There’s a myth circulating that apartment rentals and sale prices won’t fall, despite the ever-growing construction and development of new high rise blocks.
But here’s the thing – When there’s a whole lot of supply, eventually there has to be relief for rentals. Sales may soften too. That’s the basic law of supply and demand. Property is not immune to the law of economics.
Maybe not now, but by November we’ll see this starting to happen.
If I had an investment property, I’d be locking in two-year leases and securing longer-term tenants. Sure up your yield and make it attractive, especially if you’re looking to sell.
To read more about the rising price of apartment rentals in Sydney, click here.
Instinct is a powerful thing when it comes to buying property.
That is, once you’ve done your research, studied the market and decided where you want to be. When your ducks are in a row, start the process of inspecting.
I believe it takes three ‘open for inspections’ to make the right decision.
1. You love it, feel warm and fuzzy so you decide to go back again.
2. You start to see the cracks and have your doubts.
3. You go back and will know if it’s right- just listen to your gut.
It’s important to take into consideration all of your research and concerns. But ultimately, you’ll know by your 3rd visit. As long as you trust your instinct.
Read more about what to consider when making a property decision here:
http://www.smartpropertyinvestment.com.au/opinion/15127-10-questions-to-consider-before-investing-in-property
I’m not a huge fan of “finding the next property hotspot”. Buying a home is not a commercial real estate transaction. We all have an emotional response to different places and people.
It’s hard enough to find an area you’re really happy in. To know a place, to get a sense of identity and community, takes time. To love it, is alchemy. Once you know where that is, start doing your research. Learn as much as you can about the local market.
After you’ve followed the market and done your research, it’s time to look for the right home in an area you love. And that’s when the real fun begins. I’ll cover that in the next installment. Until then, if you’re keen to read more on what other insiders are saying about buying into “hotspots”, look no further:
Relax. No really, I mean it. For those of you with budgets up to 3.5m, don’t rush. If you believe interest rates and unemployment will rise, then just sit back and be patient. If you don’t believe they will, or you really need to buy in the next 6 months, mid November will be the best time. Traditionally this is when we see the greatest supply of properties.
But obviously if you meet the love of your life in the meantime, then go for it. You may only find the elusive house of your dreams once in a lifetime, and we all know you can’t put a price on true love.