Many investors make the wrong assumptions about what they should and should not be considering before they part with their cash, according to this buyer’s agent.
For Simon Pressley of Propertyology, debates and advice about Australian real estate markets have always been “littered” with generalisations and shallow knowledge levels.
This particularly applies to common elements of property advice, like the checklist, which every investor should consider before entering into a new purchase.
In this market, Mr Pressley sees that buyers are glossing over potential capital growth opportunities, because an area or a property doesn’t fit a classic checklist of expectations, including proximity to a central business district.
“Right here, right now, one of the strongest property markets in all of Australia is the inland regional Victorian city of Mildura,” Mr Pressley said.
“But only those who remove the blinkers will stand a chance of knowing that,” he said.
Mr Pressley pointed out that Mildura’s 7.8 per cent increase in median house price over the last 12 months has surpassed all the nation’s capitals.
Properties in Mildura have a strong chance of positive cash flow also, with an average rental yield of 6.1 per cent.