Brisbane’s Top 5 Renovation Suburbs
Narrowing down your next renovation suburb can be overwhelming at the best of times, but don’t stress, we’re here to help you!
We’ve summarized a few key points to simplify the process and recruited a few experts within Red and Co to share their advice on renovation suburbs, so you’re able to get the most out of your next project!
For most people, budget is the defining factor in choosing your next renovation suburb. But once you’ve selected an area what’s your next move? You’ve got to work out your strategy. Are you renovating and holding (long term)? Or are you Flipping (short term)?
If you’re looking to buy and hold the property long term you must be able to focus on the capital growth and sustainability. Generally, target a suburb out from one that is currently booming and research any close access points to train stations, local shops, universities and schools. Also look for any future infrastructure upgrades and developments that the suburb will benefit from. If this is the avenue you want pursue the renovation will add a bit of value but is not the main goal. Your main objective is to attract solid tenants and consistent rental returns. Don’t get too attached to the renovation. Learn what improvements are most likely to add value to your property and target your desired audience.
Short term (flipping), however, is more about making a profit from the renovation rather than capital growth. Focus on markets that are needing or wanting the finished product, not a project to complete. These are commonly family-oriented suburbs, where their main focus is a good quality and safe family environment with access to schools, more so than being in close proximity to shops, public transport and dining. The main attraction with renovating and flipping is the quick capital that comes with it. But before considering this process, it is advised that a significant amount of preparation, research and planning is done. Over the last 12 months, real estate prices within Brisbane have been significantly rising, so the flipping strategy has become increasingly difficult. To successfully flip a property, it’s all about understanding the market, buying your property at the right price and renovating efficiently and intelligently (link this to other article).
Now that we’ve touched on few strategies we’ll get some insight into Red and Co’s David Laverty and Kathy Laverty’s Top 5 renovation suburbs within Brisbane.
David Laverty’s Top 5 Renovation suburbs:
|Suburb||Annual Growth||Median Price||Median Rent||Rental Yield||Rental Demand||Est. Cash Flow/M|
Finally it’s important to know your market; do your research! i.e. what kind of property is in demand (or will be in the future) in particular suburbs or areas and what kind of tenants you are trying to target. You can do this by looking online, checking advertisements, talking to property managers such as the team at Red & Co and talk to buyers’ agents. Preparation is key for a successful investment property.
Red & Co’s rental management team are all Seasoned Property Managers who are also property owners that care as much as you do. Through a deep understanding of the local market, and by having an experienced team of long term property managers we will reduce your vacancies and get your property rented easily. Our team can help review your current investment property to make sure you are maximising your weekly rental, and their regular property checks ensure your property is being well maintained. Chat to Ed & Kathy today on 1300 88 73 28 or shoot through an email enquiry here.