Whether you’re driving down the Eastern Distributor into the city or making your way to the airport, you can’t help but look across at Victoria Park and think, “What is going on there?” With the landscape changing on a regular basis and new residential towers reaching to the heavens, you cannot help but wonder what holds within, and this is being felt in the leasing market throughout the area.
Having completed endless opens, for all different complexes throughout the area, each open for inspection has had the same trait in the last 12 months…..BUSY. Whether it is the 1 bedroom studio or the 3 bedroom loft apartments gazing over the city skyline, people want to be living in the area and the foot traffic at the open inspections is testament to that.
The positives for potential renters far outweigh the negatives, whether it be its location and its close proximity to the CBD, Eastern Suburbs and Airport, new buildings, modern amenities such as the shopping mall which is set to open later in the year or the affordable rental prices, these are only a few factors which appeal to those who are looking to move into the area.
By examining census results from 2001,2006 and again in 2011 shows just how the area has evolved into what it is today and where it is heading in the future. With over 80% of the residential dwellings throughout the area being apartments and many of those being owned by investors, the renting market throughout Victoria Park and surrounding areas is strong. This is a positive for both landlords and tenants as both cannot operate successfully without the need of the other party.
As mentioned earlier in this post, foot traffic throughout the opens has been high which is a positive sign for potential investors. By having appropriate advertising strategies in place ensures that vacancy is limited and that the correct tenants are found. After having spoken to numerous applicants at open for inspections, people are not too phased by the apartments themselves as they just want to reside within the Victoria Park precinct. This is proof of how people are looking to settle in the area because of the many positives which will better suit their lifestyle.
It has always been a question on any young persons mind and I’m reminded of it time and time again from family, friends and clients…..”When should I get an investment property”.
For many Gen Y’s who are looking to dip their foot in the big ocean that is the residential housing market, it can be a daunting phase. Some people are lucky as they have the financial support of family however; many do not have this luxury at their disposal. As of late, Real Estate has been running hot and has been gaining a lot of media attention which has added fuel to the fire. This has ensured a booming end to 2013 real estate sector and a strong start to 2014.
Over the past couple of years, there has been an influx of overseas investors which has strengthened the market but is pushing the first home owners out of the market. It has always been tough to get that first property under your belt but with added competition with deep pockets, it has made it that much harder.
Buying your first property is not going to be easy. It’s a challenge. It’s a journey. It is something that you have never faced before. Just ensure you have the right support networks in place to assist you in making those decisions. These are different for every situation but just ensure you surround yourself with trustworthy people, the right information and the courage to take the plunge.
Finally, the fundamental network in this phase is the one you have always surrounded yourself with, it’s your family. They have nurtured you through the scrapped knees and broken bones and what’s not to say they wont assist you though this tough stage. It may not be financial help but it may be the little things which help this little fish find its way through the ocean and prosper.
Decisions, Decisions, Do I Buy off the plan or not?
There has always been doubt in many purchasers’ minds as to whether they should take the leap and buy off the plan or invest their hard earned money into a property which is tangible at the time of purchase. As we make our way into 2014, technology has greatly benefited to those people who are looking to buy off the plan. By using computer technology, we can see exactly what the property will look like with 3D floor plans and 3600 walkthroughs.
All this relates heavily to the Victoria Park market with a large amount of development sites still in this phase or coming up in the near future, it gives you as a prospective client, a lot more information on your purchase.
By taking that leap and investing off the plan, you inevitably have your choice of which property satisfies your needs as a purchaser. It could be that it’s north facing or has a bigger balcony, the list never ends. The one point that is guaranteed is that you will escape the rat race that will follow when the building is completed when people are lining up to purchase whatever they can get their hands on.
For me, as a young investor, something else which does appeal is the length of time for the construction period. This enables you to save up more money for when settlement is finally completed in the future. Of course, this does not apply just to the Gen Y’s but to people of all ages but is a positive aspect for those first home purchasers whether it is an investment or the family home.
In many cases, when buying off the plan, the value has increased from the date you purchased off the plan to the date of completion. With the thought of capital growth, it does reflect the thought that the early bird gets the worm.