There is currently lots of speculation around Melbourne’s property market, which may open opportunities for you to buy your first or next investment property. Here’s a few strategies to consider if you’re ready to buy an investment property right now.
1. Ask lots of questions
If you’re keen to buy an investment property this winter, be sure to let the real estate agent know you’re in the market so they can keep you in the loop with any new listings. A good agent will keep you in mind if they find a property that suits your needs and may allow you the opportunity to see the property first in some cases. You may also find out some key information pertaining to the property by striking up a conversation.
2. Get some good advice on your strategy
We find that most successful property investors have some set their own rules such as buying an investment property located within a 30-40 kilometre band from the heart of Melbourne’s CBD, or a close walk to schools, public transport or even beaches. These rules also usually mean that they will help attract tenants for their property, or ensure sound capital growth over time. If you unsure then contact HomeBound today, we can help you work out the best rules for your investment strategy.
3. Try to avoid competition
Typically, if you select a property in a hot suburb that everyone else wants may seem a like good idea but it normally comes with a higher price tag. Look for adjoining suburbs which are ready to boom or properties that seem less attractive due to their physical appearance, as these may only need cosmetic work subject to a structural examination. You also have the option to build in growth area’s where there might be a strong rental return once finished. These opportunities do exist but you need to know where to look.