What is the Best Investment Property in Melbourne?
Many people have often asked us what would be the best suburb to buy a property here in Melbourne. However, the word “best” could mean differently for everyone. It could mean the most expensive, the cheapest, and any other adjective that one finds suitable to their desires and goals. To help you find the best investment property in Melbourne, you will need to consider different factors. Here are some of them:
Why Invest in a Property In Melbourne?
The consistent rising trend of real estate prices and low tenant vacancy rates have been significant in investing in a property in Melbourne. Known as the most livable city in the world, this city has been a hot spot for new settlers, worldwide.
Residents of the city have access to Australia’s best lifestyle amenities, including beaches and wine regions. It also has the best restaurants, sporting events, and festivals, attracting more new renters. Because of the city’s appeal to the majority of the population, it has become one of the hotspots to buy a property. But what’s the best investment property in Melbourne?
Unit, House, or Apartment?
Among all properties, buying a house gives you more long-term options. You have the opportunity to renovate, knockdown, or rebuild the house. A unit can outperform a house in capital growth, mainly if it’s located in the right suburb. It is cheaper to run, lower maintenance costs, and easier lease out. The only disadvantage is that you can never expand the size of the property or subdivide—the choice lies in what type of investor you are.
Apartments, on the other hand, haven’t been the most significant investments in Melbourne over the last five years. This is because there’s an oversupply of stock in the market. There’s future in such markets, especially with the “buy low and sell high” strategy where there would be opportunities for investors to buy low properties.
Get a Mentor
Another option for you to find the best investment property in Melbournes is to hire a property advisor that can help you through your process.
Here in Logic Partners, we believe that you have to have the right person to coach and mentor you through this. You need a property investment advisor or mentor to help you identify what is best for you.
These people will help you grow, protect, and help you navigate your investments using the property as a vehicle. Honestly, it is just too hard to do on your own by trial and error. In general, investments are a huge deal that costs a considerable amount of money—something most of us do not even have enough to start with.
Yes, there are a couple of people you can consider asking for advice in regards to your investments, like family, friends, financial advisers, and other professions in the real estate market. Still, none would have the knowledge and experience better than a property investment advisor.
Knowledge, though, can be learned through books and lessons, is entirely different from experience, which can be gained through years of navigating through the property investment journey. Hand in hand, these are both powerful devices one property investment advisor can utilize to help their clients.
You need someone to help you identify your purpose.
In determining what would be the best property to invest in, you need first to understand what you want out of the property and why you want it. You would think that this is something natural. Maybe it is. But what you have to realize is that there is a lot to consider.
- Is it your purpose to start building your portfolio and becoming financially free?
- Is your purpose for your property is to rent it out and earn a stable cash flow?
- Is it your purpose to have a place for you to start a family and settle?
- Why do you think building your property portfolio is a better asset class for you?
- Why do you think renting out your property is the best way for you financially?
- Why do you think starting a family and settling in this area is better for you than anywhere else?
These are just some of the things that you consider when starting your journey into finding that best property for you.
You need someone to help you realize your core goals and values.
What is important to you? What is your aim in all of this?
It is excellent to consider the things you want to achieve after all of this. Of course, one of the reasons why you start an investment is for you to earn money. But here in Logic Partners, we want to know more, and we want to be able to establish a list of goals for you whether it may be as simple as financial freedom before your retirement.
We want to get to know the kind of person that you are and design your property investment plan around it. We believe that in doing so, it will be easier to navigate your way through these times.
You need someone to understand your capacity.
Property Investment can be like rocket science for beginners. It could be overwhelming for someone who does not have knowledge or understanding. And without proper guidance, we may think that we understand what we are about to go through, but obviously, we do not.
It is okay to take risks, but it is crucial that you understand your financial capacity. Knowing your position, how much you have saved, how much you can borrow from the bank, and how much you can afford are things we would most likely have a hard time understanding. As your mentor and coach, we will be able to explain to you and formulate a strategy to help you achieve your goals.
What we do to help you find the best property to invest in
Once we establish all these critical points, we then can understand and link those goals, values, and budget of yours into sourcing the right property for you.
In addition to the previous points mentioned above, which are the most critical, we also choose new and upcoming locations. We look at areas where the government would spend on infrastructures. We look at job availability. We look at a lot of factors to consider when looking for that investment-grade property for our clients.
We at Logic Partners are proud to offer a personalized and unique service that can be trusted. We make sure that we create a tailored plan in reaching your financial goals.
Whether you are a newcomer or someone who has been building their portfolio over the years, there are several ways we could help you not just finding the best property, but also to help further your wealth. Do not be afraid to rely on us in helping you start or build your portfolio.
If you are looking into finding the best property here in Melbourne, we invite you to get in touch with us now. Call us at 1300-LOGICG (564424) or send us a message now.
The information on this post/video is of a general nature. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions.