Investment property in Melbourne can be a great option for those looking to build wealth through the medium to long term. However, there are many considerations to take into account before diving head first into the property market.

Investors must look at the overall health of the property market to determine whether or not a property is worth purchasing. This includes market trends, underlying land value and infrastructure development plans. It also includes keeping an eye on zoning regulations and government policy changes that could impact property ownership.

Top Investment Property Opportunities in Melbourne for 2024

Choosing the right suburb for your investment property is essential. You want to ensure that the area has a good reputation for both affordability and quality of life, as well as being close to transport links and local amenities. It’s also a good idea to consider the current and projected population growth of the area. A high number of people moving into an area can quickly push up prices, making it a more expensive investment.

When it comes to investment properties, you want to look for established houses on large blocks. These have shown to offer substantial long-term capital growth compared to apartments. You should also choose a home that is free of body corporate fees and has a modern floor plan that appeals to renters. This will help maximize your rental returns and minimise expenses. Additionally, you should look for a property with a low vacancy rate and a good track record of tenant retention.