Property news you need to know: The week ending 19 September
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A majority of first-time investors see choosing the right property as the most difficult part of investing, ahead of saving a deposit or devising a strategy.
A survey conducted by Mortgage Choice showed 50.6 per cent of novice investors believe picking the right property is the most crucial part of the process.
Mortgage Choice spokesperson Jessica Danbrough said the results were unexpected given current market conditions.
“Fears that offshore investors are pushing locals out of the property market are unfounded, a property research firm has argued in its submission to the parliamentary inquiry into foreign investment,” she said.
“Instead, just 15.3 per cent said ‘saving a deposit’ was the biggest challenge they faced when investing in property, while a further 15.5 per cent said ‘choosing the right investment strategy’ for their needs was the toughest aspect of property investment.”
In her view, the data demonstrates Australians are savvy when it comes to the right ingredients for a good investment.
Today's first-time investors are switched on. They know what their potential tenants are looking for in a property and they aren't prepared to buy something that doesn't meet these requirements,” she said.
“When purchasing an investment property, investors look for a dwelling that is not only located in the right suburb and is close to essential amenities, but also a property that is located in an area that has proven high tenant demand.”