Melbourne’s property market has been typified by strong population growth, with almost 90,000 people moving into the city every year. Melbourne’s inner city core has a population of around 29,450 people, a figure that is expected to double to approximately 59,900 over the next 20 years. Properties close to the city’s and in bayside suburbs close to water will increase in value more quickly than other properties and suburbs. The demand for property is higher in these regions, as there is no land available for release, but the areas remain close to employment or desired locations. Let us see how to choose property investment in Melbourne.
Buy a Property – Close to amenities
When choosing/buying property it is important to look for lifestyle choices in and around the property. Look at the walking distance from the property to all methods of public transport, schools, park lands, shops, cafes, walking tracks, tree cover, bodies of water being beach, rivers, creeks. Proximity to the CBD and employment clusters should also be considered when choosing a property. Many new developments have cafes, restaurants and gyms within the building and these are proving to be extremely popular. Property purchasers that are currently in the market are choosing lifestyle over land content.
Buy a Property – Outperforms the Averages focusing on future demand
In an area that has a long, proven history of strong capital growth is one that is likely to continue to outperform the averages and this is largely because of the demographics in the area. These suburbs tend to be those where a large number of owner occupiers desire to live in the area, because of lifestyle choices. Always look for suburbs where wages is increasing above average. This translates to being an area where locals are able to and prepared to pay a premium price to live there, putting a financial floor under your investment property. The end result for property investors is that the inner and middle ring suburbs will out-perform the averages for suburbs located further from the city.
Buy a Property – Take Advantage of Investment Advice
There is so much information available about various properties investing trends, strategies and market information that it can be overwhelming knowing where or how to get started. If you are new to property investing, or a seasoned landlord with many years of experience, the team at Carter Property Enterprises will help formulate an investment strategy with a shared goal to acquire your next property.
For more information talk to our professionals at Carter Property Enterprises.