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'Buy in gloom and not in boom' is one of the best pieces of advice about investing in the property market.
This is because successful property investors understand that timing is everything when buying real estate.
That is why astute property buyers purchase property at the bottom of the property cycle and then achieve strong capital growth during the recovery stage of the property cycle.
For example, property investors who purchased real estate in Sydney during 2005 to 2010 are classic examples of people who bought in gloom and then reaped the financial benefits when the property market surged over the boom years.
Currently,stands out as a ‘gloom’ property which is near the bottom of its cycle and offers great opportunities for property investors.
If you read any articles about the Perth property market, they are all gloomy talking about falling property prices and rents.
As a result, there are now fewer buyers in the Perth market place and more properties available for sale. This means that properties are taking longer to sell and vendors are dropping their prices in an attempt to move them on.
However, the key to buying an investment property in any market is locating the areas that have growth drivers.
Property investors targeting the Perth market should buy in areas with strong demand from renters and focus on areas with forecasted growth in population, employment, industry and infrastructure.
Top tips for buying in the Perth market: