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A property expert reveals his top investment picks for 2024.
It’s a good time to invest in property across Australia, according to buyers agent and author Lloyd Edge.
Mr Edge, who owns 18 properties and works across the country, has revealed his tips for investing and top locations heading into 2024 across Sydney, Melbourne and Brisbane.
He said the current market presented many good opportunities to invest or buy a home.
“I always think that there’s always a good time to invest based on getting the right property and at the right price because you can pay too much for a property in a soft market and too much for a property in a hot market,” he said.
Buyers’ agent Lloyd Edge
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“We have seen generally what we call a buyers’ market for most of this year where prices have come back and there are more opportunities. It hasn’t been such a great time to sell with properties sitting on the market longer and more chances for buyers to negotiate.
“The lack of listings is keeping prices up so it’s preventing the market from crashing but at the end of the day it’s still a good time to buy. You just have to find the right property and understand what you are trying to achieve.”
Mr Edge’s advice for investors keen on rentals was to buy in suburbs with less than 3 per cent vacancy rate.
“If you go for something higher then there’s a chance your investment property may sit vacant for some of the time,” he said.
Mr Edge advised investors seeking a rental to buy in an areas with vacancy rates below 3 per cent. Picture: Max Mason-Hubers
“Anything below three per cent is a good chance you won’t have any issues with vacancies.
“However what I am finding is most areas where we are buying at the moment have below 1 per cent, sometimes even below 0.5 per cent, it’s so tight.”
Mr Edge said investors needed to determine their goals before starting the journey.
“You need to know if you are looking for something that’s has a good yield on it, that’s going to dictate what type of market you buy in,” he said.
“Are you looking for equity? Maybe something that you can renovate, an ugly duckling – the worst house in the best street which could be a great outcome for your portfolio.”
Coogee has been highlighted as a top investment location for 2024. Picture: Monique Harmer
LLOYD EDGE’S TOP PICKS FOR 2024
SYDNEY
Coogee: “Coogee is a gentrified coastal suburb in Sydney’s South-East, on the cusp of significant growth thanks to increasing infrastructure projects scheduled for the near future.
“The $2.2 billion South-East Light Rail connecting the area to Circular Quay is expected to further elevate its property demand and drive up prices.”
Kingsford: “Kingsford is a residential suburb situated just south of the University of New South Wales, and a stone’s throw away from Coogee Beach. It will also benefit from the South-East light rail project, providing a direct link to the CBD.”
Kensington: “Kensington, located in the City Of Randwick, is known for landmarks like the University of New South Wales and the National Institute of Dramatic Arts (NIDA). It’s set to gain from the southeast light rail project as well.”
A one-bedroom apartment Ormond, described as the ideal investment, sold for $256,000 in August.
MELBOURNE
Caulfield: “Located 10km southeast of Melbourne’s CBD, Caulfield enjoys excellent tram and train connectivity to the city and neighbouring suburbs, making it highly accessible.”
Elsternwick: “A mere 9km from Melbourne’s CBD, Elsternwick offers fantastic amenities, quality schools, and proximity to the beach, making it a prime choice for families.”
Ormond: “Ormond boasts a high owner-occupier rate, a balanced demographic mix, and a growing cafe culture. Excellent schools and public transport make it a rising star.”
BRISBANE
Teneriffe: “Teneriffe stands out with lifestyle precincts, walkability, short commutes, and excellent school zones. It’s strategically located near Brisbane’s expanding CBD job market.”
New Farm: “Known for its riverside charm and convenience, New Farm is a highly desirable suburb. It boasts a village atmosphere and strong demand, reflecting its median house price of $2.63 million.”
Ascot: “Ascot’s central position between Brisbane’s key employment hubs, iconic cafe strip, and solid school catchment make it an attractive choice for residents.”
Teneriffe is identified as a top location to invest.
“RED FLAGS” OF INVESTING
Mr Edge warned of “red flags” to look out for when buying an investment property.
“I try not to buy in bushfire or flood zones, under flight paths or around Housing Commission,” he said.
“If you buy in a quiet street or school catchment zone, those properties will be more in demand. Properties not well located … when the market cools, there’s not going to be as much interest.”
He said he also looked at the amount of government infrastructure in an area.
“It’s vital an area would have retail, manufacturing, education, health care,” he said.
Mr Edge advises investors to seek out locations with government infrastructure and investment. Picture: Max Mason-Hubers
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“For some investors chasing high yields they go out regionally or because they have a lower budget.
“Sometimes people make the mistake of going to a mining town. There’s no drivers in a mining town other than that one industry and there’s a danger of it collapsing, which we’ve seen here in Australia.
“When you buy property you need to buy something that’s really well located that has a lot of industries. If something goes belly up, there’s still a lot of things in the market.”
Mr Edge advised buyers to think about their goals before investing.
Mr Edge said there was also a common misconception that buying a property off the market gets you the best deal.
“Sometimes people sell off market because they don’t want people walking through their homes every weekend, you see this in the eastern suburbs of Sydney,” he said.
“On the lower, medium end people sell off market if there’s personal circumstances like finance issues or a divorce happening.
“Often agents sell off market to try and get a bit of premium on the property, otherwise they will take it to market anyway. So you don’t always get a cheap price buying off market.
“The other misconception is that something may not be listed on realestate.com.au or Domain but it can be listed in the real estate agent’s database which means it’s sent out to everyone on that database.
“The real estate agent will call it off-market and say it’s essentially marketed to you as an exclusive but it’s not really.”