January 30, 2017
We are often asked "Where is a good place to buy property?".
Giving a useful answer requires more information about your intentions. Are you:
- Buying a home? In this case the most important factors are likely to be your work location, schools, local demographics and features that suit your lifestyle. Expectations for capital growth usually take a back seat.
- Buying an investment? The most important factors should be the predicted capital growth, ability to find a suitable tenant and ease of selling in the future.
Some valuable insights to help home buyers and investors alike are available on www.realestate.com.au. We offer our clients further detail through Residex property reports on specific suburbs and individual properties.
Past history is not always the best indicator for future years. When you have an area under consideration you should investigate the potential impact on property values from upcoming changes. Values could take a leap from improved infrastructure (public transport, shopping centres, schools). There could also be risks to local property values (high density development, rural areas could have a reliance on a single local employer).
Many investors make poor decisions because:
- They want to buy near their home because they "can see the property". The most successful investors don't limit themselves to their neighbourhood.
- They put more value on stamp duty savings from "off plan" purchases than capital growth. Why buy one unit amongst many similar ones?
Home buyers and investors alike can often benefit from a buyer's agent who's job is to understand nuances of the property market.
Contact us for further information, we have plenty of experience to offer.