Buyers eye other states

Feb 2020Karen Millers

Almost half of investors plan to buy property interstate this year, according to research from the Property Investment Professionals of Australia (PIPA). Its latest survey also found 63% of investors would consider  rentvesting – renting in one location and investing in another.

“More and more investors are recognising that there are myriad investment opportunities around the country, rather than being blindsided by what’s happening in their own backyards,” says PIPA chairman Peter Koulizos.

He says serious investors recognise that considering interstate locations for their next property purchase enables them to make the most of markets that are potentially about to rise.

“Savvy investors always consider the locations that offer the best market fundamentals as well as prospects for capital growth over the medium to long term,” says Koulizos. “They choose not to follow the masses, but to invest in locations before prices start to rise, such as in Sydney in 2012 and in Melbourne not long after.”

A case in point was growth that had occurred over recent years in locations such as Hobart, Adelaide and Canberra as well as parts of regional Victoria, Queensland, Tasmania and NSW while property prices were  falling in Sydney and Melbourne.

However, be wary of investing in interstate property without professional financial advice.

“Going it alone when investing in any property, anywhere is always a risky move,” says Koulizos.

“These risks skyrocket when someone tries to do that in a location that they don’t understand, plus they often buy sight unseen because of the distances involved and wind up with a dud investment in an inferior location.”

Money Magazine, National, 5 February 2020

 

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Apr 24

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