formerly, these properties would be on the market for months, if not years. Now they're subject to bidding wars by cash-strapped Brisbane first homebuyers, desperate to find somewhere, anywhere to live. It's a dangerous way to climb onto the property ladder," said Andrew Mackintosh, veteran Building Inspector Brisbane.
The Real Cost
What is the true cost of buying a property with a raft of problems or potential issues? Buyers can protect themselves by asking the right questions. If a property is within budget, and the budget is modest to begin with, it’s important to understand why.
Here are some issues to look for when inspecting properties for sale across Brisbane.
Redlands has many homes that have been long-term rental properties. This may mean that overall maintenance has been sub-par due to landlords being reluctant to spend money on upkeep and repairs. Potential buyers should be aware of the history of the home and the possible problems that have gone unchecked for years.
Logan has become an increasingly popular place to live. But note that proximity to beautiful bushland can also result in flooding, fires, pests, and drainage issues.
It’s important to determine whether a North Brisbane property is on reclaimed land and check for mould, rot, and structural integrity. Additionally, if the property has been a long-term rental, ensure there are no hidden issues that the landlord has neglected to address.
With many suburbs in the area situated along the Brisbane River and in low-lying areas, it’s important to check for flood damage and the structural issues that can accompany it.
The western corridor is susceptible to heavy downpours so always check for flood damage, termites, and structural issues. Drainage problems can be a nightmare waiting to happen - and as beautiful as established trees are, their roots can cause issues with underground pipes.
Get The Right Information
There’s no doubt that the market is tough for first homebuyers. But don’t let media hype or pressure from real estate agents force a rushed decision. Take your time, do your research, and enlist the expertise of an independent building inspector to ensure you have the complete picture of any property you’re considering.