Choosing A Location - 5 Keys To Keeping You On Track
When it comes to investing in property, choosing your location is always first on the agenda. Highlighting the key drivers of the region are critical to the long-term success of the property and spending the time doing the research will pay dividends.
Where do you start?
When looking for a strong candidate always keep an eye on the following:
- Big business – When big money is being spent on infrastructure in an area property prices usually follow suit. Watching for major players in the business sector and where ‘they’ invest in is always a strong indicator for any property investor.
- Lifestyle – When you are considering investing, you need to think that someone else needs to live in your property and they, like you, want to live a comfortable lifestyle. Parks, schools, walking tracks, shopping and entertainment precincts should be important to you when evaluating an area.
- Transport – If the government is investing in a region with transport infrastructure, it is because the growing population is demanding such a project. The government doesn’t take spending millions of dollars lightly and you can be sure they have done their homework. Always a good sign for a growing region.
- Population growth – If the population is increasing, so is the demand for property. Take a close look at the area you are thinking of investing in and get the figures on the year-by-year growth of the population. This will point out quickly if there is a demand for you investment property.
- Employment – Employment is a driver in population growth and as such a key to the success of a region. Look for long term projects in regards to government infrastructure i.e. health/medical precincts. This also ties in with ‘Big Business’ point. If they are investing in a region, jobs follow. Keep an eye on the opportunities that are available for people in the area in the short and more importantly, long term.
These fundamentals will help provide valuable insight when considering an investment property. Seeking advice from a variety of different sources will help you make an informed decision. As always, consider seeking professional advice - everybody’s personal situation is different.