Despite all the challenges Covid19 poses, Canberra is still a hotspot for property investment. The region is on a roll, registering gains of 24% growth in the last year. The residential property market is seeing rapid growth in prices. From 6% higher than last year, it has grown 25%. The city is also tipped to be one of the best-performing markets over the next decade. This is good news for both home-buyers and investors.
If you’re looking to find a property around Canberra, there are a few things you should keep in mind.
1. Do your research
Like any investment, buying a property in Canberra requires some homework. You’ll want to look into different suburbs and the average prices. Find out what the lifestyle is like and if it’s a good fit for you. You should also be aware of any upcoming developments that could affect the property’s value.
2. Get your finances in order
Before you offer a property, it’s essential to get your finances in order. Have a chat with your bank or broker to see how much you can afford to borrow. It’s also a great move to get pre-approval for a loan. This will show the seller that you are serious about buying their property.
3. Property’s location
When it comes to property investment, the old adage still rings true. Location is key. Find a suburb that’s growing in popularity and has a good infrastructure. The closer to the city, the pricier the property will be. But, it’s worth it to invest in a good location. It will likely hold its value, and you’ll see a return on your investment down the road.
4. Size of the property
Another crucial step to consider is the size of the property. You don’t like to be cramped up in a small apartment when you could be living in a spacious house. On the other hand, don’t buy a property that’s too large for your needs. You’ll just be wasting money on unnecessary space.
5. Check the zoning
Be sure to check the zoning of the property before you buy it. Some suburbs have a mix of residential and commercial properties. This can be great for investors but not so much for home-buyers. It’s essential to make sure that the property you are interested in is zoned for residential use.
6. Growth potential
Not all properties are created equal. Some have more growth potential than others. Canberra is a growing city and, as such, certain suburbs are seeing more growth than others. Real estate agents can help you find a property with good growth potential. They’ll be able to tell you which suburbs are on the rise and why. Find a property around Canberra and get in early to make the most of the city’s growth.
Keeping all these in mind will help you make a wise investment. By doing your research and getting your finances in order, you’ll be in a good position to buy a property. And, with the city’s rapid growth, you are sure to see a return on your investment.