Prices are really starting to slump in some
areas and other areas are experiencing smaller price drops.
It can be very hard in this type of market,
to know what types of properties will depreciate at a slower rate than others.
You can, however, buy well, if you have a
sound long term plan and you take advantage of the fact that there will be less
competition around.
We asked our property strategist friends
and they told us that the following points, they consider the most crucial, for
investors to remember in this type of market :
• Avoid the top end of the market- these
are experiencing the biggest falls at the moment
• The same as above for the lower end of
the market, where wage growth will be stagnant
• Avoid off the plan and high rise- these
have a body corporate and strata fees
• Look at the suburbs that are gentrifying
and where incomes are high
• Don’t buy property for an instant large
return, it probably won’t happen in this type of market
• Look at properties that you can see
yourself hanging onto for 20 years or so
• Self manage with platforms like RealRenta and save thousands
• Look at areas with plans for massive
infrastructure upgrades as this will affect the level of demand in that area
If
you need to speak to a property strategist, contact us @ propertysales@realrenta.com to speak with Jamie, our property strategist partner.
Jason Gwerder
Friday, 10 April 2020
