Western Australia is considered to have some of the best property investment opportunities in the country. So it is not surprising that Perth is capturing the attention of astute interstate property investors. These investors are willing to buy their first investment property outside of their home towns in the hope of achieving stronger returns.
First Investment Property in Western Australia
This was exactly the scenario for Melbourne resident, Nilkamal Kandamudali. Nil and his wife live in Melbourne with their two young children and early in 2013, Nil started considering possible locations around the country to purchase an investment opportunity. Nil had owned investments in the past so he knew how to get into property investment, but he had never set foot in Western Australia. Investing in property the ‘west’ was a bit of an unknown.
“I had done my research and found there were a few pockets around the country that I was interested in, mainly in WA and Queensland. But, based on the strong population forecast figures for Western Australia, I thought Perth would be the best location,” Nil explained.
“I did a lot of research online, and read several property investment articles. So I had narrowed down the options of where I had wanted to invest, mainly in the northern suburbs. What I was looking for was a proxy who was willing to do all the legwork for me.”
How To Get Into Property Investment in WA
Nil came to Investor Assist to find out how to get into property investment in WA. Nil realized the benefits of an investment property in WA, and as part of his property investment strategy. He found Investor Assist online, and got in contact with Simon Atkins. Nil found the right person for his first investment property in WA. Simon has more than 18 years of experience in the property investment industry. Plus he owns his own investment portfolio.
“When Nil approached us he already believed in the WA market more than anywhere else in Australia. He just needed more information to give him the confidence he was making the right decision and choosing the right investment.”
Investing in Property in Less Than a Month
The property investment happened pretty quickly. Within less than a month of working with Simon, Nil was ready to purchase a block of land for his investment property. Nil recalls purchasing the land was definitely a unique process.
“I had been keeping my eye on the northern suburbs for a while. I was on Stockland’s database so I was receiving updates every time there was a land release. I had narrowed down my options, and when a new land release was announced for Amberton estate I ran the information past Simon. I asked him to pick a block for me.”
Simon acted as proxy for Nil to purchase the block of land on his behalf. He could see the benefits of an investment property in this area.
“I was up on site taking 360 degree videos on my phone for Nil. He could see exactly what he was buying, and where it was located. I was effectively his eyes, and ears for him while he was back home in Victoria.”
Property Investment Strategies in Perth
Although some might consider proxy of a property investment to be a big responsibility, Simon wasn’t too worried about making such a big financial decision on someone else’s behalf. Working with an experienced, local investment property expert is a fantastic property investment strategy.
“I believe strongly in the investment opportunities in the northern suburbs so if worst came to worst and Nil decided he didn’t like my choice of land I wouldn’t have been too disappointed at all if I had been left holding onto a new block of land up there,” Simon joked.
Once the land was secured, the next step was to choose the design, external elevations and interior colour schemes which wasn’t without the occasional challenge considering all decisions were made via email or over the phone with Investor Assist’s Operations Manager, Carmel Boath.
“When it came to the selections process I was given a range of options that were already pre-selected for me. I think being based interstate it would be helpful to have a few more high resolution images and links to assist with the process in addition to the colour boards available on the website,” explained Nil.
Building an Investment Property
What is it like to build an investment property? Nil encouraged interstate and overseas property investors to pay close attention to the finer details.
“If you are not experienced with looking at building plans, sometimes you don’t notice the little things such as the location of power points and TV antennas. But, they are only minor glitches, and very small in the overall scheme of things.”
Webb & Brown-Neaves built Nil’s investment property on his block in Amberton Estate. The first time he laid eyes on the property was when he flew to Perth for his final inspection in August 2014. Nil found building an investment property to be a quick, positive experience.
“The entire building process took just 22 weeks which was very quick. I was originally advised it would take about 30 weeks. I am extremely happy with the quality of the construction,” said Nil.
“The good thing about dealing with Investor Assist is that Simon always gave me a good idea about the process and what the next steps would be, same with Carmel. She has been extremely helpful with providing progress updates in an extremely professional way throughout the building process.”
What is It Like to Rent Your Property?
Nil’s trip to Perth with his family was the first time Nil and Simon finally met face-to-face. Simon has been able to assist Nil with the process of renting his property by providing a number of options for Nil to consider.
Nil recommends renting your property if you are investing. He says his rental property as an investment has been a positive experience. His tenants haven’t even moved in yet, and he is already considering his next investment property opportunity in WA.
“I am looking at investment property opportunities for Nil in Perth’s southern corridor to diversify his investment property portfolio -- perhaps around Wandi or Wellard,” said Simon. “Definitely something along the train lines, as I think this will be extremely important in the future.”
However, Nil might buy the next investment property nearby, now that he knows how to be a property investor in WA.
“We were talking about a different location but after seeing this area I am now in two minds and I might just stick to the same area,” said Nil.
Build a Smart Property Investment Portfolio
A smart property investment strategy can go a long way. Whatever Simon and Nil decide, this property investment strategy shows interstate, and overseas investors can rely on Investor Assist. We help people invest and build in Western Australia within minimal stress or fuss.
Want to know how to to build an investment property portfolio? Find out about services offered by Investor Assist. Speak with Simon Atkins directly about Nil’s property investment journal. Contact us here or call us on (08) 9200 7200.