Hello, I am hoping someone can help, I am looking for my first investment property but dont know where to look? How do you know which areas/regions/towns are growing, about to grow, which are declinning, which are steady? Please help me with some tricks of the trade…
Hi lbergin,
I dont believe there are any tricks. Although be careful on this site, you need to determine what is best for you.
Ask yourself a few questions? Who are my tenants?Where are they coming from? Where do they want to live?
It is no suprise that the next shift is to Melb/Syd CBD’s. All of the idealists dont want to admit it because they dont personally like apartments but that is the future ,like it or not.
It is possible to have +ve geared property in these cities and they aren’t likely to face a shortage of population. The same cant be said for regional areas. Personally i am targeting Melbourne, Richmond (vic) , Collingwood (vic), Footscray (vic),Castle Hill (nsw) and Sydney
regards
Wholesale Property Brokers
http://www.wpb.com.au
Australia*Hong Kong*Singapore*India*MalaysiaHi Ibergin,
Welcome to the PI forum and the world of property investing. I think you’re jumping ahead though how can you start looking at property if you don’t know what it is you’re trying to achieve? So my advice would be to follow our 7 step program:
Step 1 Set your personal & financial goals
Step 2 Prepare a budget & savings plan
Step 3 Determine your investment strategy
Step 4 Build your team
Step 5 Research areas
Step 6 Prepare a feasibility study
Step 7 Negotiate the deal and repeat!When you’re ready to start your reseach, given you live in Qld here’s a few links for some data reports:
http://www.lgp.qld.gov.au/?id=4035
http://www.lgp.qld.gov.au/?id=3792
http://www.propertydivas.com.au/5Tools/DivaLinks.aspx
http://www.oum.qld.gov.auAmandaBS
http://www.propertydivas.com.au
FREE online Property Resources“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”
Hi Ibergin
You should subscribe or at least buy the monthly magazine Australian Property Investor. It discloses potential hotspots with why they are worth watching and also have many articles about successful investors. The back pages list lending rates from many institutions as well as the median rents, house prices, unit prices and growth etc for each state from month to month (3 monthly cycle on the figures from what I can see). You should also get on websites for councils and states and see where govt spending and large scale private spending is happening and they are the spots you should start looking. I was exactly where you are 4 months ago so be prepared to research alot before you jump in and get your financial set up organized beforehand as well. Heaps of finance wizz’s on this forum to point you in the right directionJulie
Daryl Fisher Homes[biggrin]
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