Brisbane’s sunny weather, thriving culture, and welcoming neighbourhoods make it an ideal place for families to call home. With its abundance of parks, highly regarded schools, and strong sense of community, it’s no wonder Brisbane continues to attract families from all over Australia.
But while the journey to owning a home in Brisbane is exciting, it can also feel daunting without the proper guidance. From understanding the market to finding the perfect property, the buying a home process requires thoughtful planning and research. Follow these steps to buying a home to confidently navigate the Brisbane real estate market and turn your dream of a family home into reality.
Understanding the Brisbane Real Estate Market
Brisbane’s real estate market is remarkably upward, with property values soaring over the past three years. Median house prices have climbed 70%, rising from $650,000 in 2021 to $920,000 in April 2024, while unit prices have surged by 74%, reaching $600,215. These figures reflect the city’s growing appeal as one of Australia’s most dynamic property markets.
Brisbane’s rapidly expanding population, expected to hit 2.6 million by the end of 2024, is fueling this growth. A significant portion of this increase stems from interstate migration, particularly from Sydney and Melbourne, as families are drawn to Brisbane’s relaxed lifestyle, relative affordability, and strong infrastructure developments like the Cross River Rail and Brisbane Metro.
Staying informed about these trends and market forecasts is essential to make a well-timed and informed purchase. For more insights into the factors driving Brisbane’s housing market, check out our detailed analysis of the rising real estate market in 2024.
Identifying Your Family’s Needs and Preferences
Brisbane’s property market is as diverse as its vibrant neighbourhoods, offering many lifestyle options. About 70% of homes are standalone houses, perfect for those seeking space and privacy, while 30% consist of townhouses and units, ideal for low-maintenance living with urban convenience.
Factors to Consider
- Lifestyle Needs: Space is often a must for families. Detached houses typically offer larger indoor and outdoor areas, perfect for children and pets. While more compact, units often feature amenities like pools and gyms, ideal for urban lifestyles.
- Location: Central suburbs like South Brisbane and Newstead are dominated by units, making them convenient for families prioritising proximity to city amenities. Outer suburbs offer larger houses with gardens and quieter streets.
- Future Growth: Houses with land tend to appreciate more over time as land value increases. However, units in central locations can provide steady rental yields and require less maintenance.
For a detailed comparison of houses and units in Brisbane, read our guide on Choosing the Right Property Type before embarking on the steps to buying a home.
Setting a Realistic Budget
A clear and realistic budget is the foundation of any successful buying a home process. It ensures you stay within your financial means and helps narrow your options to properties that suit your circumstances and preferred mortgage repayments. Here’s how to set one:
Evaluate Your Savings and Financing Options
Start by reviewing your savings and exploring funding options like home loans or financial assistance programs. If your deposit is less than 20%, consider the cost of lenders mortgage insurance (LMI), which may apply to protect the lender.
Plan for Additional Costs
Remember to include expenses beyond the property price, such as:
- Stamp duty
- Legal fees for conveyancing
- Building and pest inspections
- Moving and ongoing costs
These can add up, so budgeting for them early is important.
Get Pre-Approval for a Home Loan
Securing home loan pre-approval before committing to a contract of sale will give you a clear idea of your borrowing capacity and show sellers you’re a serious buyer. It simplifies your search by helping you focus on property prices within your budget.
Choosing the Right Suburb
Whether you prioritise proximity to the city, top-tier schools, or a relaxed bayside lifestyle, Brisbane has a suburb to suit your family’s needs.
Key Factors to Consider When Choosing a Suburb
- Safety and Community Feel: Look for low crime rates and a welcoming community environment that aligns with your family’s values.
- Proximity to Schools and Amenities: Suburbs with highly-rated schools, parks, and shopping centres tend to attract families and maintain strong property values.
- Future Developments: Planned infrastructure projects, such as new transport links, shopping precincts, or parks, can significantly enhance a suburb’s livability and long-term value.
Brisbane’s ongoing infrastructure projects, such as the Cross River Rail and green bridges, are set to improve connectivity across the city further, making several suburbs even more appealing for families.
For a detailed guide on Brisbane’s best investment suburbs and unique features, check out our article on The Best Suburbs to Invest in Brisbane in 2024.
Engaging with Real Estate Agents and Professionals
Navigating Brisbane’s competitive real estate market is significantly more manageable with the right team of experts on your side. A professional buyer’s agent, like the experienced team at Templeton Property, can provide invaluable guidance tailored to your unique needs, ensuring a smooth and stress-free home-buying experience.
The Role of a Buyer’s Agent
Buyer’s agents act as your dedicated property advocates. Unlike real estate agents who represent sellers, buyer’s agents focus solely on securing the best property for you.
Templeton Property’s proven process for identifying and negotiating property purchases has been refined over decades. Their team works closely with clients to find the right property within budget while minimising the stress of the buying process.
Other Professionals to Have on Your Team
In addition to a buyer’s agent, engaging other real estate professionals can help you avoid costly mistakes when buying a house:
- Solicitors/Conveyancers: These professionals handle legal documentation, contract reviews, and settlement processes to ensure compliance with Queensland property laws during the conveyancing process.
- Building and Pest Inspectors: Perform a building and pest inspection to gauge structural integrity and pest issues, giving you peace of mind before committing to a home loan.
- Mortgage Brokers: A mortgage broker can help you secure pre-approvals and identify the best financing options tailored to your budget and goals.
Searching for Your Dream Home
Once you’ve set your budget and chosen a suburb, it’s time to begin your search. Start with these tips:
- Use online platforms to browse listings.
- Attend open houses to get a feel for properties.
- Create a checklist of must-have features to narrow down your options.
Being organised and methodical will save time and help you focus on the most suitable homes.
Conducting Thorough Inspections
A thorough property inspection is essential to avoid unexpected surprises after purchasing. Whether buying a house for the first time or upgrading, inspecting the property ensures it’s in good condition and worth your investment.
Key Areas to Inspect
Look for potential issues such as:
- Structural integrity (e.g., cracks, foundation stability).
- Plumbing and electrical systems.
- Signs of pest infestations.
Engaging professional inspectors for a building inspection and a building and pest report will help uncover any hidden problems. These reports provide both the seller and buyer with detailed findings, giving you peace of mind about the property’s condition and offering bargaining power if repairs are needed.
Additional Considerations
- Property Title: Ensure no encumbrances or restrictions on the property title could impact your ownership or usage.
- Financing: If you’re using a home loan, your lender may require a satisfactory building and pest report before approving the final loan amount.
Making an Offer and Negotiating
When you’ve found the perfect home, it’s time to present a competitive offer to the real estate agent. Your offer should reflect the property’s market value while leaving room for negotiation.
Tips for successful negotiation:
- Research Comparable Sales: Look at recent sales of similar properties in the area to ensure your offer aligns with market trends.
- Stay Within Your Budget: Avoid getting caught up in bidding wars that could strain your finances.
- Rely on Your Agent’s Expertise: A skilled buyer’s agent can guide you through counteroffers, ensuring you get the best deal while protecting your interests.
- Understand the Cooling-off Period: If your offer is accepted, the cooling-off period begins. If necessary, you can withdraw from the contract, although a termination fee (usually 0.25% of the purchase price) may apply.
Navigating the Legal Process
The next step in buying your home involves navigating contracts, conditions, and legal obligations. This is where a conveyancer or solicitor comes in. They’ll handle tasks like:
- Reviewing and preparing contracts.
- Managing deposit transfers.
- Ensuring legal compliance.
Avoid potential pitfalls by working with experienced legal professionals who can guide you through the complexities of property law.
Finalising the Purchase and Moving In
With contracts signed and a settlement date, you’re ready to move into your dream family home! Here’s what to do next:
- Schedule a final inspection to ensure the property is in the agreed condition.
- Organise your move and set up utilities.
- Take time to explore your new community and settle in.
- Consider looking into home and contents insurance to protect your home and belongings.
Moving in marks the start of an exciting new chapter for your family in Brisbane.
Buying a family home in Brisbane is a rewarding journey when approached with careful planning and expert guidance. From understanding the market to finalising the purchase, each step is essential to securing your dream home.
Ready to begin the buying a home process? Contact Templeton Property today. Let us help you find the perfect place for your family to call home in Brisbane
If you are considering purchasing a home or investment property in Brisbane or South East Queensland and would like the assistance of an experienced Brisbane Buyer’s Agent that can help you find the perfect property, that meets all your requirements for the right price, please don’t hesitate to contact us.
We look forward to hearing from you.
Sam Price, Buyer’s Agent and Director
