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Tips for buying an apartment

Jan 02, 2019

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With Brisbane’s huge variety of units on the market, it’s important for buyers to choose a property that will increase in value, so they can take advantage of price growth in the future. Especially when it comes to first-home buyer’s who will in time, will look to upgrade.

According to Canstar Group Executive of financial services, Steve Mickenbecker, when buying a house, you should also look at your purchase through the eyes of a future buyer. We look at three aspects which matter to buyers for the time you look to resell.

Size

Multiple bedrooms and larger apartments appeal to a broader segment of the buying market.

When thinking of the future value of the property, two or three bedrooms in apartment is what you’re looking for.

While more affordable, small apartments will often have a smaller resale market.

Location

Whether that’s the right suburb, road, view, or floor - a property in the right spot can make all the difference.

When buying an apartment consider the demographics and target market of the suburb which you’re buying in.

Old and new high-end apartments in suburbs with nearby lifestyle amenities are attractive to downsizers.

This is as downsizers looking for lifestyle and quality may be prepared to pay a premium for apartments that tick all the boxes for them.

It’s also recommended that you look for an apartment with near transport, near a shopping centre, not on a main road and not under a flight path.

Unique Features

Unique features which are difficult to replicate can differentiate an apartment from others on the market.

Apartments with a city or river view can make a huge difference for future buyers.

Natural features such as plenty of natural light and greenery also sell well as cities become dominated with concrete and glass.

Nearby parking also can add value to a property - an REIV study found apartments with parking increased in value 4 per cent faster than those without.