Property is one of those topics that everyone has an opinion about, but it’s hard to say what is fact and what is fiction. Beauty is always in the eye of the beholder, so it’s hard to take your brother’s insights as gospel when you lead completely different lifestyles. If you are looking to break into the investment property market in 2019, here is where you should be looking at and why.
Suburbs of growth
It can be tempting to peruse the properties in the suburbs that have been performing well for such a long time. Those suburbs are known by all, and the lifestyle that come with it is quite attractive. But so many of those properties are owned by people who got in at the right time on an area that showed growth promise. And that is what you should be looking to secure with the support of rental property management Melbourne. Take your preference out of the equation and deal only in fact. Growth suburbs are not always a pretty picture, but the idea is that they will be, and you want to crack into that area while the barriers to entry is still manageable. Forget the flash suburbs, and back the growing suburbs instead for the ultimate return.
Suburbs with new developments
Investors should always be looking at the whole picture when it comes to entering the investment market. That means areas which have developmental plans that could revolutionize the growing suburb are worth considering. New schools are a driver for surrounding developments, and so are new apartment blocks. However, not all developments come with good tidings. You may want to stay vigilant in researching what each development is proposing as they may impact your investment plans negatively. Office building developments are great, but it will reduce the parking options and removes any possibility of a restaurant or cafe taking its place and generating nightlife and atmosphere. Other developments to keep an eye out for are public housing and large secure car parking.
Areas with ample public transport
An an investor, you want to be finding a property asset that is close to public transport, especially in Melbourne when it is a preferred mode of transport for a large majority. When you look at homes and apartments for rent, the public transport access is usually in the first line of the ad, so make sure you are looking for properties that will keep you competitive. As we have seen in the last five years or so, a parking space is a luxury not afforded by everyone. This means it has never been more imperative for renters to position themselves near public transport options. If you manage to get the trifecta of public transport (bus, tram and train), you will have a steady flow of rental interest.
Close to city attractors
When we live in a city, we stick to the hubs and pockets that we like. But had you ever thought about the greater public and how living close to city attractors may be something worth looking into? That’s not to say you have to buy a home or apartment backing onto Federation Square, but you may want to think about your distance from city landmarks that out-of-town renters may be attracted to. These are the properties that get snapped up on AirBnB, and they have healthy interest year round.
Once your finance is in order, the fun comes from finding the right area and dwelling to let your investment grow. In Melbourne it is hard to make a bad investment, but you can be making choices that will set you up for prosperity if your investment grows faster than the average rate.