- Posted 07 Dec
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If you’re looking to invest in property, buying as close to a city as possible is always the best option. It means you’ll always have rental occupancy and resale values will be higher.
However, this also means that properties are likely to cost more. Which is why you need to complete a bit of research to find the hidden gems and snare yourself a bargain.
If you’re not fussed on where your investment property is located, then consider some of the following areas that are favourable metropolitan areas for buyers and renters alike.
Top 5 Inner-City Suburbs in Australia
It’s important to note that Australia’s mining states are currently proving to be the most favourable areas for property investors right now, so if you’re open to these areas, start investigating them today.
Currently, Darwin is #1 on the inner-city suburb list where as a property investor; you could gain the upper hand.
The median price currently sits at $500,000 and there is plenty of unit stock pushing up the supply to demand ratio, as well as a higher number of days on market for lists, according to new data.
Darwin could be a good option for you, particularly if you consider the long-term mining plans for the area.
#2: East Perth
East Perth is currently experiencing a major development boom.
There is plenty of availability in the market, with lots of new homes being built and even more development still happening.
Because of this, it’s more affordable to buy because there’s more supply, so you’ll definitely find a bargain in this inner-city location.
East Perth is right on the river and is close to the airport, so any potential renter’s who are fly-in-fly-out would find this location appealing.
#3: Nollamara, North Perth
While previously considered to be a ‘sleeper suburb’, Nollamara is appealing to younger buyers. There is a vibrant community feel and a lot of first-home buyers are heading this way.
If you’re a first-home buyer looking to eventually utilise this property as an investment, consider Nollamara. It’s just 15 minutes to the coast and city and only five minutes from a major café strip.
Experts are saying it’s a suburb that is poised to jump in value.
#4: South Perth
If you’re looking to invest in an apartment, South Perth has seen a reduction in prices, making it attractive to property investors.
South Perth is often considered inner-city living, but it’s not right in the city. It’s a great location for families, with Wesley College and Penrhos College both close by.
With access to the city via ferry, South Perth is appealing to those who wish to be close to the action, but not live amongst it all.
#5: Rivervale, Perth
Located right on the banks of the Swan River, this is another great inner-city suburb.
Typical rental returns are $420 pw, with the median property price sitting around $622,000.
There is high demand for property in this location, with a large, vibrant and young community feel.
Options Australia Wide
With the majority of the top 10 inner-city suburbs being located in WA, you could be thinking that you’ve got no other options.
Here’s a brief run-down on the top inner-city suburbs per state and territory:
- Fortitude Valley
- South Brisbane
- Wolli Creek
- Windsor Gardens
- West Moonah
Now that you’ve got some ideas about potential places to purchase a property, it’s time to figure out your mortgage needs. If you need help with figuring out what you can afford to buy and what type of mortgage will best suit your needs, get in touch with one of our team today!