With the cash rate resting at the historically low level of 2.5 per cent, many people across Australia are beginning to turn towards property investment as a way to help supplement their wealth and earn rental income.
However, there are a number of different things to keep in mind when it comes to investigating the market. Property doesn't exist outside of the real world, so watching the news will give you a number of insights into potential property hotspots, allowing you to keep on the pulse of developments.
For example, the latest plan for the City of Melbourne, aptly called 'Melbourne 2030', has highlighted four key suburbs which are expected to become employment hubs.
La Trobe University, Parkville, Monash Clayton and Sunshine are all expected to become hotspots for the employed in the coming years, which could highlight a fantastic opportunity for property investors.
After all, people are often attracted to areas where there is ample chance of engaging employment, which could drive up the demand for rental properties in the areas. And due to the competitive interest rates available at the moment, now could be the perfect time to look into property investment loans.
Another great way to read ahead and predict hotspot trends is to look into developing shopping centres or prestigious school expansions being undertaken in the region. Much like employment, people often want to live in areas undergoing economic or social growth.
Securing property near to the next 'lifestyle spot' could be a worthwhile, rewarding experience which, if undertaken a smart way, could be extremely lucrative for you and your family in the long run.
Furthermore, watching population growth trends can be a tell-tale sign of an expanding market,leading to a growing demand for dwellings. For example, both Sydney and Melbourne are expecting major growth by 2030, from both immigration and births.
DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.