Brisbane City Council has adopted new planning changes that could reshape parts of the city, including smaller lot sizes, increased building heights and greater housing density in selected Low to Medium Density Residential areas.
In this episode of the Brisbane Property Podcast, Scott and Melinda unpack what these changes mean for buyers, investors and existing property owners, and why zoning alone does not guarantee development potential.
In this episode, we discuss:
- Where 120sqm lots may now be possible
- How increased density could affect existing homeowners
- The opportunities for investors and developers
- Why site access, slope, frontage and services matter
- How construction costs can impact feasibility
- What buyers should investigate before assuming a property has development upside
Whether you’re buying, investing, developing or already own property in an affected area, understanding how your neighbourhood could change is an important part of property due diligence.
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Transcript
0:00: Brisbane is changing, Brisbane’s growing, what are we gonna look like in the future?
0:03: Brisbane City Council has now adopted changes to its city plan.
0:09: We’re going to cover in today’s episode what this means for you if you’re looking to buy in Brisbane.
0:14: Hi everyone, and welcome back to another episode of the Brisbane Property podcast with Scott and Melinda Jannison.
0:19: Thanks everyone for joining us once again on today.
0:22: Episode of the Brisbane Property Podcast.
0:24: And as we just outlined in the intro, we are going to be discussing the Brisbane City Council adopted planning scheme changes that are coming into effect here in Brisbane.
0:38: For regular listeners, you may recall back on, or back last year in episode.
0:44: 294, 294, we actually ran an episode talking about proposed changes that were likely to come into effect.
0:53: Those changes have now been adopted, and we’re going to run through exactly what that means for you if you’re looking to buy in Brisbane in the near future.
1:01: Yeah, I, I, I mentioned when I did an intro earlier about how Brisbane is changing.
1:06: And how it’s growing and we’ve, we’ve been to some seminars recently, we’ve looked at a lot of, and we can talk more about this maybe another episode about some of the major developments and things that are happening in Brisbane, as we, as we grow as a city as well.
1:21: before I do jump into it, I do also wanna throw a quick shout out to someone that, we’re at an auction, Melinda and I, and we were waiting whilst there was negotiations happening, and a fellow by the name of Ray came up and said hello and he said he’s a, An avid listener of the podcast and loves the podcast.
1:36: So shout out to Ray.
1:38: Thanks very much for tapping us on the shoulder and saying hello.
1:40: It’s always nice, always nice to have people come up and say they enjoy the content that we put out and the, information that we share on the podcast.
1:48: So maybe it’s because we’re asking people to come and introduce themselves on the podcast, but every weekend, I feel like there’s someone that is, is thanking us for the contributions that we do make and the information that we share.
2:00: Hopefully this information is valuable and people do take some value from, from the research that we put into producing and, and also recording these episodes.
2:12: So, so there’s been a lot of discussion through Brisbane planning and changes, and the headlines around 120 square meters of, of lots of buildings, taller buildings, more density in certain suburbs.
2:24: Obviously we have that character protection and things like that, so, Melinda, can you give us a little bit of a rundown on what it is, what’s changed, in this planning?
2:33: Yeah, well, I think, you know, I’ll start by covering the basics.
2:36: Now, some of the headlines that have come out in the last couple of weeks are that smaller lots may be allowed in parts of Brisbane.
2:44: That is currently where there are lot sizes permitted of 260 square meters, that will reduce to 120 square meter lots.
2:54: That’s a very small parcel of land.
2:57: That enables someone to hold that land freehold and build a single dwelling on that site.
3:04: So, these changes, however, don’t apply across all of Brisbane.
3:10: They only apply to areas that are zoned low to medium density residential.
3:16: So, it is important that you understand the city planning scheme and understand the zoning.
3:22: It’s something that as buyer’s agents, we will always do as part of our due diligence check.
3:27: Because if you are purchasing a home or an investment property, you need to understand what that neighborhood is likely to look like in the future, and the land zoning is what tells us what is permitted on that particular site in the future.
3:43: So the land will be zoned low to medium density residential, and in areas where the, the land has this zoning, there may be permission to subdivide land to 120 square meter lots.
3:58: Now, the heights for constructing new dwellings in these locations may also increase to 3 or 4 stories.
4:08: Currently, a lot of these areas may be restricted to 2, maximum 3 stories, so we’re going to see height.
