With the recent bush-fires in Australia, it is not surprising that many investors may be cautious to buy property in Australia. A natural disaster can happen anywhere in the world, so do not let that be a deciding factor when taking the plunge and buying property. Regardless of the bush-fires, there are many pros and cons to buying property in Australia.
Australia’s property market is a wise investment because the prices of property are soaring and market value will only increase as the years go by. Moreover, there are many people looking to rent properties but not own them so there is a lot of room for you to make money as a landlord or landlady as the case may be.
What are the pros?
- Property values are skyrocketing and see no signs of stopping so if you want to get in now, you should before the price is out of your reach.
- There is an excellent return on investment (ROI) especially in cities like Melbourne and Sydney where the housing or property market is flourishing.
- You will never be saddled with a property. With investors from Asia on the hunt for properties in Australia, there will be no shortage of buyers if you are a flipper.
- Taxes on housing are fair and there are a lot of tax breaks you can get including tax breaks for losses.
- The market is stable.
What are the cons?
- Depending on where the property is, it may take time to sell it. If your property is not in a hot-spot or a hub then it may take time to sell if you choose to part with the property.
- You may spend more money than you wanted to fixing up a property that your weren’t aware had issues.
- If you choose to purchase property as an investment and rent that property out, depending on the location it may take time to get a tenant in the property and you may lose money as a result of having to pay a mortgage if you have one on the property. Not to mention the overheads such as electricity, water and other variables.
Ultimately, no one can make the choice for you as to whether or not you should buy property. In saying that, there really is no right or wrong time to make the investment in property, so long as you do your research and remember that nothing in life is guaranteed, and that you may turn a profit or lose out on your investment.
All signs point to Australia’s market growing and eventually stabilizing over the next decade based on current trends. Australia is a nice place to live and do business. So, if you are ready to take the plunge and invest, then contact Rusty Tweed for all your investment property needs. Rusty has a wealth of knowledge and an in-depth knowledge of Australian property and the current market trends. With Rusty’s unique knowledge, you too can be your own boss, and create a nest egg for your future.