When should I consider buying property interstate?

When you’re thinking about investing in property, there are three key things to consider.

  1. Yourbudget– and that will be determined by the banks
  2. Location– you can’t compromise on this
  3. The right property in that location

Many investors make the classic mistake of focusing on investing in their own backyard because they feel like they can get better results if they invest somewhere they’re familiar with.

They then tend to let their emotions get in the way, but unfortunately, emotional investing rarely makes good financial sense.

Just because you might have lived in an area for years, or even your whole life, that doesn’t necessarily make it a good idea to invest in that location.

Especially if you’re not in one of our 3 big capital cities – Sydney, Brisbane, or Melbourne – where capital growth is likely to be higher over the long term.

But even if you do live in one of our big capitals, it may still be worth looking interstate as rising property prices are forcing more investors out of investment-grade locations in Melbourne and Sydney.

To be clear…what I’m recommending is that as investors build their property portfolios, they should not fight the big economic and demographic trends and should only add investment-grade properties in the 3 big capital cities in Australia to their assets.

RealRenta has all the tools that a property manager has, but at over ¼ the cost of a property manager.

Join now and the cost is less than a cup of coffee a week to manage your rental property

RealRenta also has a free vision, so why not check it out

Jason Gwerder
Wednesday, 13 October 2021

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