Earlier on, when it came to property investment, most investors looked to Sydney or Melbourne, and Canberra was just a neighbourhood for politicians and bureaucrats, but now times are changing.
Canberra’s economic and property markets have shown astounding growth recently. And with the former cities' real estate industry past its peak, the 'Bush Capital' is fast gaining popularity and attention of the average real estate investor.
Canberra’s residential and commercial property market has grown a lot since the last financial year, and many investors are targeting this area, due to its high yielding rate and fast capital growth conditions. Once a lowest yielding state, in terms of property rates, Canberra’s investment market is now picking up speed.
The average price of residential, as well as commercial property, has increased. There is a strong demand for rental properties in most neighbourhoods; rental yields have grown impressively in the latter half of the year 2017 and are consistently rising in 2018.
Home to amazing galleries, museums, natural beauty, and with the burgeoning food scene, Canberra is named third best global city to visit 2018, by Lonely Planet. And why wouldn’t it be?
Properties are available to suit all budgets. Strong market conditions have led to Canberra's population being able to make the highest gross average weekly wages in Australia. Not to mention, the majority of Canberra’s population is employed.
When it comes to successful property investing, fortune does favour the brave. In order to increase your property investment returns, a proactive approach and taking a smarter initiative will definitely go a long way.
If you are a beginner in property investment or you want to boost your rental yields, so that you can invest again, it is not that difficult; all you need to do is, get creative. Luckily, there are hundreds of ways and ideas to help you achieve that. You need to choose what works best for you and your tenant.
Most often than not, if you are willing to offer something that your tenant might need, over and above the property itself, they would be more than happy to pay a little extra in rent.
If not already installed, consider upgrading your property to include reverse-cycle air-conditioning, an internet connection and a dishwasher. These will also earn you extra points (and rent) if you offer your apartment/house as a holiday-home or on short-term leases.
If a larger property is outside your budget, consider a smaller one with a flexible floorplan; a study that can double as a bedroom is always beneficial.