4:15: Limits increase.
4:17: And of course, this does depend on the specific site and the location, but we are going to be preparing ourselves for higher density living, and more 3 and 4-story building developments across these LMR zoned areas of Brisbane.
4:34: The intent, of course, is to create more townhouses, more terrace style homes, more units, and more alternative housing in well located areas.
4:47: So of course, with a 120 square meter lot size, it’s very unlikely you’re going to have a large backyard and a Hills Hoist, which was once the, Great Australian dream.
4:56: Of course, as Brisbane’s grown and developed, we’ve had to make compromises on either where we want to live, by moving further out to obtain a block size that is affordable, that enables us to construct the type of home that we’re wanting to live on, or alternatively, if we’re wanting to live closer, In towards the CBD, towards perhaps where our employment sits, closer to public transport corridors, closer to lifestyle precincts, because of affordability, we’re having to compromise in some instances on the type of home that we’re prepared to live in, and that’s why we’re seeing some of these new, Opportunities for people to build smaller homes on smaller lots, and this is going to come off the back of these council changes.
5:42: I, I think one of the biggest things for people to understand here is, is it doesn’t apply everywhere.
5:48: That’s right.
5:48: OK, we talk about, I know you said low to me, so we call it LMR.
5:52: So we’ve got LMR 2, LMR 3s, and different zonings like that.
5:56: So your low, medium density residential areas, so your LMR areas.
6:02: They’re not everywhere, especially in Brisbane, you tend to find more less of your character areas, you probably find it closer to some of the high density, maybe some shopping centers, things like that, and you do get some scatterings around in some of those other suburbs as well.
6:16: So you’ve got to make sure that it, it actually complies with the location for starters, and there’s there’s reasons why council are doing it.
6:23: I mean we, we have such a, A shortage, shortage of supply at the moment, and especially as you come in closer to the CBD.
6:31: Yeah, and just for perspective, I just wanted to state that council are predicting that this only applies to approximately 14% of Brisbane’s geographical spread.
6:43: So, it’s certainly not every suburb across Brisbane, and we are talking specifically today about those locations in the Brisbane City Council region.
6:52: And this does not apply to Moreton Bay, Redlands, Ipswich, Logan, or to other council regions outside of the Brisbane City Council region itself.
7:03: So, look, at the moment, you know, part of the reason that we’re seeing these sorts of things being introduced is because we do have a structural housing supply shortage, regardless of what might be happening in the broader market at the moment in terms of median values, and, Buyer confidence.
7:21: The fundamentals for Brisbane simply have not changed, and we still are not building enough homes to accommodate our growing population and to keep up with the demand for housing.
7:33: That is an ongoing and growing concern for our region.
7:38: And because of this council are looking at ways to encourage the development of more homes in the same areas, so that, We can actually increase supply.
7:48: Yeah, and I think more and more people want to live, you know, close to services, close to transport, universities, schools, employments, employment wherever that is located, but a lot of it is based around the CBD in Brisbane.
8:00: So I think we don’t have the, the greenfield space where we can create new estates.
8:06: We are landlocked.
8:07: So this is a way to actually develop certain areas and try and increase that density in those locations as well.
8:14: Yeah, and of course, detached homes are becoming increasingly unaffordable in many areas close to the city region.
8:22: And just for perspective here in Brisbane, the precinct that creates the most jobs is the inner city precinct, followed in Brisbane by the Trade Coast Precinct, which incorporates the airport and the Port of Brisbane.
8:36: That’s just to give you an understanding of.
8:38: Where the largest majority of jobs are located.
8:42: So, when we talk about people want to live closer to employment, we understand that there’s obviously going to be some other satellite areas around the city where people will work.
8:52: But when we’re talking more broadly, or more generally about the employment hubs, we are talking about the CBD district, as well as the Australian.
9:03: Trade Coast precinct.
9:05: And of course, if people want the convenience of living closer to where they work, if they cannot afford to buy a detached home on a larger block of land, some of these newer types of dwellings that are being proposed may be the solution that people are looking for, because land is the scarce commodity, and that’s what ultimately often drives the value or the price of property.
9:28: Up in areas where there is no more land to build or develop.
9:32: So if we look at it from the buyer’s point of view, OK, and, and there’s, we’ve got people that are interested in this type of thing, what are some of the most important things they have to think about when it comes to looking at at this type of property?
