If you are in the market to buy property right now, then I have some news for you.
In today’s video (blog), I’m going to share with you what I only share with my clients.
But because so many people are asking me where to buy right now with all this COVID-19 pandemic happening… here are my thoughts.
Disclaimer: This video was originally recorded for and shared with Real Wealth Australia clients.
In a report released recently by real estate agency PRD, they have found that property prices within 20 kilometres of Sydney have become more affordable by 16.8 per cent, compared to the same time last year. This means that there are 139 suburbs that have become more affordable. According to the report, the top four suburbs include: Rockdale, Tempe, Bexley and Peakhurst.
Similarly, for Melbourne but not to the same extent, has 103 suburbs becoming more affordable, up from 100 for the same time last year. The top four suburbs include: Altona, Oakleigh South, Moonee Ponds and Brunswick East.
We are living in extraordinary times and I’d rather be an investor with rent coming in then not having any financial security. As investors, you have a window of opportunity to get into the market as history tells us that Melbourne and Sydney are the most ‘in demand’ cities in the country and when they experience the next upswing (which wont be too far away), make sure you get to enjoy the ride to capital growth.
If you are considering getting into the market now, be sure to select a property that will be in demand by tenants as this will help to minimise your risk of long vacancies.