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Finding the right area is essential to make sure strong long-term capital growth for your investment property, but amidst the racket of agents, friends and media and your own prejudices and preferences -How do you know for sure that an investment location is really a contender? Here are 10 steps.
1. Know Your Budget For many investors, your budget determines which locations you can afford to live or invest in. "The simplest to way your work out what you can afford is to meet with a home mortgage broker or your bank and get a pre-approval," states Lisa Parker, buyers advocate from Parker Financial investment Properties. “Knowing this information is vital before you even begin to look at properties".
2. Refine Your Options With your budget in mind, you can start to shortlist different suburbs where you could get the home you are seeking within your price range. Save yourself some time by calling a few agents in the area and asking what you can buy in the area for the price range. If you can’t get what you’re looking for ask which nearby areas could offer what you are after given your budget.
3. Map your suburban area. A lot of suburbs have preferred pockets or high demand streets. To really understand what’s happening in the area you are looking at take a map down to the
local estate agents and ask them to take a highlighter and mark out the most desirable areas or streets in the suburb. If the sought after pockets are growing in value chances are that the whole area will grow to catch up in time. This will give you the chance to find areas next to the most desirable pockets and enjoy the capital growth that will follow.
4. Explore neighbouring suburbs. Neighbouring suburbs offer terrific alternatives for property buyers and investors. If you can’t find or afford to get into the area you want looking at the neighbouring areas can help you find areas which close to the things you desire but at a more affordable price. Again these areas can also grow over time because of their proximity to these sought after areas.
5. Infrastructure and Amenities. "Infrastructure drives property rates, which is why knowledgeable investors follow infrastructure trends," Parker says. "The EastLink did a lot to enhance prices in locations like Seaford and Ringwood in Melbourne back in 2008, and the extension to Mornington-- which began building late 2010-- is currently having an impact on areas not usually favoured, like Frankston North, Karingal and Carrum Downs." She suggests that you take a look at where the government is upgrading facilities, as it is a sure sign of an up and coming "hot spot".
6. Isolate lifestyle drawcard Locations that offer lifestyle amenities and destinations are favoured by buyers and tenants when compared to other suburbs that offer fewer features. Walking tracks, sports facilities, large parks and bushland, creeks, rivers, beaches and community villages all provide a point of difference which attracts people to the area and make a good selling point when it comes time to sell and move on.
7. Water and city views are best. Any area that is close to the water or has water or city views is going to command higher prices and rapid growth as long as it is accessible. "In Seaford, Victoria, as an example, buying on the beach side of the freeway commands an extra $100,000 more than similar properties on the eastern side of the freeway," Parker describes. "The gap between beachside and non-beachside homes is growing each year, making it less affordable for many new homebuyers and investors to get into the beachside market�. However if you are in the position to develop you could find land on which you are able to build up and attain a water or city view.
8. Hang where the residents hang. When investigating a new location ask agents why people like living there. Also ask where the most popular locations are where the locals hang out and go hang out there. Visit the local picnic areas, parks, cafes and entertainment facilities and even chat with the locals about the area, what they like about it and where they think the best places to live in the area are. Locals can often give you a different perspective than the estate agents. Consider talking to local shopkeepers, the post office and the local petrol station attendants who usually have all the gossip of the area.
9. Transportation is essential. Irrespective of whether you live in the inner city or in the outer area getting around in important. The more transport options there are the more valuable the area will end up over time. Consider major roads, freeways, trains, trams, buses that lead to the city or to major employment hubs as this will influence people wanting to buy into the area.
10. Ignore the Pessimists There are many people who will happily advise against certain areas without any real knowledge of the area and without having done any of their own research. Sometime’s area have a stigma which is very old and in many cases outdated. Fresh research and a little vision can sometimes work in your favour allowing you into an area cheaply which about to undergo a massive uplift in value because of the various factors we have talked about in this report. Remember stigma will be forgotten in time. It’s very important that you do your own research and make an informed decision and not relay on the heresy of the ill informed. Of course this is just the tip of the iceberg when it comes to doing proper due diligence on an area but this will at least give you a head start and set you on the right path. Check out my other reports on due diligence, developing and alternative finance to help you get starting in property investing.
