Melbourne is one of Australia’s most liveable cities. This vibrant metropolis attracts residents from all over the world. It’s also a major commercial centre and a tourist hub. It’s safe to say that Melbourne is one of the best cities in the world for real estate investment. The property market has seen an uptick in recent times too. As lucrative as it may be, new investors should be cautious regarding jumping into any new property deal. Here is a list of tips for aspiring property investors aiming for the Melbourne area:
Read about the City First
Melbourne, like most massive cities around the world, are broken down into suburbs, commercial and urban areas. Therefore, before investing in property, you should know which areas offer the most lucrative values or growth. Your budget may also cut your out from certain regions. Therefore, it’s very important to pick up a guidebook about the city and start learning about the city you are investing in. It’s recommended even if you are a local Melbourner. You might think you know the city, but you might be surprised to find out some things listed in the guidebooks.
Hire a Local Real Estate Manager
It’s highly worthwhile to hire a local real estate management firm like Stockdale Leggo Dandenong to oversee your local portfolio. This is particularly recommended if you are an overseas investor. Local property managers bring in a vast wealth of knowledge and experience in the market, especially for the suburban areas. These agents can operate your property when you are out of town too. Hiring a reputable agency is well worth the money when you can’t easily manage the investment on your own.
Read the Local Papers
Do you know how crime is faring on one Melbourne suburb or to which Melbourne suburbs residents are arriving in droves? If not, your investment may not go as planned. Before you spend any money, do read the local papers. Find out the goings on happening in and around the city. It will help your make better and more informed decisions regarding your investment.
Know Which Type of Property Performs the Best
There are many different types of properties for investors to put their money into in Melbourne, such as townhouses and units. But the investors must know which properties performs the best in any given time. Read the local news as mentioned above, but also get expert advice from your real estate managers and consultants. If you want to get the best value out of your property, you need to focus on the lucrative properties first.
Understand the Liveability for Rental Properties
Do you know where the inner city in Melbourne is located and where families are most likely to live at? It’s important to know the area profiles before you buy any property. The area profiles will determine what type of customers will be attracted to a particular type of rental property you might hope to promote.
There a risk of the Melbourne real estate market being in oversupply. However, with the right advise and information, you can take huge risks and benefit in Melbourne.