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How to start a search?

Discussion in 'Where to Buy' started by miked, 13th Aug, 2015.

  1. miked

    miked Well-Known Member

    Joined:
    1st Jul, 2015
    Posts:
    75
    Location:
    Melbourne
    Does anyone have any tips for starting off the search for where to buy?

    We would not like to be limited by just what is in our immediate area, but I don't know how to begin looking at other regional areas in Vic, or interstate.

    With no knowledge of an area, how do you go through a whole State to narrow down to certain suitable areas?
     
  2. Vinh

    Vinh Member

    Joined:
    10th Aug, 2015
    Posts:
    7
    Location:
    Sydney
    Hi miked,

    I have just started the search myself and the first things i did was browse through realestate.com.au particularly their investment section.

    After that i paid for a 3 months sub to RP data because my goal is to buy within 3 months.
     
  3. Azazel

    Azazel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    8,113
    Location:
    Brisbane
    Hi miked, I would start with a budget. Then I would see what my money got me in different areas. Have a look at yield, time on market, vacancy rates etc...
    Decide what type of property you're after: house, townhouse, unit etc...
    Create a 'profile' for the type of property, eg. 3 bed, 1 bath, 2 garage, 600+m2 block, brick and tile, walking distance to transport.
    Take a look on realestate.com.au and the real estate magazines for some ideas.
    Don't forget to factor in council rates, insurance or for a unit body corporate.
     
    miked likes this.
  4. spludgey

    spludgey Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    686
    Location:
    Sydney
    Before you start a search, you first need to first need to answer this question: "What's my strategy?"

    Come back with a strategy and a budget and you'll get much better responses on here.
     
    miked likes this.
  5. Chris White

    Chris White BUYERS AGENTS & PROPERTY MANAGERS Business Member

    Joined:
    7th Aug, 2015
    Posts:
    118
    Location:
    BRISBANE | SYDNEY
    1. Write down your goals and reasons why!!
    2. Identify your budget and capacity (purchase price, LVR)
    3. Identify markets in that are in their growth phase
    4. Rule in or out various strategies (cash-flow, growth, add, value)
    5. Rule in or out whether you want a unit or house or are open to both
    6. If you budget is say $400k, then create a list of suburbs that have properties with median values up to around $550k (i.e. so you buy under median value, if you want to add value later) - or closer to median if you want something newer and less maintenance
    7. then overlay with all the due diligence mentioned in the due diligence thread
    That's a start
     
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  6. Chilliblue

    Chilliblue Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,579
    Location:
    Australia
    @spludgey is correct. Work out your financial situation, then your investing strategy and that should start narrowing your path.

    Keep reading and researching pick a few areas that match your requirements and go from there.

    Best of luck.
     
    miked likes this.