Brisbane is one of Australia’s hottest property markets with numerous opportunities for developers, builders, and potential homeowners. The available lands for potential buyers cater to a myriad of budgetary needs, however, cost is not the only element that should drive your choice of land. Location is just as important but don’t focus only on the basics such as accessibility. Buying land is slightly different from a completed home, therefore some of the location factors vary. So, how can you tell which of the lands for sale are ideal for your needs?
Local Market Demand
This element applies to land meant for commercial development or rental buildings. Before buying raw land to put up your 10-story office building, conduct research on the market demands of that particular location. What type of tenants usually rent in that area? How much do they typically pay in rent? Who is likely to live in such areas? For instance, if the land for sale is close to the CBD, then you can be confident that building an office park or shopping centre is a lucrative venture. If you are constructing residential homes in a suburb, then expect to deal with the middle-class population.
The estimated growth of a particular location is another consideration when evaluating the potential of land sales in Brisbane. Investors have to factor in the big picture before putting money in any asset. Ask yourself how much progress a particular region may experience in the next five to ten years. Look at the current population and estimate growth using concrete data. Note that an area may be going through a growth phase such as gentrification, so ensure you comprehend the implications for any scheduled real estate development. Find out about the expansion plans from large corporations or other developers in the region.
The employment standards, income rates, and social cultures of a particular region are vital when looking at land for sale. Research the lifestyle of the people in that given area, and how it influences the kind of property development you intend to put up. For instance, a location with active shoppers is ideal for a mall. Learn about the employment history and trends because they will negatively or positively impact the type of tenants you get.
Many other aspects affect the appropriateness of lands for sale in Brisbane, so be cautious when making your final decision.
Three Things That Make A Great Real Estate Investment, forbes.com
Choosing The Right Block Of Land for Investment, investorassist.com.au
How to choose a development site, realestate.com.au