Looking to invest in Australia this year? Hey, it’s now or never. If investors can learn one thing about the Australian housing market, it’s that costs go up and high, demands get intense one day then plummet the other day – therefore, the best time to invest is always now, the question is where?
Deciding where to invest literally depends on your goals, how much you’re willing to invest and what you already have in your portfolio. Gaining insider knowledge will also work in your favour. Here are our tips for property investors looking to get into the Australian housing market.
Research matters – A LOT
Ensure that you’ve done the best research you possibly can. Never rush in and buy the first weekend you’ve stepped of the plane in Gold Coast. Property agents will sense that you’re not from the area even if you think you’ve done good research work. You might end up buying in a bad neighbourhood.
Cheap sometimes equal low quality
But not all the time. Usually, a cheap property became that way because there are several issues with it. Not all property goes up in value. In some cases you don’t get a tenant for six months of the year, so how will you be able to afford to hold onto it? Say the interest rates suddenly rose?
Think before you buy
Buying on a whim usually ends up in a disaster. Never skip building reports because you’ll end up heartbroken later if the house of your dreams turned out to be a nightmare in the details. Many buyers out there get infatuated with a property, thinking that it’s one of a lifetime investment, then regret later because of some unforeseen issues they overlooked.
Find a good deal
You already know this – just because the property is cheap doesn’t mean you’re getting a good deal – it comes without saying as well that it might not go up in value in the future. If you’re looking for a great growth, nice rental returns, have the property pay for itself, borrow the entire property’s value, then you’re dreaming. It’s impossible. And investment firms promising that is plainly lying.
Have a strategy
It’s not wise to try and get it all in the one property. Have a plan of action, which includes your goals – the things you want to achieve. Create a 5-10-year goal for instance and try reverse-engineering that.
Look for growth areas
Growth areas offer the best potential for higher returns in the future, such as the goal of most property investors and first-time homebuyers alike. Australia has several of this development, one of which includes Yarrabilba in Queensland.
Surrounded by Plunkett National Park and on the doorstep of beautiful Mt Tamborine, Yarrabilba offers new families and investors prime real estate properties near Mt Tamborine in Gold Coast Australia. It’s a welcoming community where big ideas are generated for a brighter future. The entire development has been created with a bold vision and focuses on innovative thinking to deliver an ever-evolving community that’s on the move.
Please take note that information in this article is general in nature and the best course of action is always to seek professional advice every time you’re making financial decisions. Best of luck!