The end of financial year is a great time for many as it serves as a chance to give your financials a ‘health check’. It’s a time where we all look at what we have earned and analyse where we are spending our income. For those who receive a tax return following this process, it’s a wise decision to put it towards a home deposit – whether it’s for your first, second or fifth home.
Following a ‘health check’ of your income, it’s also the perfect time to get in contact with an accountant or a financial advisor to ensure your next return shows even greater investment profits. A financial advisor can provide you with specialist advice on how to manage your income, as well as doing extensive research into the marketplace and recommending the most beneficial avenues for you to invest your money.
Many assume property investment is limited only to the rental market, however a family home or additional property can serve as a catalyst for further investment strategies. Whatever your end goal, it’s important to have a clear strategy in place – and hopefully that’s something a visit with your financial advisor will help uncover.
With varying perceptions of property investment in the past year, it’s simply all about where you invest. There’s a reason real estate sprouted the phrase “location, location, location”. Research by market analyst and buyer’s agency Propertyology found there were areas in Australia that reported double-digit growth over the past year (ending April 2018).
The research revealed that 16 Greater-Melbourne city councils out of the 31 generated a double-digit price growth. These results were seen in Hume, Whittlesea and Cardinia, with Nillumbik and Casey proving the two highest figures. The largest amount of double-digit price growth overall was witnessed in Victoria.
Put simply, there is still return to be seen from property investment. As it always has been, the process involves research into suburb reports, comparative sale analysis, rental yields, school zones, urban growth plans and infrastructure – all are things a good real estate agent can assist with. By completing these thorough checks, it assures you have chosen the best possible location for future growth.
If you’ve decided property investment is how you’d like to kick off the new financial year, the next steps involve identifying your borrowing power with your finance specialist, analysing the market and hand-selecting specialists to help fast-track the process. Assisting you in this step will be a legal representative to facilitate the transaction, a building inspector to check the integrity of the property and a quantity surveyor for a depreciation schedule of the estate. Time to get started on the next step in your investment portfolio.