The distance between is void
There’s no rule that says to invest where you live but it appears for a long time most investors haven’t been straying too far from the familiar. However, the past few years have seen them buck that trend with recent figures demonstrating significant growth in the ‘away investor’.
The distance between where landlords live and where their investment properties are located has been growing, quite significantly, over the past few years and research from MCG Quantity Surveyors has found the distance between residence and investment has almost doubled in the past twelve months from 857km (2022) to 1502km (2023).
A big jump for a twelve-month period, the research also found that the increase in remote investing from pre-pandemic days has been even more substantial, with distance in January 2020 just 294km.
The opportunity for property investors to expand their portfolios in order to make informed and successful investment decisions is supported by the expertise of many professionals, with property managers playing a significant part in bridging the gap, which is sometimes, quite literally, hundreds of kilometres.
While not all investment purchases are made ‘sight unseen’, the use of technology has allowed for more informed decisions to be made from anywhere in the world.Real estate landscapes differ significantly throughout Australia, and savvy investors are consciously keeping an eye on the wider landscape to ensure their next investment opportunity is maximised.
Distance is no longer an issue. Remote or ‘away’ investors are in no way disadvantaged when it comes to the purchasing and management of a property, with the help of locally based property managers to ensure the property is well maintained and leased appropriately.
With a strong understanding of their service area, your property manager knows – better than most – how the market is sitting and can advise on what is best suited when it comes to preparing the property for rent, finding the right tenant, and employing quality trades and services for the life of your investment.
When opportunity arises, distance is not an obstacle as your property manager is a mere phone call or email away.
If you are considering expanding your property portfolio to a new postcode, reach out to your property manager to get you in touch with other local RE/MAX real estate professionals in our network to help you make the most of your growing portfolio.
SOURCE: RE/MAX Australia