9:44: Well, depending on who you are as a buyer, of course, there could be pros and cons associated with these changes that are being brought in.
9:52: If you are a buyer looking to purchase into a neighborhood, and you don’t understand what could change in that neighborhood or what development might be possible in that neighborhood, you could be purchasing something that could be negatively impacted by these future changes in that your dwelling will be surrounded by higher density properties, perhaps with Overshadowing if development up to 4 levels is enabled or is possible nearby, and that can impact on the perceived desirability of your property, especially if it is a detached house on its own lot.
10:32: However, in, in contrast to that, if you are an investor, or indeed a property developer, this creates more opportunity in that, There will be more land, and there will be more sites that become developable sites, and because of that, it is important to understand, well, what is the highest and best use of any particular property, because, as we’ve mentioned previously, not every property will be automatically able to be subdivided into these small lots, but where this is possible, it does create future upside potential.
11:08: And of course, whilst many, you know, developers right now, are struggling to enable projects to proceed because of feasibility issues.
11:16: It’s hard to make the margins that they, they once were relying upon.
11:20: Over time, these projects will become more feasible as, as property values continue to increase.
11:28: Think in the next 10 years, for example, and these sites that have additional potential to be subdivided will hold more value, potentially, and will potentially have a, a higher buyer pool in the Future, if, if, in fact, they can be developed.
11:44: Of course, anything now under the new Australian Federal budget that has the ability to contribute to new supply, you’ll be creating dwellings that would be appealing not only to the owner-occupier market, but also to the investor market, because those investors that buy brand new properties that contribute to the supply pool will retain negative gearing benefits, as well as the, the potential capital gains tax.
12:11: Benefits as well.
12:12: So again, all subject to advice from your accountant, but, these are some of the reasons why some of these small blocks could potentially show some solid upside potential in the future.
12:24: And obviously getting closer to the CBD and a better, better location, I guess when you look at proximity.
12:28: It was interesting when you were talking then, and I must admit when I first started the question, I was probably thinking of a buyer buying into a market, and then as Melinda touched on then, It’s also, it’s it could affect existing owners.
12:43: So people that own a property as you just touched on this could affect them in what happens around them.
12:48: So it’s not just, it’s not just the people looking to buy into certain locations or these opportunities, whether it’s developers or people looking to buy in these, but it’s also the people that are there now, and in those surrounding areas, how it can affect them as you as you touched on with overshadowing and things like that so.
13:05: It it it has an effect, it could have an effect on both players when you look at that side of it, and just because house sits in those zones, it doesn’t mean, It has future redevelopment either.
13:17: You have to make sure that it actually will comply with everything that’s required.
13:22: Yeah, and that’s an important takeaway for listeners.
13:24: It just doesn’t mean land zoning alone is the only thing that needs to be considered.
13:28: There’s so many layers when it comes to whether a property has the potential to be redeveloped or not, and that’s where getting expert guidance matters.
13:37: And obviously, ensuring that you’re not going to make a financial mistake matters as well, because not every property that sits in a low to medium density residential zoned land automatically would qualify for these smaller lot sizes, and it is important that each buyer does their due diligence on each particular location and each particular property before making that assumption.
14:00: And Scott, as you’ve rightly pointed out, if you’re a property owner and you already own a property in some of these locations, it is important to understand, well, what does this mean for me?
14:10: It may be that you feel that provides great upside potential for you, and, and it has no impact, and you’ll hold longer onto that property, hoping that perhaps one day a developer might purchase that from you.
14:22: But, If you’re thinking of doing a large renovation, for example, on a single home in those areas, perhaps that’s where caution could be taken, so that you can ensure that you’re really not going to overcapitalize in an area where potentially you’re going to be surrounded by much higher density dwelling types, because that can impact on the future desirability of your property when you become a seller.
14:46: I, I know that when we talked about, you know, whether you can do it or not, I guess the next big thing that I will probably jump in and have a bit of a discussion on this one is probably will it stack up.
14:57: OK, so when we’re looking from a development builder type of things, there there’s a few things that we actually need to pull apart, when you’re looking at small lot homes.
15:06: OK, so when you’re looking at something that’s very, very small, let’s say the 120 square meter site, they can be really difficult to build on.
