Contrary to what some people believe, there is never a bad time for you to invest in property. Indeed, any problems from doing so tend to come from bad choices they make.
So, how do you avoid making bad decisions when investing in property? Well, investing in the right property hot spots is a good start.
You’ll need to do your due diligence to find them. But as every suburb is essentially an individual property market – within the wider property market – you should take the time to understand what drives house prices in any given suburb to identify ones that have high-growth potential.
Here, in no particular order, are some of the best areas to consider right now.
Geraldton, Western Australia
Geraldton is a lovely coastal city about 420 km north of Perth, which, ever since the resources boom fizzled out, has been a little under the radar of tourists and sea changers.
However, its attractiveness as a property hotspot is rising thanks to several proposed infrastructure projects and the latest ‘Exodus to Affordable Lifestyle’ trend.
Currently it has a median price that is hovering around the low $300,000s, which considering it has a waterfront appeal and is the commercial heart of the Coral Coast makes it a decent option. Particularly as it enjoys yields that are above 6%.
Pagewood, New South Wales
Ok, so Pagewood is the most expensive suburb on this list, with a median house price of over $2.65 million.
However, as it is just 8 km from Darling Harbour and just a stone’s throw from the wonderful eastern beaches it represents a good opportunity as an investment. Not least because house prices have grown by around 19.6% in the last 12 months.
If affordability is a concern, you should consider using a mortgage broker in Sydney CBD like Get a Better Rate, to make the act of purchasing somewhere a bit more achievable.
Annerley (Units), Queensland
We all know Brisbane has secured the rights to host the Olympic Games in 2032, and from a property perspective this provides an excellent opportunity to exploit.
Research suggests that suburbs closest to the biggest or most popular sporting venues will enjoy the best returns from these global sporting events. So, in this respect, Annerley, which is right in the heart of Brisbane and very close to the Gabba, could be a real winner.
It also has other attractive propositions such as easy access to the M1 and Bruce Highway, proximity to the University of Queensland, plenty of schools and major hospitals and a very good commuter rail link.
While houses are expensive, units represent a good investment choice.
Salisbury North, South Australia
Located just 25km to the north of Adelaide’s CBD, Salisbury North is shaping up to be a good investment opportunity both now and in the next couple of decades.
While it currently has terrific train links, the area is set to enjoy an injection of $885 million for infrastructure work within its transport corridor. Additionally, the Gawler train line is also set to benefit from electrification.
Also being mooted are a $1.9 billion investment into the Edinburgh Parks Precinct, a $250 million site for Holden, a $240 million hub for health, and a whopping $4 billion worth of governmental defence-related projects.
So, clearly, the suburb is undergoing an unrecognisable transformation, which could prove very lucrative for savvy investors.
New Norfolk, Tasmania
Hobart has enjoyed several years of steady house price increases to the point that it is now on a par with Brisbane. However, lying on the fringes of the Metropolitan area, about 30km from the Hobart CBD, remains an affordable alternative in the form of New Norfolk.
Situated on the River Derwent, this historic town retains much of the charm of its pioneer heritage, with many private homes from the 1800s still surviving. They contribute to the area being a burgeoning tourist attraction.
As a regional centre it enjoys good infrastructure, so house prices currently start in the $400,000s.
Sunbury, Victoria
Sunbury is an outer north-western suburb that lies within the Greater Melbourne region of Victoria.
With a population of close to 40,000, it retains a nice balance between having the facilities of a regional city and the intimate charm of a small town.
You’ll find everything from colleges, schools and major shopping centres here to a train station, golf course and plenty of green space.
With house prices hovering within the high $500,000s and $600,000s and it being just a 40-minute commute to the Melbourne CBD it has huge potential for good returns.
