Retaining the former home as an investment cuts out all those selling costs: real estate agent fees, marketing costs as well as the time and inconvenience of preparing for and undertaking the campaign. And you won’t have had to bear the additional costs of buying an investment property – stamp duty, building inspections, conveyancing fees. In total these transaction costs can shrink your pot of money by 10 per cent.
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In Richmond, focus on older brick and timber cottages built between 1880 and 1930 and the collection of older style apartments when looking to buy investment properties, with classic designs more likely to have consistent rentals and higher capital growth over the long term.
In South Yarra, good apartments in low rise blocks with dedicated parking prices start at $450,000 to $500,000 for a one bedder and approximately $600,000 to $650,000 for a two bedder.Free standing quality investment grade two-bedroom houses in the suburb can cost upwards of $1.1 million.
Myths. The property market is riddled with them. Often masked as positives, the consequences of falling for them often leaves investors dazed and confused – “how could a sure thing fail?” When navigating through the property world, avoid these fables to find property truth.
Located on the water yet close to the city, Elwood’s popularity with young professionals and investors alike comes as no surprise.