The Australian real estate market is booming, driven by a surge in interest from investors and residents. Investment properties are particularly popular, with many Australians seeking long-term capital growth and rental income.
According to the Australian Taxation Office, 20% of taxpayers owned at least one investment property in 2022-23, indicating a strong preference for this asset class.
Australia’s growing population and urbanization are also fueling demand for residential properties, leading to rising prices in certain areas.
Considering apartment investing in Australia? With its vibrant cities, stunning landscapes, and strong economy, it’s an attractive option. But before diving in, make sure to tick these essential boxes
Here are 9 must-see things when buying an apartment in Australia in 2024
1. Location, Location, Location
- Proximity to amenities: Look for apartments close to schools, hospitals, shopping centers, and public transportation.
- Neighborhood safety: Research crime rates and community reputation.
- Future development plans: Consider if any upcoming projects could impact property values.
- Natural disasters: Check the area’s vulnerability to earthquakes, floods, or bushfires.
According to a recent study, apartments located within a 1-kilometer radius of major transportation hubs tend to appreciate in value faster.
2. Apartment Features
- Size and layout: Ensure the apartment meets your needs for living space, bedrooms, and bathrooms.
- Condition: Assess the overall state of the apartment, including appliances, fixtures, and flooring.
- Natural light: Look for apartments with ample natural light, which can enhance your living experience.
- Outdoor space: Consider if a balcony or terrace is important to you.
3. Building Amenities
- Gym and pool: These can be valuable amenities for fitness enthusiasts and those seeking relaxation.
- Security: Check the building’s security features, such as CCTV cameras, intercom systems, and gated access.
- Common areas: Evaluate the quality and maintenance of common areas like lobbies, lounges, and rooftop terraces.
- Parking: If you own a car, ensure there’s adequate parking available.
4. Body Corporate Fees
- Understand the costs: Research the body corporate fees and what they cover, such as building maintenance, insurance, and common area upkeep.
- Budget accordingly: Factor body corporate fees into your monthly expenses.
5. Rental Potential
- Research rental yields: If you plan to rent out your apartment, investigate the rental market in the area to estimate potential rental income.
- Consider long-term trends: Look at historical rental data to gauge the stability of the rental market.
6. Property Taxes
- Be aware of taxes: Research local property taxes and how they are calculated.
7. Stamp Duty
- Understand stamp duty: Learn about the stamp duty requirements in the state where you’re buying.
8. Financing Options
- Explore financing options: Compare interest rates and terms offered by different lenders.
- Consider first-home buyer incentives: Research any government incentives or grants available to first-time home buyers.
9. Legal Advice
- Consult a lawyer: Engage a real estate lawyer to review the contract and protect your interests.
Browse Australia’s Most Desired Apartment Locations
By carefully considering these factors, you can increase your chances of finding the perfect apartment in Australia and making a sound investment.
Remember, buying an apartment is a significant decision. Take your time, do your research, and don’t hesitate to seek professional advice.