News & Advice.
5 Factors To Consider When Investing In Regional Property.
COVID has changed our priorities and lifestyle. More and more people are seeking tree and sea changes, lured by the prospect of abundant space and chance to get back to nature, along with greater freedom and potentially lower property prices.
Australia’s regional areas are diverse, and different locations come with varying prospects of growth. Whether you are looking to capitalise on the regional property trend, take advantage of new work-from-home arrangements, or find the perfect weekend escape, here are five factors to consider when looking to purchase a regional property with long-term economic prospects.
Location
Location is one of the biggest drivers of demand, liveability and desirability in regional property markets. Visit in the off-season to evaluate the area’s seasonality and make sure it is still somewhere that people want to stay. Sitchu’s suburb search tool provides a quick snapshot of local lifestyle and culture, including dining, community groups, education, public spaces and transport options.
Commute
Work-from-home arrangements have given city-dwellers the flexibility to explore areas outside of their standard commuting range; however, it is essential not to overlook the commute completely. Proximity to a capital city will always be in demand for buyers and renters. Therefore, a location well-positioned to a highway route or near a major train station or airport is likely to benefit your investment’s return.
Migration
Looking at the migration patterns of locals and out-of-towners will give you a good understanding of demand and desirability for long-term and short-term rental prospects, as well as future market growth. Research how many people have moved into an area over recent periods and where they came from.
Industry
Employment opportunities increase rental prospects and impact future property prices, which in turn will benefit your investment. Research which local industries support the local economy, workforce numbers, and current supply of rental properties.
Development
New property developments can lower market demand and prices; however, new hospitals, retail centres and infrastructure projects can attract renters and future buyers. Research major development projects on the horizon and weigh up if they could impact the local market for better or worse.
Looking for more advice?
Like with any other major financial decision, when thinking about investing in property it is worth seeking out professional advice tailored to your circumstances.
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