How to Find the Perfect Suburb for Interstate Real Estate Investment
Dilleen Property Group 2023
Are you considering investing in real estate in a different state or city? Finding the right suburb to invest in can be a challenging task, but it's essential for your success as a property investor. In this blog post, we'll explore some methods to help you narrow down your options and make an informed decision. We'll provide you with a step-by-step guide on how to find a great suburb for interstate real estate investment.
Start with a Council Region
The first step is to narrow down your search to a council region. For example, if you live in Melbourne but want to invest in Perth, you should start by identifying the council regions in Perth. This approach allows you to focus on a broader area, which is essential when you're looking for a lucrative real estate investment.
2. Focus on the Pocket or Area
Once you've identified the council regions, the next step is to narrow your focus to specific pockets or areas within those regions. You shouldn't overly concern yourself with individual suburbs but rather focus on the area or pocket in which they are located. This strategy prevents you from being too narrow-minded and opens up the possibility of discovering great opportunities just a short distance away from your preferred suburb.
3. Why the Suburb Doesn't Matter as Much
While it's crucial to consider various factors when choosing a suburb, it's equally important not to fixate on a single suburb as the only viable option. For instance, if you insist on buying in one specific suburb, you might miss out on a better deal just a short distance away. The key takeaway here is that you should prioritise a thriving metropolitan location with growth potential, regardless of the exact suburb.
4. Narrow Down to Your Top Suburbs
To implement this strategy effectively, narrow your options down to around 10 suburbs within your chosen council region or area. Consistently monitor these suburbs to gather information on property prices, market trends, and potential investment opportunities.
5. Property Type and Budget
Once you've identified your top suburbs, consider your budget and what type of property you want to invest in, whether it's a House, Townhouse, or Unit. Your budget and preferences will help you further refine your search and make it more focused.
Conclusion:
In conclusion, when searching for the ideal suburb for interstate property investment, don't get stuck on a single suburb but instead focus on council regions and areas or pockets within those regions. The suburb itself isn't as crucial as the broader location's potential for growth. By following the steps outlined in this blog post, you'll be better equipped to find a profitable real estate investment opportunity that suits your goals and budget. For a more in-depth understanding of this topic, property investment guru, Eddie Dilleen, provides a clear video explanation here. Furthermore, if you’re looking to build your own property portfolio, feel free to contact us here to learn more about our services and investment strategy.
Disclaimer: This is not intended as legal, financial, or investment advice and should not be construed or relied on as such. Before making any commitment of a legal or financial nature, you should seek advice from a qualified and registered legal practitioner or financial or investment adviser.
