Inner City Apartments
As I’m located in the Inner Brisbane area, the question relating to apartments gets asked quite a lot. So what is happening in regard to lending for inner city apartments?
The postcodes of 4000, 4001, 4002, 4003 and 4004 are considered high density units and are experiencing restricted lending due to oversupply and history of being flooded with cheap units. Inner city apartments have an inclination to fluctuate in price more than in comparison to residential properties. Because of this, banks see CBD apartments as high risk.
Other factors to consider with CBD apartments:
Size - Due to the lending restrictions already in play based on postcode, the size of the unit is also a major factor. Try to look for a unit greater than 50m2, which exclude balconies and car spaces.
Strata Fees - Remember to take into consideration the ongoing costs associated with Strata fees. These are complex features such as lifts, pools and gyms which require upkeep and can be very expensive to replace.