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?
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.
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.
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.
Write down your goals and reasons why!! Identify your budget and capacity (purchase price, LVR) Identify markets in that are in their growth phase Rule in or out various strategies (cash-flow, growth, add, value) Rule in or out whether you want a unit or house or are open to both 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 then overlay with all the due diligence mentioned in the due diligence thread That's a start
@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.
