Understand the Market Before You Buy

Before jumping in and buying the first property you see, consider what other properties are available in the surrounding area. Do your homework and be sure to consult professionals you can trust. 

For instance, doing your research and using a market report resource (such as RP Data) can give you information on average rents, property values and suburb reports. 

In addition, it is wise to investigate what changes may be planned for the area. For example, there could major construction due to start close to your property which will make it harder to lease. Alternatively, a planned traffic by-pass may result in reduced traffic in the area, which could create an increase in the value of the property over time.

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Understand the Market Before You Buy--