When it comes to property investing a lot of people are scared of buying new apartments or even in new estates
.
The reason why they are scared is because they don’t know what to look for in that market.
I thought I’d share with you some insights of what to look for when considering a purchase
1. Sales history in the suburb
Check on the
SOLD tab of Real Estate to see how much are people paying now for a similar property and see what’s the X factor of the property you are considering to buy.
2. Day on the market
Check how fast are the property selling and the
supply and demand
of the suburb. You want to make sure there is a reason why people are buying and moving there. Schools, amenities and Transport are usually very strong indicators and even when a suburb is changing from Industrial to residential.
3. Ratio to Owners to Investors
When buying on a new building or estate check with the sales agent how many of those buying are Owners and how many are investors. A market that has a lot of Owner occupiers is usually a stable place to buy into.
4. How much people earn
Use the latest data to see what is the average household income in that suburb to better understand what sort of demographic it will be attracting and what type of growth could potentially happen.
At the end of the day it’s alway best to engage a professional to help you during this process as most of the time they will do all this research for you and advise on the quality of the project.
We love helping people take informed decisions at PB Property so please do not hesitate to
contact us.