15:13: OK, so, From a design point of view, making sure you get natural light, making sure you’ve got a bit of privacy in there.
15:20: So these, these are the sort of things that we look at.
15:23: Your flexibility, obviously there’s not a lot of flexibility on design.
15:27: OK, because you, you’re restricted on room you do have to get certain things into a house.
15:32: So you need your kitchens, your bathrooms, your bedrooms.
15:34: OK, you don’t have the flexibility then of more space.
15:38: OK, and if you’ve got the car parking, OK, you need a garage in there, so you’re starting to use up more and more space.
15:45: Once you get into these small lot homes and you get closer to neighbors as well, again you could bring in things like fire separation.
15:52: OK, so you’d need to have fire separation from the walls.
15:56: You could have waterproofing on your retaining walls, OK, so you need access to do all these types of things.
16:02: From a practical point of view, from a builder.
16:05: How are the trucks gonna get in, how are the, where are the trades, where’s everyone gonna park when they’re building?
16:10: where are you gonna put the the rubbish bins?
16:12: Where, how are you gonna put scaffold in?
16:14: There’s practical things in this that people don’t think about and from a builder’s point of view, even if you’re building a property and people go, oh yeah, well, the scaffold will fit around it.
16:23: When the scaffold turns up to a site, you have truckloads of scaffold.
16:28: It doesn’t just turn up and go up around the walls.
16:30: It’s delivered and it needs to stack somewhere before they can actually start to erect and then dismantle all of this scaffold.
16:38: So, You’re restricted on, on site, on size, what you can do and how you can accommodate everything within that restricted space.
16:46: What about frontage, slope of, of, you know, any contours on the site, that sort of thing, Scott?
16:52: Flat site’s ideal.
16:54: We were actually driving the other day in, in an, In a suburb not far from us, actually, our office, and there’s a large Queenslander getting built up on this hill.
17:01: Beautiful city views, but the slope on it, and I think I said to, you at the time, Linda, I said, I would hate that as a builder.
17:09: slopes, I just, I dread slopes.
17:11: And this one slopes away from the road.
17:13: OK, so ideally, again from a build point of view, we do like a slight slope on a property, so a little bit of fall but not a massive amount of fall.
17:22: And we like to go from rear to front ideally if you can.
17:25: It helps with getting services out like your stormwater and all your drainage and all that type of thing.
17:29: And then you can actually get access in and out.
17:33: Good frontage, obviously the, the larger the frontage, the better.
17:36: You’re getting to 120 square meters, you’re probably not gonna get a large frontage on the property as well.
17:41: And then there’s little things like access to it, as I talked about earlier, you know, when I talked about scaffold, things like that, you could come up with things like traffic control.
17:49: Again, these are extra.
17:50: Costs that are gonna come into it if there’s a street tree at the front.
17:54: OK, so if you’ve got a street tree which you can’t remove because they’re council trees, again, that could have an impact on whether you can put a driveway, where you can put a driveway, if you can put a driveway.
18:04: and again, these are the complications that you’ll have on that side of things as well.
18:08: What about construction costs?
18:10: Is it possible, I mean, just because the land has rezoned, does it actually mean that we’re going to see this surge in, in new dwellings coming through in these low to medium density residential zoned areas?
18:23: look, construction costs have gone up again.
18:27: a seminar we’re at the other night, don’t quote me on the exact numbers on it, 62%, but it was 62% since COVID.
18:34: We’ve seen an increase in construction costs, so.
18:36: Just because it’s Southeast Queensland I mean you’re planning changes they’ll allow more homes.
18:43: It doesn’t mean the construction costs are gonna be cheaper.
18:46: Whether you’re building it in in I say Brisbane suburbs cos people probably know some of them.
18:51: Whether you’re building in say Windsor or whether you’re building it in out at Ipswich or wherever you’re building your construction costs are not going to change a massive amount because you’ve got your material, you’ve got your labor.
19:02: OK.
19:02: And those things are the ones that are costing more and more money.
19:05: Just for perspective there, where costs in building do change is based on the, the fixtures and fittings that people choose.
19:12: Obviously, you can build in a very basic way with basic tiles and basic vanities and basic toilets, or you can really up up-spec, that’s the word I’m looking for.
19:23: You can really spec up some of these homes and, and choose much more expensive fixtures and fittings, and that Will obviously impact a lot on, on the build cost, and architecturally designed homes are obviously more expensive to build than than smaller dwellings that don’t have big voids and, and open spaces as well.
