Australia has a number of real estate markets, with each market being at a different stage in the real estate cycle. We were done buying in Sydney in early 2014 and moved to South East Queensland for purchasing from 2015 onwards. Buying interstate is no easy feat given you are not on the ground, have no networks or relationships with local agents & professionals. A lot of ground work needs to be taken.
As such, you may consider buying interstate, where you believe better opportunities exist in comparison to the place you reside in.
To purchase interstate, our 9 key tips are:
- Research the city to determine where fundamentals exist i.e. where there is Government and/or Private spending happening
- Once you have narrowed down areas with fundamentals, check the real estate website to determine the price points for each of the areas, before narrowing down to areas that are within your price bracket
- Research online to get a high-level understanding of the areas including local council websites
- Fly interstate to meet local real estate agents to learn about the areas, including where to avoid buying, and also to build rapport with the agents. Where you build a great relationship with the local agents, and present yourself as (and be someone) who is ready to do the deal, they are more likely to engage with you when the right deal comes along
- Have a clear criterion on what will make a good investment property for you – what are your negotiables and non-negotiables?
- Have a local building and pest inspector, who is approachable and can provide feedback post the inspection, in addition to the written report
- Engage a solicitor, who is able to help you, including help with price negotiations based on the building and pest reports and any time extensions that may be required
- Build relationship with a good local property manager, who can provide an indication on rental return on the properties you consider. The PM may also be open to inspecting the property for you where you are short on time, and unable to make it to an inspection
- Lastly, if you are unable to attend to the above, engage a local buyer’s agent, who can help you with the research, view properties on your behalf, provide feedback, and put offers for you as agreed with you
To Get Started: Schedule A Chat with the Property Twins Team Join Our Exclusive Facebook Community of 6,000+ Property Investors: Property Addicts Australia Join our Exclusive Search & Select The Right Property in 90 Days 5-Day challenge
Note: Please ensure you always seek specific specific credit, tax, financial, legal or investment advice. Property Twins' Blogs are not a substitute for personal and specific, taxation, financial, legal or investment advice
