With half the year still to go, buying another investment property may be part of your strategy for 2023.
Your focus will be on strong capital growth areas with high rental demand, and especially taking into account that immigration is opening up in Australia.
With vacancy rates at an all-time low around the country, you would be hoping that high rental yields can offset any potential interest rate rises.
Be on the lookout for areas where a growth cycle is beginning, where there are signs of upcoming infrastructure developments to create job opportunities. Strong rental demand tends to follow.
Check your financial position. Once you know your borrowing capacity and serviceability levels, you can look at where you can afford to buy next.
Be wary of locations that are totally dependent on one industry, especially mining, as well as buying into big development projects with two to four-year sunset clauses.
Have the right people on your team – mortgage brokers, real estate agents and property managers.
A skilled, knowledgeable broker can hugely benefit you as a property investor because they can compare hundreds of loan products across numerous lenders and find the best-fit solution for your individual situation and needs.
With your property manager on board to handle the day-to-day tasks of property management, compliance with various laws and regulations, tenant relations, property maintenance and financial matters like rent collection, records and reports, you are better able to focus on new property investment opportunities.