19:41: So they, the build costs will vary by design, but we’re we’re referencing just the material cost and the labor cost in your smaller sites again, because you’re constrained on the, on the size of the site, OK, that could actually, Increase the cost, OK, because as I mentioned earlier about your access, you could add add in traffic control, you could add in fire separation.
20:03: These are more things that are going to add and cost more money.
20:06: OK, so they still have to stack up.
20:08: your consultants, your services, your finance, your holding costs, because if it’s, again as I talk about if it’s a smaller site, And you can only bring smaller amounts.
20:19: I’ll, I’ll stick with the scaffold like I use for an example.
20:21: If you can only bring a little bit at a time because you don’t have somewhere to store it, again, it will probably cost more.
20:27: OK, it will slow the construction down because you can’t go as fast as normal, so your holding costs are gonna come into play.
20:33: So, There’s more and more things that can actually add to the cost on it just because it’s smaller, doesn’t mean it’s going to be a lot more economical.
20:42: Yeah, that makes perfect sense.
20:43: So really a buyers or the overall message is that, you know, we need to work out whether you can actually legally develop it, can you physically build it, and also an important point, does it actually financially stack up?
20:57: And I think, That third point is the, the biggest roadblock for any future development right now in Brisbane, and it’s one of the reasons why the continuing supply constraint continues, because developers are unable to deliver a product to the market that is affordable at a price point that the local buyer is prepared to pay.
21:22: And the gap.
21:23: Between what it costs to develop some of these properties versus what the established market, perhaps, or what a buyer in the established market is paying, that gap is still fairly significant, which is why we’re seeing a lot of our new builds, especially in the higher density space, targeting that luxury buyer.
21:39: They are targeting the very high-end unit buyer or townhouse buyer, because typically the additional Construction costs will be covered by the purchase price.
21:51: Whereas affordable housing, that is, those that appeal to an entry-level buyer, that is much, much harder to deliver, and ultimately, that’s the type of housing that we need the most of right now.
22:02: Yeah, it’s, look, I, I think the concept, and I get the concept.
22:05: I, I had a meeting actually with a developer, he’s based in New Zealand a while ago.
22:09: They’re developing a 130 square meter.
22:12: Sites there, but they’ve got access.
22:14: It, it’s, it’s on a, it’s almost like on a new estate area.
22:17: It’s not compact in amongst all of the city and the small, the tighter roads.
22:21: It’s not infill, so it is a different type of product, even though it’s a similar size.
22:26: It’s a different product and it’s a whole different kettle of fish because you, you, you’re mixing things around that are going to chew up your.
22:33: Money as I touched on all those things before, simply on access.
22:37: I, I think when you look at then, I mean take all that away, it sounded very negative, but, and look, I think if it works it works fantastic.
22:43: I think we need more and more housing for people.
22:46: We need shelter and we need to work out a way we can actually make it work.
22:50: So to be able to use the land up if you can, I think that’s, that’s actually a good thing.
22:54: So.
22:55: If we look at some of the, the strategy then, so if you’re looking at a buyer’s point of view, I, I guess, what are the sort of things that they have to do?
23:04: Obviously they don’t want to pay too much because it has, as we talked about just for a while then it needs to stack up, but other things that buyers need to be aware of or things they have to think about.
23:13: Well, of course, you know, theoretical potential is very different to the practical potential of any particular site, so just because the land might, Suggest that something is possible.
23:23: It doesn’t always mean that that’s the case.
23:25: That’s always been relevant when purchasing any site that has additional development potential in the land, but we always recommend speaking to a town planner and, and ensuring that you get accurate advice around a specific site before you buy.
23:40: Equally, if you are a property owner already in these locations.
23:44: That have land that is zoned low to medium density residential land, and there are a lot of suburbs in Brisbane that have that, that land zoning, not across the entire suburb, but across certain pockets within the suburb.
24:00: If you are an existing landowner or property owner in those locations, it’s really important that you understand what this means for you.
24:08: Because there could be potentially both upside and downside, depending on what you’re ultimately planning to do with the property that you currently own.
24:17: So, it is important that you consider not just whether the property suits your intended use today, but also, You know, what is the intended use 10 years from now, and does that align with the neighborhood and its intended use 10 years from now?
