Property investment is a fickle thing, as there is no exact science to it.
There isn't any one method that will guarantee your financial success, thus you can often feel lost at sea. A crystal ball that could allow you to see how Main Beach real estate will grow over the next five years could be quite handy!
In terms of real estate in Surfers Paradise, SQM Research found that both houses and units have increased in value over the last 12 months, while the average weekly rent yield jumped up by 9.9 per cent. This is all good news for property investors who entered the market a year ago, but what if it's a first-time venture for you?
Here are some tips to take on board when looking at Surfers Paradise property.
Just like learning how to read or write, knowing how to make an effective investment takes time and effort. Fully understanding the constantly evolving property market is something that can even elude a lot of experts on the matter.
Thus, it makes sense to beef up on the subject by studying books, blogs and market reports. If you've found some real estate in Surfers Paradise that you would like to invest in, you should get to know the neighbourhood like the back of your hand. Find out who lives there, how much they earn, the past performance of the area and if there are any scheduled developments – census data is a good place to start.
The simple fact of the matter is, you can never know too much when it comes to investing in property!
Before you make any commitments to Main Beach real estate, you should have a proper sit-down and go over your finances. This is because in order to figure out the price range of Surfers Paradise property that you can afford, you first need to know your current financial standing. You don't want to end up buying a property that you can't actually afford!
Going to see a lender or mortgage broker for a pre-approval is one of the best ways of doing this. Not only will you get an idea of just how much you can borrow, but when it does come to the time to purchase property, the process will be much quicker as you've already completed the groundwork.
Furthermore, they will be able to answer any questions you might have in relation to finances.
When it comes to purchasing Surfers Paradise property, location is often one of the most significant details for investors – sometimes even more than the building itself. If you've found an suburb that you like, it is important to research the surrounding areas. If they're much higher in price, it could signal that significant growth is on its way for your district, making for a smart investment.
You should also use your knowledge that you've gained from your studies to make an informed decision. It probably wouldn't be the best idea to purchase a luxury apartment in an area where the people have a below average income. Make sure that any Surfers Paradise property you buy is suited to the people in the area.
While it's probably a given that your property will have access to the beach, you should also consider basic amenities, schools and public transport.
Given its international tourism status, rentals in Surfers Paradise will always be popular. If you would like a piece of Main Beach real estate, talk to the experts at Ray White. We can guide you through the whole process of making your first investment in paradise.