When searching for your next investment property the sheer amount of information can be overwhelming.
Here are five basic features your next investment suburb must have.
Once your finance has been approved and you’re in a position to make your next acquisition, the real work begins – searching for the perfect investment property.
This can be one of the most exciting times in your property investment journey.
However, it can also be immensely frustrating as countless people have an opinion on where’s best to invest.
With so many different and often conflicting views, it’s no wonder that, without the help of a professional buyer’s agent, many investors fail to make the best decision and unintentionally waste their opportunity to grow wealth through property.
The following are five basic features that every good investment suburb must have:
1. Good public transport links
Rental properties near public transport links will attract more interest from prospective tenants and subsequently yield higher rents.
Ideally the suburb will have its own train station but a good bus exchange can be just as attractive.
This is increasingly important as urban sprawl continues to impact many capital cities.
2. A vibrant retail and café strip
Tenants want to live near vibrant public spaces, including retail and café strips where they can shop and dine out with friends and family.
Shopping precincts and supermarkets in close proximity are also highly desirable.
3. Reputable schools and child care centres
This is particularly important for families.
Now that NAPLAN and TER results are freely available to the public, it is easy for families to determine which are the best-performing public schools.
Many families will want to buy or rent in catchment zones with a high-performing public school, particularly as private school tuition fees continue to rise.
4. Parks and recreational facilities
Just as vibrant retail and café strips are appealing to potential tenants, so are parks and recreational facilities.
Well-maintained parks, sporting facilities and other social amenities that can be readily utilised by tenants are appealing to tenants.
5. Within close proximity to the employment centres
With urban sprawl continuing to affect most Australian capital cities, rental properties close to employment centres will prove to be highly desirable for young professionals and families.
In most cities the CBD is the major employment centre, however you should consider other areas if they have solid employment opportunities.
Accordingly, higher rental growth may be achieved, as well as higher capital growth prospects.
Note: these are not all the factors you need to consider when making an investment decision but they are a good place to start.
You may also want to read: The Melbourne Property Market – 29 Investor Tips