Property investment is a touchy affair; nevertheless, if you get it right the rewards can plentiful. The real estate market is a cyclic one and knowing when and where to buy is regarded more of an art than science. There are so many things to take into account prior to taking the plunge. Some do it for capital growth, others for the purpose of rental income.
Property advisor Michael Yardney who works with Metropole Property Strategists, is of the opinion that the key to prosperous investing is capital growth which is more profitable than rent. According to Yardney, areas that will outperform are those that potential owners have high disposable incomes and can afford and are willing to pay a premium to reside.
The following listed localities are the best places to buy property in Australia in 2014 as per industry professionals and property experts. This article will highlight locations and give you some guidelines to take into account prior to signing a mortgage agreement.
• Ipswich, Queensland
Just south-west of Brisbane which has turned out to be an outer suburb given the rising population and urban recline in the Queensland capital. Ipswich has a direct passenger rail link with Brisbane, easing commuting to and from work and it is still anticipated to grow for some time to come. It is noteworthy to acknowledge key infrastructure projects which include a $12 billion Springfield Lakes Community Centre, a Springfield rail link, a Brisbane Lions’ AFL facility and the Ipswich Motorway.
The evolution of this urban center into a hotspot of national standing will continue well into the future. There still remain numerous suburbs that are elegantly affordable for investors on a budget and first time home buyers.
• Dubbo, New South Wales
Renowned as an agricultural center and also the home of the legendary Dubbo Zoo, this mid-sized regional center lies on the Newell Highway, a convenient spot to stop in case you are driving between Brisbane and Melbourne.
Dubbo is firmly-established township and the rise in demand for rare earths and metals is expected to spur the mining industry in the region. According to the Dubbo 2036 Strategic Plan, the township’s economic strength lies somewhat heavily in the extensive range of industries that bolster its role as a regional service center for the neighboring Orana and Central West regions.
• Sunshine, Melbourne
Sunshine, is roughly 12 kilometers from the Melbourne CBD and lacks the glamour of Carlton or Toorak, nevertheless, it is growing as per Terry Ryder of Hot spotting, who believes the area is set to become a nerve center in metropolitan Melbourne.
Jason Allen, from Barry Real Estate acknowledges its modest pricing relative to other suburbs as well as infrastructure an example being the Regional Rail Link/Metro upgrades. Additionally, Allen notes that many investors and developers are showing great interest and confidence in purchasing a range of properties. The gains were, principally, in the area of capital growth and people are able to afford larger portions compared to the inner city.
• Toowong, Brisbane
Brisbane has performed below par in the last couple of years, recording a mere 2.8% capital growth in the last year and is expected to perform well this year according to Michael Yardney. He advises that it would be prudent to purchase houses located 5-10 kilometers from the Brisbane CBD and especially properties likely to gain value through renovations.
According to figures released in the property observer, Toowong recorded a rise in house prices in the past year, after declines in the past five consecutive years.
Non-citizens looking to purchase property in Australia need to seek for an Australian Visa from the Australian Government Department of Immigration and Citizenship