Once you have established an investment strategy which you are happy with, have the right property team around you, and know how much you will be approved for finance, it is time for the fun part of the process β finding the property which aligns to this strategy.
It is easy to get lost at this stage of the process, with an abundance of options including house & land, off the plan apartments, existing dwellings, un-renovated and renovated properties etc etc etc, which is why aligning your strategy to this part of the process is key in allowing you to narrow down your search.
For example, I may have identified that the first property purchase in my strategy is a new dwelling within a high growth corridor which is anticipated to grow in value over the next 1-3 years. One contributing factor to this choice of investment purchase might be because I only have the funds to put down 10% of the purchase price as an initial deposit at this stage, but still wish to benefit from the capital growth of the area during the next say 2 years it takes to complete the build. This two years serves as a timeframe in which you can save up the additional 10% deposit and closing costs.
Executing this particular strategy has it own risks of course, such as what happens should there be no capital growth? This would result in your inability to revalue and refinance the property should the intention have been to use this growth in equity as a deposit for your next purchase.
So I know what type of property I am looking for, and have identified possible areas in which to look in order to achieve my target capital growth, but where do I actually find the available properties?
Real estate agents in your target area. Connecting with real estate agents will allow you to have access to existing, upcoming and potentially off-market listings. It is important during this process that you aim to establish rapport with the agent in question, and clearly outline the types of properties you are looking for. If you are approved for finance already this is a great piece of information to share with the agent to show them that you are a serious buyer. If you can replicate this process with multiple agents in your relevant target areas then you will be well positioned to have investment opportunities brought to you.
Propertymarketinvestor.com.au offers a great selection of off the plan investment properties.
Suggested listing websites include; properties.mitula.com.au, Realestate.com.au, allhomes.com.au and Domain.com.au
And finally Gumtree is an available option to find potential investment grade properties. Gumtree requires a bit more time to locate good quality properties, however there might be a gem or two listed if you search hard enough.
Chippendale and other surrounding suburbs are candidates...