The million-dollar question! What are you trying to achieve and in what time frame? If you are talking about finding an area that may anticipate some great capital growth, then I do the research; I look at the infrastructure and the zoning changes that are coming into place.
There are free resources available to everybody. For example, in southeast Queensland there is a regional plan that covers the development that the Government wants to encourage over the next 20+ years. So grab a copy and read through to find the areas in which the Government will be (or already are) spending significant money on infrastructure, and where industry is focusing. Also the Australian Bureau of Statistics also has some fantastic free resources as do alt of real estate listing sites, real estate company sites etc. You wont have to look too far to find gold!
f course ones budget and desired outcomes also dictate which areas will be practical or desirable. It’s then just a matter of choosing where to operate. I choose to operate within an hour of where I live. Literally there are deals of a lifetime in every suburb every week in most areas in Australia so it’s just a matter of being out there looking for deals, knowing what you’re looking for and knowing property values of an area. Strategically, look at what you’re trying to achieve over the long-term.
It’s all about education, research and knowing the market. I spend most of my time researching and looking for deals. You have to kiss a lot of frogs before you find the prince or princess!
Paul Derry is featured in the Property Millionaire book.