Ok so i posted a previous message regarding "who's name to buy an IP under" and "Help needed"… as we are finding it confusing as to who's name to put an IP property (1bd unit) under that we are looking at buying in W.A….
Anyway, seen an accountant who advised that maybe we should look at purchasing over east instead of here… which now confuses me EVEN MORE!!!
So the only really area that i "heard" is a great place to buy in QLD is Coomera in the Gold Coast… PLEASE GIVE ME YOUR THOUGHTS!!! I really have no idea of any other good places that are worth looking into over there…
My hubby is swaying towards Melb… neither of us have ever been there but he's "heard" that that is the place to buy???
So everyone – please give me all your thoughts and ideas or even preferences for states…
I am researching as much as i can but there is only so much i can look up when i don't know the good areas to look??????
Also if you get a chance please see my other posts and reply to them if you have any advice or knowledge! Thanks….
renabelz
"Heard" is an OPINION.
To be a successful investor you need to LISTEN to opinions, but research and act on FACTS.
As you keep educating yourself and researching the market, you will be able to analyse areas more quickly.For example; statistics say that both Melb and parts of QLD are the faster growing economies in Aus. So, based on this, both areas are potentially good. Pick one and focus very hard on it until you know an area very well and can identify a good deal when it appears. I know two guys who only ever buy properties in their own suburb. They know it backwards and have done very well.
At the moment you seem unfocused and without a real plan. Try to formulate a plan, select a general area, then narrow down the possibilities.
Your plan may be to buy subdivision prospects. This works well in areas that are going up in value especially, and you will need to have favourable council requirements, bigger blocks etc.
Your plan may be to buy and hold, so you may want better rent returns, tax benefits and long term growth. This will determine you area selection.
Your plan may be to buy, reno and hold, so you need to find run down properties that will appreciate, have good rental returns and long term growth.And so on. What is your strategy going to be?
In either State, look for areas that are being gentrified, or going through a transport upgrade, or new malls, schools, near parks, employment, beaches, or new families moving into the area. These sorts of factors indicate improvement and probably good cap growth prospects.
This is a basic rule of thumb for virtually any area you choose. People want to live in or near good places and within commute distance to work. It's basic human need. Stick with this starting point and the rest will come.
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