How to Choose a Suburb for Property Investment

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Property Investment Melbourne is a great way for investors to build wealth by renting out properties to tenants and using the income they generate to pay off the loan. However, it’s important to consider the initial cost of buying a property as well as ongoing expenses. These include council and water rates; building and landlord insurance; body corporate fees (if you invest in an apartment or villa); property management costs; and maintenance.

Why invest in Melbourne property?

In addition, it’s important to understand how much you can afford to borrow, as your borrowing power will depend on a number of factors including: your current salary; whether you live in the property or not; how many properties you already own; how long you plan on holding the property; and the state where you want to buy. This will ensure you only purchase a property that meets your investment intentions.

When it comes to choosing a property investment, the suburbs with the best potential for growth are those located close to the CBD and inner ring. These areas offer good access to transport and are a popular choice for people who need to commute to work or study. They also tend to have lower living costs.

As a result, they are considered some of the best suburbs for property investment. However, it’s essential to understand the differences between these suburbs. Each has a distinct community, neighbourhood attributes and property growth cycle. It’s also a good idea to speak with financial planners and mortgage brokers before investing in any type of property.

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