It’s a fantastic time to enter the Gold Coast property market, especially where investment properties are concerned. With plenty of fantastic properties to choose from, it’s often hard to know whether you’re making the best decision for long-term returns. Here are our tips on what to look out for in an investment property.
When choosing a property to invest in, it’s always wise to hunt in areas with clear growth. Whether it’s city expansion or a record number of people flocking to the area, growth generally indicates potential for capital gains. The Gold Coast is in a sensational time of growth with over 146,000 people expected to migrate to the city over the next ten years, according to Matusik research. This means more properties are needed to keep up with the demand, creating a competitive rental market to take advantage of.
Once you’ve identified whether an area has potential for or evidence of growth, it’s vital to carry out thorough research of the location. Make note of any selling points in proximity to the houses you’re looking at – schools, public parks and public transport options are all highly sought after features. It’s also beneficial to reach out to property experts – such as those at Ray White Surfers Paradise – to investigate recent sale prices on neighbouring streets to determine whether the investment is worthwhile.
Depending on the amount you’re willing to spend, there are numerous avenues from which you can explore house features that will attract tenants. Many people who are new to the investment property world opt to purchase a cheaper home as a creative project, one to fix up and fit out themselves. However, this is an expensive way to enter the market as there are plenty of hidden costs involved.
Purchasing an investment property that’s already at a high standard means you’ll be able to get tenants in quicker. Sought after house traits include:
Spending a little more usually results in a higher return on investment as you’ll be able to charge higher rent for a nicer property.
With all that considered, what are you waiting for? For expert guidance and advice on entering the Gold Coast property market, get in touch with the team at Ray White Surfers Paradise for a friendly consultation.