I am still very new too investing so i tend to read any info i find on current market conditions but i find that when it comes to general info.Everyone is only concerned with major cities. Most property info i find is only relevent to places like sydney,brisbane,melbourne and surrounding areas. These places are becoming very unaffordable so i find myself looking in more rural cities.But finding stats etc tends to be a bit hard.. What are your thoughts. I feel more and more people MUST look outside major cities and therefore struggle a bit to get to know the areas. What do you think ?
Yes, you are right, many investors are looking at cities, as they virtually "guarantee" strong growth. For an average/starting out investor, who can not afford negatively geared properties, must look to fringe/satellite/major regional centres for properties. Finding stats can be difficult…here is a little (very obvious) tip…let say you find a property, ask the agent about rental figures as well as about the town. Also do a research about the rate of rentals for the area. Its a little bit of extra research that goes a long way….finally, I would like to say that numbers talk…if it looks good on paper, is perhaps cf+ or approaching cf+, then do it!
This is actually to your advantage. Most people don't want, or don't have the time or passion to look further afield and try a lot harder to find the hidden areas that no-one knows about. The more people like that around, the less competition for you and me.
To look outside the mainstream requires more leg work and time on the phone, or driving etc, but it can be well worth it.
Forums like this will give you a bit of a heads up about upcoming areas as well, and remember that the amount of people who are into investing is small, and the ones on the forums is only a percentage of all investors anyway.
Also, there are many different price ranges, strategies and criteria that people use, so there are always going to be plenty of properties for you to buy.
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