Discover more about choosing the right area and the right property in the right area with this free Australian property investing webinar. www.InvestmentProperty.Training You will hear from industry experts who not only have made millions privately investing in property but continue to make money from property. You will learn asset protection, getting finance and how to pick the right property that will make you money as well as various strategies you can use depending on your circumstances. Register Now Free: www.InvestmentProperty.training
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About Dymphna Boholt
From a farm in Central Queensland to downtown Bangkok, to Canberra University and a career as an accountant and economist; to being one of Australia’s most successful property investors, and leading real estate strategist and educator specialising in tax, asset protection and international investment, it’s no wonder Dymphna Boholt is known by many professional and personal contacts as Dymphna the Dynamo! Born in a small central Queensland town, Dymphna began her working life as a jillaroo. Her first investment was a cow at the age of 4, which she used to breed with other cattle
in the area to create her first asset portfolio – a herd. Dymphna sold her herd to pay for her university degree in Accounting and Economics, and graduated from the Australian National University in Canberra. Upon graduation, she had fifteen job offers and chose to move to Sydney and work with the prestigious Coopers & Lybrand (One of the eight biggest accountancy firms worldwide). She also did stints as a financial controller in the liquor, mining, and the stock-broking and finance industries. In 1994, she found herself ‘starting over’ after a divorce left her with very little money, pregnant and a toddler to support on her own. To get back on her feet, she moved to the Sunshine Coast and started her own accountancy practice, Active Financial Answers, which she has since sold. In the year 2000, Dymphna met U.S. property guru and real estate adviser to Robert Kiyosaki, Dr Dolf de Roos. Listening to him on stage, Dymphna realised she was doing exactly what he was warning against – ‘trading time for money’. Keen to move away from the constraints of being a solo mum who was working full time, she decided to try her hand at real estate investment. She focused on properties that brought in more than they cost her. Within just one year she had accumulated a $3.5 million property portfolio, boasting $1.55 million in equity and totally replacing the income she was earning as an accountant working 40 to 60 hours per week. Through just one property purchase, she managed to generate a passive income greater than the average Australian wage. Since that time, she has become firm friends with Dr de Roos. Her property portfolio has expanded considerably to become a multi-million dollar international property portfolio. This led her to be featured in a book in 2005, alongside the most successful property investors in the country titled Secrets of Property Millionaires Exposed. More recently, Dymphna has released her self-published book titled Protect Your Ass—ets! It is the first of a series of books she will be releasing and is about the incredibly important topic of asset protection and the need for it in Australia’s increasingly litigious society. She is a director and major share holder of Alagrow Pty Ltd, a mining company based on the Sunshine Coast with exploration and mining licenses on one of the largest and most pure zeolite ore bodies located in Australia, and potentially the world. The tested, proven reserves are in excess of 3,500,000 tonne with estimated reserves as high as 17,500,000 tonne. With an average profit margin on mining and selling zeolite at approximately $100 per tonne the potential profitability of the mine is in excess of one billion dollars. Alagrow Pty Ltd is currently conducting extensive research and development in the area of toxic and radioactive waste clean-up and prevention. The zeolite from the Alagrow ore body has recently been tested in Bulgaria for application as an environmental barrier and has been found to be the only known naturally forming ore body capable of this application. Dymphna is also the co-founder and co-director of a highly successful national mentoring program based on the Sunshine Coast called WildlyWealthyWomen.com. Dymphna also organises events of her own and sells educational products around the world ranging from free and low cost articles, reports and audios through to comprehensive home-study packages on a range of topics. She works closely with an experienced group of credit strategists called Investor Loans Network who can source finance, and more importantly, will assist investors through
ongoing education and support in line with Dymphna’s real estate teachings. The main objective of Investor Loans Network is to work alongside clients to achieve their financial and wealth goals. Investor Loans Network are a national team, with strategists working in all states and territories of Australia with their clients. Dymphna is also in great demand nationally and internationally as a speaker on a multitude of topics most of which fall under personal finance, business, taxation, asset protection, property investing or motivation/inspiration. She is regularly called on by the media for interviews or to contribute articles – see her website for her extensive list of media coverage. The now happily remarried mother of three lives on the beautiful Sunshine Coast on her 32 acre piece of paradise, completely surrounded by rain forest, birds, creeks and other wild life.