Many of us were facing uncertainty around the election, interest rates and the overall property climate. As the dust settles following this period of change it is a great time to power ahead with securing an investment property. However many of us still find ourselves unsure where to start, looking to trendy suburbs, the new ‘up and coming’ neighbourhoods to try and secure a property in, but this can sometimes lead to confusion and uncertainty.
Now may be the best time to look at building a new investment property home! Sydney is facing increasing vacancy rates, with 54 000 new units to be available at the end of 2019, driving the oversupply that many developers are already facing. Unfortunately buying an apartment may seem like a great investment, however it now comes with the added risk that it could sit vacant, costing you thousands and not providing any returns.
“When targeting locations with high demand growth drivers, it’s about following the strong and growing job income locations that offer lifestyle, attractive café culture, good school catchments and positive change ahead (through committed infrastructure, rezoning or gentrification), along with limited housing supply. And when it comes to housing, we’re talking about three to four bedroom family homes on land, not units or apartments. Consider new homes instead of old, as depreciation and tax incentives mean that new properties are much more affordable to hold (eg just 10-25% of the ongoing cost)” says Bushy Martin, founder of KNOW:HOW Property Finance.
Area and block selection is one of our specialties. With a constant finger on the pulse of property in NSW we are able to offer advice on the best areas to invest in right now, with strong growth rates and high occupancy.
Talk to one of our team members today for an obligation free, relaxed and informative chat that may help you on your way to property freedom, tax cuts and rental income!
Source: https://au.finance.yahoo.com/news/how-to-get-first-investment-property-234341127.html
