According to the latest CoreLogic Rental Report*, rental rates are at a national high and growth has lifted, so is now the time to buy an investment? There is a lot of talk back and forth about when is the perfect time to buy an investment is but, to be honest there isn’t one! Yes, there are few things to consider, but ultimately it’s about when you’re ready and what you can afford. To help you get started, here are some tips on buying an investment property from our Property Manager Ronda Millard.
UNDERSTAND THE MARKET
Knowledge is key in investing. Do your research and look into the suburb’s growth, current rental return, rental demand and nearby infrastructure. Understand how the property market works and you’ll find yourself better prepared. It’s also important to look at the horizon- is there any planned developments in the area, have property prices moved significantly in the past 2-3 years? All these can be good indicators of a new property hotspot which might be worth investing in. To find out more about predicting a new property hotspot click here.
THINK LIKE A TENANT
Remember you are not looking for your dream home; look for liveability not luxury. Think about what your ideal tenant looks like and do some research into what they might be looking for in a property. Think functional layout, neutral colour scheme, a working kitchen and good access to shops & transport. Tenants often seek lifestyle so beaches, lakes, parks, cafes etc. might be a bonus and increase appeal.
KNOW YOUR STRATEGY
What is your ultimate goal? Do you want to sit on your investment long term or short term? If you’re planning to have a long-term investment think about the capital growth of the area. Factors such as proximity to good schools and shopping centres will play a vital role in what suburb you decide to invest in. If a short-term investment is what you’re after, then look for a consistent and reliable rental return.
ASK THE EXPERTS
If you’re after a little more help or guidance, it might be best to talk to a property strategist or buyer’s agent. These property specialists live and breathe real estate and can help you take your property investment to the next level.
*CoreLogic Quarterly Rental Review, December Quarter 2017 Link: https://goo.gl/Xq6M32
RONDA MILLARD – PROPERTY MANAGER
07 3202 3040
Constantly exceeding expectations, Ronda loves to rise to new challenges and deliver exceptional customer service to all her clients. Always ready to go the extra mile, Ronda is dedicated to treating every client with the attention and care they deserve.