Hot on the heels of CoreLogic’s report that highlighted the success rate of property flipping comes its follow-up Top Rental Performers Report, which reveals 74 prime rental suburbs nationwide. Together, the reports paint an interesting checkerboard of Australia’s property market.
And the combined stats certainly reinforce something I’ve hammered home often enough: that there’s no one “property market” in Australia! It’s made up of literally thousands of micro markets that you need to carefully sift and sort through in order to weed out the suburbs and ugly properties that are going to make you money.
There’s a whole range of data to analyse, from median property prices, to suburb profiles, capital growth, and, of course, you need to identify that all-important pricing disparity between un-renovated and renovated properties. The gap has to be big enough to warrant renovating in that suburb.
If your strategy is the “buy and hold” approach, where you’re sufficiently cashed up to rent out your renovated properties and gradually build up a portfolio of lucrative properties, then rental yield is obviously important.
There’s an absolute science to finding those elusive rough diamonds that are going to turn a profit, and the more pieces of the puzzle you can put together, the higher your chances of success!
So if you haven’t checked out the latest Top Rental Performers Report from CoreLogic, it’s certainly worth a look. Interestingly, Queensland dominates the top performers, with 24 suburbs; followed by 19 in NSW; 18 in Tasmania; and 10 suburbs in ACT. Read the full report here
And don’t forget when you sign up to my Cosmetic Renovations for Profit course, you get a CoreLogic RPData subscription for just $150 a month (discounted from $616 a month), giving you complete access to the essential stats you need.
P.S If you’d like to learn more about my Cosmetic Renovations For Profit Course and learn how you too can renovate for profit, click here.