Are you looking for an investment property?
Buying a property to rent out is a significant investment that will put extra cash into your pocket every month.
You might have narrowed down the suburb you’d like to invest in, but where exactly in this suburb should you invest? Studies say that properties in close proximity to budget supermarkets are in demand in the rental sector. Here’s why….
Most people need to dedicate time out of their busy daily schedules for regular trips to the supermarket. Whether they’re stocking their cupboards monthly or in need of a few odds and ends each week, they’ll visit a supermarket without fail.
People looking for rentals are more likely to choose a property near a budget supermarket than one that takes significant time to reach, as many Australians already battle lengthy commutes to and from work. Grocery shopping already takes time – from navigating the store to waiting in line – so most people don’t want to spend more than 20 minutes from start to finish. Therefore renting a property close to a supermarket would be a good investment.
Students, single professionals, pensioners and even parents with young children appreciate the convenience of being able to get what they need from a store when they need it. This makes a rental property close to a store appealing to a variety of possible markets – unlike schools (which only appeal to parents) and nightlife (which only appeals to students and singles). A supermarket’s ability to stock everything from diapers to cigarettes to milk makes it a good common denominator.
No Car? No Problem
If given the option, most people would prefer not to drive unnecessarily.
If your investment property only offers single car parking or off-street parking, residents will prefer to visit places in walking distance rather than risk losing a coveted parking spot.
The walk could even be used as an opportunity to walk the dog or get some exercise, killing two birds with one stone.
Having a supermarket down the road with everything a tenant needs is a massive boost to the popularity and value of your property.
If you are looking to invest in rentals, the first places you should look at should be near budget supermarkets.
For more advice on investing in property in Australia, contact Wise Guru today.