24:34: That’s the the lens that you need to be looking at, especially if you are already a property owner in some of these areas.
24:42: especially if you are an owner-occupier, increasing density will change the look and feel of an area very quickly.
24:49: You’ll have more cars on the street, you’ll have less street parking.
24:53: That can really shift desirability.
24:55: In some locations as well.
24:57: And of course, whilst a lot of property investors have slowed down, we’re still seeing a lot of activity for those looking at sites that are able to be developed, especially if they can add to the supply, because obviously, there’s a great market for investors buying brand new properties, and if you’re able to produce them as a property developer, obviously there’s a market to sell to an investor or an owner-occupier upon completion.
25:25: I just wanted to also outline some of the suburbs, and this is not an exhaustive list, but just, if you are looking at any of these areas that have this low to medium density residential zoning, they exist, or these areas exist scattered throughout a lot of the Brisbane City Council region.
25:42: And some of the suburbs that have larger areas occupied by low to medium density residential zoning, are areas like Zilmia to the north.
25:53: We’ve got Nundah.
25:54: We’ve got areas through Toombul, which is very close to Nundah.
25:58: We’ve got Mitchelton.
26:01: There’s a lot of LMR zoning further in, in areas such as Alderley, we’ve got areas in Wilston, Windsor, Newmarket.
26:10: Keep in mind, and, and the reason I wanted to just sort of come a little bit further in with some of those examples is many of these areas also have character overlays.
26:18: So what that means is existing homes can’t actually be demolished.
26:22: So that’s one of the other nuances that we, we need to be very familiar with and aware of.
26:28: South side locations.
26:29: There’s a lot of areas that have LMR zoning once again.
26:33: So, as close in as sort of, Toowong, Indooroopilly, moving further out through Sherwood, even out towards, Fairfield, coming back in around Marua, very large areas.
26:46: These are just all off the top of my head.
26:48: You’ve then got a lot of areas through the Cooparoo, Camp Hill, Carina, even around Morningside Ways.
26:56: So, there’s no Not large areas of LMR zoned land through every suburb, but there’s small pockets of LMR zoned land in many suburbs, and it is important that you understand which areas are captured by this and which are not.
27:11: And I know that I haven’t given an exhaustive list, but I just wanted to give you an understanding of just how far that geographic spread is.
27:19: But it doesn’t mean to say that every site has this additional potential, even if it is zoned for these, these smaller lots.
27:25: I mean you did name quite a few suburbs and there’s so many but again as as Melina touched on earlier, you need to know the zoning and and that’s something that we obviously do all the time.
27:36: We’re always looking at the zoning and and what things look like.
27:39: A couple of things I guess when we look at what, what does it mean and how does, how is this going to look.
27:45: I mean it doesn’t, it doesn’t mean that every Brisbane suburb will suddenly be full of four story buildings because as we touched on there.
27:53: It, it’s specific to certain locations, certain areas, and as long as it’s going to comply.
27:58: So it doesn’t mean you’re gonna see, you know, 3, 4-story buildings popping up everywhere.
28:02: It will be quite restricted.
28:04: Yeah, it also doesn’t appear that this, this is going to happen, it doesn’t mean that it’s gonna happen or appear very, very quickly as well.
28:12: Affordability is likely not going to be fixed quickly either.
28:15: It doesn’t mean that it’s gonna solve the affordability issues across our city because it only applies to about 14% of land.
28:22: We still have so many headwinds in terms of construction costs.
28:26: So, delivering these products to the market still costs 62% more today than it did just 6 years ago.
28:33: And because of that, there’s real headwinds in terms of feasibility, and, and that’s why that affordability is, is so difficult to deliver.
28:42: And, and, as I touched on earlier, it doesn’t mean that every small block’s gonna be easy to build on either.
28:47: And again, when I talk about not, not being easy, if it’s not.
28:50: Easy.
28:50: It could probably cost a little bit more.
28:52: Yeah.
28:52: I did want to just mention that there were other updates that were confirmed as a result of the, the new release from the Brisbane City Council.
29:02: For example, you can subdivide 600 square meter lots into 300 square meter lots now, where they are within 300 m walking distance from a district zoned center, that’s over 2000 square meters in size.
29:16: previously, that distance was 200 m walking distance.
