If you’ve been thinking of taking the plunge and becoming a property investor, then 2011 is the ideal time to enter the market, says property expert Chris Gray, CEO of Empire.
Gray, a qualified accountant, buyers’ agent and mortgage broker, says the combination of relatively low interest rates with the long-term potential for strong yields and capital gains presents the ideal conditions for property buyers looking to get into the market.
“If you have the finances to buy, 2011 will provide some great opportunities to buy that first investment property,” explains Gray.
“For those fixated on getting a bargain, there is a feeling that 2011 will be more of a buyer’s market. This is because the heat has come off a very buoyant start to 2010. Keep in mind that a cooling off doesn’t necessarily mean prices will fall – it just means that buyers are going to pay more reasonable prices, rather than frenzied record prices. Prices may go down more in low demand areas, but these areas will not give the same long-term results as the blue chip suburbs where there is higher demand and less supply.”
According to Gray, buying median priced properties located close to the CBD is the smartest way to achieve long-term wealth.
“The best strategy for anyone looking to buy their first investment property is to buy blue chip, median-priced properties in areas where there is always demand,” he says.