According to ABS figures, the population in Australia has grown at an average of 1.7 percent every year, which means that the demand for rental properties will likely continue over the next few years. If you're thinking of entering the property investment market to cater to young families, then you'll obviously need to tailor your buying strategies to target the right audience. Follow these tricks in your thirst for success!
Look For Homes With A Family/Play Room And A Backyard
If you intend to market your investment property to young families, then you'll want to find a home that is attractive to them. Young families are generally less interested in cramped CBD areas and more keen on single-level properties with a family/play room and a backyard because this gives their kids more room to enjoy their younger years without worrying about space. If you like a particular home without a family room, you may choose to renovate it to attract young families to your rental.
Be Suburb Clever Through Research
Before making any property investment, talk to your buyer's advocate about ideal family-friendly suburbs for targetting your desired demographic. Buying in the CBD may be sensible if you want to target young professionals. But this won't make sense if you want families to move in because parents with kids want to be in areas with local parks and outdoor entertainment areas. Suburbs known to accommodate a lot of families will make it easier for you to reach out to your target audience. Research from RP Data identified the top 100 family-friendly suburbs across Australia to help you determine whether you are making a smart property investment.
Pick A Neighbourhood With A Great School And Lead Marketing With It
Parents want their kids to benefit from the best possible education, so pick a neighbourhood with a well-known public or private school and lead your marketing campaign with it. You'll come up successful almost always because parents tend to put the needs of their children above all else. Working with a buyer's advocate can help you study different school profiles more easily before you make a final decision. My School is an excellent resource to help you get readily available information about over 10,000 campuses and schools in Australia. Armed with this in-depth level of information, you'll be in a superior position to make a property investment choice that caters to your target demographic.
Follow these tricks in your resolve to tailor your property investment strategy to your intended 'young family' tenant profile. For more information, contact property investment companies in your area.