Australians have long had a love affair with property, and it doesn't just stem from the need to have a roof over their head.
Many Australians actually love to invest in properties that they will never live in.
However, in the last couple of months, there have been a raft of regulatory and government changes that have directly impacted property investors.
Along with rising property prices, the market has become increasingly complex, and if you're thinking of investing in property you may be wondering if it's still a good idea.
The good news is yes, now could still be a great time to be an investor.
Despite Australia's big lenders tightening their policies and pricing on their investment products, there are still other lenders hungry for business from investors.
If you have your finances sorted out, have a stable paying job, and have saved a sufficient deposit, there is no reason why you can't make your property investment goals a reality.
One of the benefits of property investing is that it's not difficult to get started. Of course, if you wish to maximise your success, you need to do your due diligence so you make the most of your money.
Research the market you're buying in as you will want to buy in an area that will achieve long-term gains and returns.
There is a wealth of information on the internet that will give you market statistics, such as median sale prices, average rents, and vacancy rates.
As an investor, you need to think about a property that will attract tenants, so it should ideally be positioned close to amenities, shops, public transport, and places of employment.
Generally, the closer the suburb is to the city, the stronger the demand will be from potential tenants.
It's worth considering future infrastructure upgrades, such as new roads and rail links, as these are key drivers for boosting demand in a local market 0- leading to greater rental yields!
The most important part of your search for an investment property is your budget. You need to know how much you can borrow and what the monthly repayments will be as this will give you a clear idea of what you can afford to buy.
Make an appointment to see your local broker who can source the best mortgage product for your financial situation and needs.
Your broker can also help you obtain a pre-approval from a lender, so that you can buy with confidence.