Earlier this week one of our agents was talking to me about someone who was looking for a place to buy – so far nothing is out of the ordinary.
But what she said next caught my attention. The buyers had two children under 12 and they were looking for a three to four bedroom unit or two units side-by-side that they could buy now and use when their kids want to go to university in six to eight years time.
Now that’s forward planning!
The buyers were looking at a boutique development called London Apartments in West End. The buyer father is a GP and the family currently lives on Brisbane’s Northside. When I remarked to the agent, Elisa McMahon, that this seemed like awesome forward planning she told me of another Sydney couple who were doing the same thing.
She explained that this new trend seemed to be happening for two key reasons.
Firstly there was exceptional value in the Brisbane unit market and secondly they were planning early for their retirement.
With many people thinking and talking about retirement, it now seems they are thinking beyond the money they’ll need but also to where they will be living.
History is going to show that today’s apartment prices and the exceptional value they represent was a missed opportunity for many locals.
The upside of any down market is for the buyer. The oldest investment principle is sell when it’s up and buy when it’s down.
So it begs the question, are enough people taking advantage of today’s value? Will our southern neighbours be the benefactors of today’s prices in five years once the new casino has been finished and the occupancy rates reach high levels.
Like our buyers for London Apartments, are enough people today giving consideration to where they want to retire.
Because if the answer is an inner city unit, then there is probably never going to be a better time to buy than right now.
With international and interstate buyers currently buying the majority of Brisbane’s apartments. The trend of Brisbane people buying for the future is a trend that I certainly hope increases.
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