Hi,
I am looking at buying my first property (investment purposes). i want to start doing some research but dont know where to start. what are the type of things i should look for when doing research on suburbs/towns. are there any hot tip suburbs that i should know about before beginning.
any help would be much appreciated, i've scouted the forum but could not find much regarding my queries.
thanks
Hi Mdees,
Try using http://reports.rpdata.com.au/ – You can get a free suburb report that can display median house & unit prices in the past ten years and the past 12 months. A few other things included as well that you'll find useful.
Cheers
Mdees, I would suggest you some background reading first, think about what you want to achieve and what your personal situation is and then figure out if you're after high growth or high yield or some combination of the two. This decision alone will have a huge impact on what type of property you'll look for and where. To help you make this decision read some of the Jan Somers books like "More Wealth From Residential Property" or "Building Wealth. Story by Story" (these are grwoth orientated) and Steve McKnight book "From 0 to 130 properties in 3.5 yrs" or the sequel (which are cashflow +ve orientated) or the Michael Yardney "How To Grow A Multi-Million Dollar Property Portfolio – in your spare time" (growth again).
Once you know that you can focus more on types or properties and areas. Read some articles on Australian demographics and trends, considering some of Terry Ryders Hotspotting articles to help you with focussing on an area. Once you have the area and you start looking at properties, just approach agents and use realestate.com.au etc. to get a good idea what is on the market. Read a book like "20 Must Ask Question For Every Property Investor" written by Margaret Lomas.
I don't live in Australia so I have personally bought these books but I guess you could get most of them in your local library!
erikh, thanks for the references. i have read both steve's books and another one forgot the title but i think it was "one million dollar portfolio in one year" or something along those lines. as for my goals, i am after a combination of both as i need some growth in equity to expand the portfolio (open to opinoins here)
il track down some of the books and resources you recommended this weekend and get cracking. i dont have a lot of time left if i want the first home owners grant.
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