How to pinpoint the next real estate hot spot! (Q&A)
Want to know how to pinpoint the next real estate hot spot? Of course you do. That is a question we get asked all the time here at Property Wizards.
So we thought we’d save you some time, and go straight to director Liz Sterzel for her thoughts.
Many people want to invest their money in property, but choosing a suburb that offers maximum growth can be a daunting and confusing experience. So how do you isolate great growth areas?
Here’s what Liz says:
Stay on top of the latest changes and potential plans for a suburb. This is critical in helping to pinpoint where the next investment winners lie.
TIP: BUT, if you’re reading widely about a suburb being an ideal investment area, chances are you’ve already missed the boat.
Investors wanting to make good returns should always be thinking ahead to try to pick the next prime spot to buy into, and that means more on-the-ground research. At any one time there are usually about half a dozen suburbs that are fertile ground for property buying – but aren’t yet widely recognised as being a ‘hotspot’.
TIP: Identify areas ahead of others means keeping on top of market changes, council planning and other government programs that drive property. This strategy can often mean you pick up a very affordable and successful investment while everyone else is still focused on an area that’s had its run.
Ask for help
Having access to extensive market research, suburb analysis and up-to-date sales data is an integral part of this process, as are well-informed predictions of market trends. Reading widely on the key factors driving growth in particular suburbs, talking to experts in the industry and staying on top of factors influencing overall market growth are also three main areas to keep your eye on.
TIP: Engage a buyer’s agent to not only save you time and money, but they have access to this type of research and data, are expert analysts and have information on properties before they hit the market.
If you’ve got any other burning questions about how to sniff out the next hot spot or snag a quality property investment, call us on 08·9381·7450.
Or, leave a question for us on our Facebook page
If you’re ready to capitalise on Perth’s property market, why not complete our Getting Started form to get the ball rolling.
Or, if you’d like to learn more about property investment in general, why not read our free Get Ready to Invest in Property eBook.