Joining the property game and finding yourself the perfect investment property to add to your portfolio can sometimes feel risky. There are a few things to consider to help you find the property that will ensure a good return.
Balance the three P’s-Price, Property, Position: Provide a balance in all three areas, don’t focus on just one. Thinking about the three P’s and creating a perfect balance will ensure you get a property that will increase your rental return and work within your budget.
Close to the CBD: Most quality tenants want to live 2-12 kilometres from the CBD
Close to public transport: Most potential renters like to be located within 10-12 minutes walking distance from public transport to ensure easy access to the CBD.
Choose a unique property: Supply and demand determine price so avoid buying an apartment in a block of 12 or more.
Research what’s happening in the area: Contact your council’s town planning department to see what construction is planned for the area in the future.
Remember you aren’t buying for yourself:Think like a renter and don’t get attached. Search for a property that will suit the needs of your target tenant and will double in value in the shortest time.
Featured image: 2/56 Leamington Street, Reservoir. Unit sold and rented by Ray White Reservoir.
Our Ray White Reservoir office is very proud to announce we are celebrating our biggest Christmas yet, once again joining with our local community for our eighth year running to collect for our Little Ray of Giving campaign. The Ray White wide Christmas campaign that sees offices work with local … Read more
Our Reservoir office is very proud to announce we collected the Most Presents in Australia, once again joining with our local community for our seventh year running to collect for our Little Ray of Giving campaign. The inspiring Christmas campaign, partnered with Salvation Army Preston, saw our office collect an … Read more