With property prices cooling in some of Australia’s hottest markets, now is a great time to buy. So how do you find value in the property market post boom?
Here are REBAA’s tips
- Moderate your growth expectations – we’re coming out of a period where we’ve had massive price growth, particularly in the Sydney and Melbourne markets and the simple answer is you’ve got to look at it from a long-term perspective and manage your growth expectations. You need to be patient and invest in property which is in a growth area and can withstand the next property cycle.
- Look at ways to add value – renovations are one of the easiest ways to add value to a property and don’t need to be extensive. It may be simply ripping up the carpet or the floor boards, redoing the kitchen, adding a bedroom or painting inside and out. Another option is to undertake a building project from scratch and look at property with subdivision potential or increase yield with a granny flat. They may sound like big projects but they can be achievable with a good team behind you.
- Be a borderless investor – don’t just buy in your own back yard. You can buy borderless. Don’t be afraid to invest interstate or in a regional location, some of which are booming now and likely to continue to do so for 9-12 months due to the lag effect. REBAA has an extensive network of independent accredited buyer’s agents right around Australia who have local knowledge and who can be your eyes and ears on the ground. Click here for a full list of national members https://rebaa.com.au/members/.