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10 Expert Tips for Successfully Buying Queensland Regional Property!

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Sign Selling Buying Queensland Regional Property Hervey Bay

Many people have been moving to regional Queensland areas recently, even though the pace has somewhat slowed down. Buying Hervey Bay Queensland regional property is proving to be a great option for many buyers as living costs in cities are still highly increasing and remote work is becoming more popular. It’s important to consider economic and lifestyle factors before making the move. Here are several key factors to think about when buying property in QLD regional areas like Hervey Bay.

1. Do Plenty of Research

If you’re thinking of buying a property in a regional location, make sure to do your research. You can use resources like CoreLogic’s Property Value website to learn about the local property market trends. Don’t forget that just because property values have grown in the past, it doesn’t mean they will in the future.

Be wary of QLD regional areas with very low median house prices. This may mean that there aren’t many amenities, low demand, or the population is going down. All of which could make it harder to sell the property in the future.

On the other hand, keep an eye out for major infrastructure projects such as new transportation, health, or education facilities. These can be signs of real estate growth in the area.

2. Consult Your Bank / Lendor

If you want to buy a home in a rural area with few people and few opportunities for growth, you should talk to your lender about it. Some lenders might be hesitant to give a loan for such a property, as opposed to an area with more people and more opportunities, where property values are more likely to go up.

To avoid disappointment, it’s a good idea to speak with your lender before making any decisions about a specific QLD regional location. Also check out local interest rates.

3. Consider Government Assistance Schemes

If you’re a first-home buyer, check to see if you qualify for the First Home Buyer Grant. You might also be able to buy a regional home guarantee with only a 5% deposit and avoid paying Lenders’ Mortgage Insurance. Also check to see if there’s any other regional Queensland and/or local council schemes available.

4. Visit Queensland Region of Interest in Person

It’s highly recommended to visit Queensland regional proeprties you are interested in, in person, even if you live a good distance away. This will give you an idea of the property’s immediate surroundings and the overall vibrancy of the region. If interested in buying a specific property, you’ll need to organize a building and pest inspection as well.

Pay attention to the number of vacant shops in the area, as this can be a sign of economic or population decline. By doing an in-person inspection, you’ll get a better sense of whether the property and the location are a good fit for your needs.

5. Year-Round Weather Check

It’s important to research the year-round climate to have a better idea of the weather conditions in the region. This is especially important if you’ve only visited the area during a specific season before. Is the area known for sweltering summers or torential rain? If so, it’s recommended to try and come during the seasons with the most severe temperatures so that you are aware of how hot and/or wet it gets. When you do move, allow yourself enough time to adjust to the climate. Feel free to check Hervey Bay’s climate.

Hervey Bay Great Weather
Hervey Bay Regional Queensland Perfect Climate & Lifestyle

6. Regional Work Opportunities

It’s important to consider what types of employment and current work opportunities are available before moving to a regional area. Check to ascertain job options by searching job sites. If you have to commute to work, be sure that the travel duration is reasonable.

If you work remotely, think about future job prospects and whether you can find similar work in the area. Consider whether a career change might be necessary to secure a job locally, depending on the area’s main industries.

7. Consider Your Life Stage and Lifestyle Needs

When deciding on a regional area to move to, it’s important to consider whether an area will meet your demands in terms of lifestyle and particular life stage, both now and in the future. Aside from essential amenities like shops, hospitals, and parks, consider proximity to restaurants, entertainment options, fitness centres, and airports, etc.

It’s essential to check daycare options and schools in the area if you already have children or intend to start a family. Additionally, you might want to think about sports and other activities for kids.

8. What About Visitors? Yes or No?

If you anticipate hosting frequent visits from family and friends, you might want to factor in the expense of a home with more room. On the other side, not having enough room might be an excellent excuse to respectfully reject if you prefer not to frequently have house guests.

9. Weigh Up Additional Time & Costs Associated With Relocating

When buying regional property and relocating to a new area, you should take into account the extra time and costs involved. This includes higher removalist expenses, travel and/or accommodation costs when searching for a property, particularly during peak periods and/or school holidays.

10. Special Considerations when Buying Queensland Regional Property

It’s essential to note that Queensland regional locations may not experience the same level of investment return and development as capital cities. As a result, finding your ideal home might take longer, especially if there is a shortage of suitable properties. In such cases, you might want to consider buying a fixer-upper instead of waiting for the perfect home to appear on the market, depending on your budget and willingness to renovate.

No matter which part of Hervey Bay (or Maryborough) you’re thinking of buying in, our Property Brokerage real estate agents have you covered every step of the way. For professional advice on the local  Queensland regional housing market and/or help with buying property speak to one of our local regional real estate experts today. We’re here to help.

 

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3 thoughts on “10 Expert Tips for Successfully Buying Queensland Regional Property!

  1. Karina Jenkins

    Very well presented. Every quote was awesome and thanks for sharing the content. Keep sharing and keep motivating others.

  2. Dylan Hendrix

    Great information. This has been a really wonderful post. Many thanks for providing these details.

    1. Dianne OKeefe

      Hi Dylan,
      Thanks for your comments. Queensland Regional Real Estate is really booming, especially here in Hervey Bay!

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