Getting familiar with different markets...?

For those who invest in various markets -

How did you familiarise with those markets? I'm wondering how important local knowledge is, or is research, data analysis and feedback from other investors enough?

I travel a lot with work, and am often curious as to which areas have location and amentiy draw cards, over others.

If I were to start looking at Brisbane (for example), whats the best way to familiarise with that market? Whilst I'm there for work regularly, I wouldn't know one end of the market from the other...

 

I usually start with some broad assumptions about the state I am targeting, then that will determine how far from the CBD is acceptable, then ill determine what kind of dwellings should I be targeting.

Using your example of Brisbane, I would be reading a lot of the posts on Brisbane, what areas tend to have good growth, how far from the CBD is recommended, what kinds of dwellings are recommended for growth, houses or units. At what price points do people see value? After reading many posts, plus researching on google, as well as engaging with 1 or 2 people who are very familiar with the city you are looking at, you will start to put a mental picture together. Read many articles on google and make note of key areas/strategies mentioned. Then type in those areas on PC and read what others say. Eventually It will all fall into place.

I always like to blow up a map of the CBD and stick it on cardboard. then draw 5km rings around the CBD, then 10km, 20km etc. Then place stick it notes on the map with key bits of info you learnt about an area or price point.

Seems like a lot of work but at the end of the day, you will become so familiar with the place and what you are looking for, it will surprise you.

BAs are also available

 

Hello!
I use Google Maps - satellite and street view

 

Thanks Sackie, sounds like a great approach!

 

School zones? Public transport hubs?

This website maybe useful too: Best suburbs in Brisbane | Homely