2 June, 2016 / Category: Blog
In an ideal world whatever property you buy, regardless of location, will yield a healthy increase in value. In this same world, unicorns prance around green meadows and Donald Trump isn’t actually a potential candidate for American presidency. Unfortunately, such a world doesn’t exist, so we’re sadly left without the ability to make profits on every single property that’s out there on the market without the help of Tardis, a De Lorean featuring a flux capacitor or functional crystal ball.
So what are some of the indicators that you can look out for when considering areas to buy within? We’ve put three stand-out pointers together to help you on your way!
1. An increased spend on infrastructure
When the government set its sights on improving the area’s infrastructure, chances are the prices of property will see a rise. The introduction of train stations and/or installation of freeways within close proximity is a big contributing factor to growth, as both create a much more efficient connection with residents who work closer to the city centre. A fantastic idea when you’re looking into certain suburbs is to do some in-depth research about any planned infrastructure on websites such as the local council, state government and transport organisations.
2. Stay in tune with the market
It’s imperative that you keep your eye firmly on the market through printed publications as well as physical attendance at auctions in the areas you’re thinking about. Some publications, in order to make headlines, present the market as ‘doom & gloom,’ so it’s important for you to conduct your own research to form a more accurate picture of the current state of the market. Sure, not every sale figure is publicised, but there’s absolutely nothing stopping you from being present at auctions and seeing for yourself how much they go for. This gives you a good idea of the current average price, but what about growth percentages over the last year? Five years? Ten? A top buyer’s agent can assist you there, providing historical data and historical trends.
3. Ride the proverbial coattails
So you’ve just missed the window of opportunity in one of your chosen suburbs? Shake off the frustration and consider the surrounding suburbs – quite often there’ll be a ‘ripple effect’, where property in nearby areas haven’t boomed quite yet, giving you a second chance at securing a property in the area.
Of course, these are just a few of the factors you’ll need to take into consideration on your buying journey. So do your research, be patient, and talk with us if you need any professional assistance!