Property holds immense appeal for many Australians who are seeking a diverse and well-structured investment portfolio. This is down to a number of reasons, but perhaps most important at the moment is potential for huge gains via smart choices in terms of location. We're not just talking about which suburb you go for either, but the city or region as a whole.
The fact of the matter is that some areas are far more expensive than others, which can make it difficult to get as much bang for your buck as you might like. There are always opportunities, though, and in Western Australia there aren't many more attractive than Bunbury.
The average price you can expect to pay when buying property in Bunbury is $516,000.
Investing in bountiful Bunbury
According to Your Investment Property, the average price you can expect to pay when buying property in Bunbury is $516,000. This is compared to $760,000 in nearby Perth and far higher numbers in the other big cities around the country. Don't be fooled by the prices, Bunbury is one of the largest and most important cities in WA, and is only growing year on year.
In fact, the lower prices allow savvy investors to make the utmost of their budget, whether by purchasing more than one property or going for a larger house in a more desirable area. From a rent perspective, this will often result in better yield than buying something small in an area on the outskirts of bigger city. And because Bunbury doesn't have the same population as somewhere like Perth, houses tend to sit on the market longer, which might mean that you can snag a deal.
Getting in before growth
As we've discussed before on this blog, the future of Bunbury is very bright indeed. Thanks to massive development projects like the expansion of the port (which already accounts for much of the city's business), there are all sorts of new opportunities far beyond the tourism sector that the region is known for. This means that more and more people are interested in moving to Bunbury to take advantage of new jobs and booming industries, which means that more people will need places to live.
In the short term, this is great for you as an investor as you can take advantage of the busy rental market. Long term, though, when it comes time too sell your house, getting in early may just mean you stand to make a significant [profit further down the track.
For more information on buying property in Bunbury, contact Ray White today.