29:20: Now, again, that’s very technical, they’re very much town planning principles.
29:25: It’s important as buyers’ agents that we understand that, and we’re certainly across these changes, but, as a buyer, if you’re, you’re not familiar with some of these changes, it is important to, to seek advice, seek clarity.
29:39: When we see buyers jump in on a decision without really understanding the due diligence that they should be doing.
29:46: That’s when there’s a lot of buyer regret, especially if 2 or 3 years from now, all of a sudden the house next door is being demolished and subdivided, and, and two dwellings are being built in, in its place.
29:58: You might not have even known that that was possible in your neighborhood.
30:01: So, we’re very much about ensuring that when you buy, you’re very clear on not just the home you’re buying, but what is that neighborhood like today?
30:11: What is that neighborhood likely to be looking like 10 years.
30:15: From now, because that can impact on the decisions that you make as a homeowner, long-term, but it can certainly have a bigger impact on the decisions you make as a home buyer or a property buyer straight away today.
30:28: So, that’s a piece of advice that I’d like to share with you.
30:31: I, I was going to touch on one other thing as well, and, and I know we talked, we’ve probably focused a little bit more heavily on people buying these sites, and, and we’ve touched a little bit on existing owners.
30:42: I think in the market at the moment.
30:44: If, if people have a property that could be in these areas that could be affected, and they, and they want to live close to these areas or, or they’re thinking of upsizing or downsizing whatever it may be, it’s not a bad time because the market is not moving as fast as what it has.
31:00: So if it’s a position that people say hey look I, I, I’m worried about this in the future, I mean that’s something that can be looked at, and you can say, OK, what is its zone, what’s it look like?
31:09: Could this be affected in the future because, If you sit there for another 5 years and it happens, it’s too late.
31:16: So it needs to be something you need to think about early, plan early, and if you look to move somewhere or change your property from your principal place of residence, it’s probably not a bad time to be thinking about it as well.
31:26: It’s actually a great time to be upsizing if you’re selling out of a home at a more affordable price point and buying into a more expensive home.
31:35: Whilst the logistics of doing so can be extremely difficult, difficult, and we have touched on episodes in the past of how to navigate the buy-sell process, it’s a great time to upsize because you’re buying into a market that the, the higher value properties are softening faster than the more affordable properties.
31:54: So you’re actually getting a larger discount on those premium homes, than the The discount that would be on the sale price, potentially that that you’re making, through the sale of your existing home.
32:06: So, lots to unpack there.
32:07: It’s almost another whole episode in itself, but just little hints for for ways to get ahead in the current market, if, if upsizing is, is part of your plan.
32:17: And of course, we all know now that with the budget changes, the greatest way to Build wealth potentially through property is through that family home, and we’re seeing a lot of our clients at the moment, upgrading homes to park their wealth in a, an asset that is a tax-free asset.
32:36: And again, not giving tax advice, it’s a conversation to have with your accountant, but it’s certainly something that we’re observing for a lot of our higher net worth clients that partner with Streamlined Property.
32:46: Buyers, it’s the upgrading of the home that appears to be something that they’re very motivated to do, or currently a strategy that we’re implementing in conjunction with them.
32:56: I think some people probably think about it and say, oh, I’m a bit scared, it’s all too much work to, to look to sell and to buy and everything else.
33:03: We can help with all of that.
33:04: So don’t be afraid if, if you have any questions or you just wanna know a little bit more about it, feel free to reach out to the team.
33:10: at Streamlined Property Buyers, as I’ve said so many times, we’re free to talk to.
33:14: So more than happy to have a conversation, to shed a bit of light, what you can do, what you can’t do, what you might be able to do, and be able to help you on the path of in the right direction as well.
33:23: So you avoid making those costly mistakes as well.
33:26: So that’s it for today.
33:27: Thank you.
33:28: That’s a wrap.
33:28: Hopefully that’s been some good information.
33:30: I will let Melinda wrap it up as I normally do, and Until next time, thanks very much for listening.
33:36: Take care and bye for now.
33:37: Yes, thank you once again for joining us on today’s episode of the Brisbane Property Podcast.
33:41: As always, we hope you have enjoyed this episode, and we would love for you to share our podcast with your friends and family who you may, or who you think may benefit from the content that we share.
33:53: we look forward to being in touch again soon.
33:55: Until then, bye for now.
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