Where to Invest in Property?
It’s important that you buy your investment property in the right area. As some area’s are sure to outperform others in comparison.
When looking at different areas you should consider?
The area demographics, if the area has more renters than owner occupiers. This usually means a lower socioeconomic area. These area’s can work if the land being released is land locked, and surrounded by higher socioeconomic areas.
Population growth is important, is the area growing, are people moving there for jobs etc?
If there is a large amount of land available? if so, then there is an imbalance between supply and demand.
Local infrastructure and government spending. This is the difference between jobs being created and prosperity.
Public transport and roads, to ensure that commuting to and from large nearby city’s is accessible and possible.
Shopping malls and schools, are also important look at the proximity of these necessities to where you are considering looking at investing, they should be convenient to access.
Remember that your investment property doesn’t need to be located anywhere near where you live. Your investment property is a passive asset, you don’t need to drive there every week and check how the lawn is growing. Your property manager and other people will be managing the property for you, ensuring that you can relax if your property is in another state.