I have recently returned from visiting the Investor Assist team in Melbourne and I am very positive about the advantages for investors involved in Victoria property investment.
We know the Perth market is the perfect cooking pot for property investment. However you may be open to the consideration of diversifying your investment portfolio across Australia. It’s encouraging to see the Melbourne housing market has performed so well in recent years with strong population growth from overseas helping this positive performance. To invest in Victoria is worth considering. A Victoria investment property, whether a long term investment or for you to relocate to at a later stage, has the following five investment highlights to be considered when deciding if you should invest in Victoria.
The first is pent-up demand. There is an undersupply of residential properties in Melbourne at the moment, and that helps keep pressure on residential prices. Secondly, the Victoria investment property market seems to offer much better value for money when comparing it to Sydney. Affordability and value for money are key issues for investors, thus demonstrating why you should invest in Victoria.
The next thing to think about when you consider buying an investment property in Victoria, is the economy of the city, and the link to population growth. Melbourne’s population is increasing faster than most other capital cities, which is helping to fuel demand for housing. Growth is around 2%, which is higher than the national average of 1.8%. To invest in Victoria is to take advantage of these economic factors.
Consumer confidence is also an important consideration. Most analysts agree that Melbourne appears to be very positive about the economy and forecasters are noting that consumers are looking for long term Victoria property investments again.
Finally, make sure you are considering the right property, in the right area when you invest in Victoria. The key is not to wait for the supposed ‘right time to buy’ or the ‘bottom of the market’, but to select the right Victoria investment property to buy.
I have just found out that the top five local government areas with the largest growth in the country were all based on the outskirts of Melbourne including South Morang (up to 32,500 people), Point Cook, Caroline Springs and Tarneit. High growth areas represent interesting opportunities to build a Victoria investment portfolio.
Wherever you choose to invest, if you want to invest in Victoria, I highly recommend getting some good advice to help you choose a quality property in the right suburb.
DISCLAIMER: This information is of a general nature only and does not constitute professional advice. We strongly recommend that you seek your own professional advice in relation to your particular circumstances.