Are you thinking of buying a property? Checking around Western Australia? Well; you’ve got a lot of things to consider, so take your time with it. An Investment property shouldn’t just be jumped at. Sure there’s no exact way to go about it, but there are some good considerations to have. Not the least of which is checking with professionals; even old hat investors know that secret. You could even start with your mortgage broker in Perth, they will almost certainly have contacts they can refer you to for further advice.
Before you consult those professionals though; let me suggest a few things, and give you my recommendations for your best bets in Western Australia. We’re going to focus on Armadale, Balcatta, Subiaco, Victoria Park, and Cottesloe.
First things first however; and that’s Research.
You need to check into property statistics in any area. Checking for those all important factors that are going to have an effect on your decisions later, after all your biggest concern with buying a new investment property is capital growth. While you can get an awful lot of this information from the internet; like average prices, rental rates, sales histories and the like. You can also check with local real estate agents, or property management companies depending on what the purpose is behind your new property.
These things are all going to fluctuate widely depending on three main factors.
Location, Location, Location
This is usually one of the first aspects that you’ll look at; whether you’re buying your own home, or an investment property the same consideration are taken. A great spot to buy a family home could be a suburban area, or along the Perth coast or riverside. Leaving the city centre’s ripe for rental buildings. So once you think you’ve got the right spot, or know what you’ll be looking for. It’s time to decide if it has what you’ll need.
Are all the needs met?
You most likely have done the same check when you bought your own home. Do you have access to the things you are going to need? Do you drive? Are there buses or other transportation available? Are groceries nearby, or is that a prolonged trip? What about the kids? Is it close to their school? If you’d ask these questions, a potential tenant will be asking them when they decide if they want to live in your property. Okay, so all of these needs check out; but life isn’t all work and no play. How lively is your area, what’s there to do?
While personal, it’s still very important. This one is a little harder to nail down; but can and usually is a combination of the above two points. An area will have its own lifestyle; many of the people living and investing in businesses there are doing so for their own particular interests. In your search you’ll find one that fits your needs. It could be a quiet bedroom community, full of young professionals heading to the CBD, or a growing new development with leisure and entertainment possibilities, right beside a University. So with all of those out of the way, but in mind, let’s look at the top suburbs in Western Australia!
Now before you get ahead of me, I know it hasn’t had the best reputation; but hear me out on this one. It has great access to transportation, the government is allocating money into upgrading its infrastructure, along with plenty amenities and more readily affordable housing. Value is coming up in Armadale, of the over 300 homes sold in 2014; the average price has grown 7 per cent, resting now at $325,000. Armadale is looking good!
This is a great area to look into for those seeking to get out of all the traffic congestion in Perth, while still being only 12km from the CBD. This is also another suburb with good access to public transport, all amenities are close by due to the central location, and you’re still not as hemmed in so you’ve got some space to move around. Balcatta’s average price is around the 540K mark.
When I said to consider lifestyle; Subiaco was what I meant, and there is a reason this is such a sought after market. UWA is nearby for one, making it a reasonable attraction for students, and rental properties geared towards them. On top of that there will soon be Perth’s Children’s Hospital, certainly this could be a draw for new families. There are plenty of redevelopments occurring too, the Ace Cinema site, and China Green among them. King’s Park, Swan River, scores of other leisure sports and dining establishments means your options are wide open. Whether it’s the young professionals and students, or the families and retirees, ‘Subi’ has got a little something for everyone, including you!
4. VICTORIA PARK
Home to the lively café strip on Albany Highway, which is quickly garnering all sorts of attention from investors, it also boasts nearby access to Curtin University and TAFE campuses; which means more rental property opportunity. Its unique homes and beautiful tree lined streets give this suburb a wonderful mixture of charm, and convenience; nestled just 4km south of the CBD you can find plenty of property here that is sure to be to your liking.
I’ve heard someone say once, that they could never wake up unhappy on a beach. They may very well have been talking about ‘Cott’. Tucked between Perth and Fremantle; its diverse mix of residents clearly enjoy a laid-back lifestyle. Evidently economic downturns can’t even affect Cottesloe as it maintains its place as one of the top capital growth suburbs. If you were looking towards ‘Cott’ it is going to be a substantial investment though, as the average price for a home is around the $2 million mark. You can easily get back around $1000/$500 weekly rent for a house or unit respectively in this area.
Well there you have it, as I said initially, there is no exact science in finding the right investment property, it’s going to take time and research. All the information is out there for you however; comb the internet for articles like this. Call up local real estate agents in an area you’re curious about and get the scoop from them. In time, you’ll find what you’re looking for.