{"id":7094,"date":"2016-02-26T01:00:13","date_gmt":"2016-02-25T14:00:13","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=7094"},"modified":"2016-02-26T01:00:13","modified_gmt":"2016-02-25T14:00:13","slug":"i-want-to-buy-in-the-very-best-location","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/i-want-to-buy-in-the-very-best-location\/","title":{"rendered":""I want to buy in the very best location…" – Shannon Davis"},"content":{"rendered":"

 
\nIn today’s show\u00a0Shannon Davis\u00a0<\/strong>from Metropole Property Strategists talks about the belief that it is all about \u201clocation, location, location\u201d. He says it is a basic fundamental truth about successful investing.
\n <\/p>\n

Transcript:<\/h4>\n

Kevin:<\/b>\u00a0 There\u2019s a TV show called Location, Location, Location<\/i>, and you could be excused for thinking that buying a property is all about location. Is that true, or is it just a myth? Let\u2019s try to find out. Shannon Davis joins us from Metropole Property Strategists.
\nHi, Shannon.
\nShannon:<\/b>\u00a0 Good day, Kevin.
\nKevin:<\/b>\u00a0 You\u2019ve probably heard that, and you\u2019ve probably heard a lot of people come to you and say, \u201cI want to buy in the very best location and get high capital growth and a great return.\u201d Is it possible?
\nShannon:<\/b>\u00a0 It is, and if you\u2019re going to do just one thing, then that would probably be the best advice you could get: just buy the best piece of dirt that you can afford with the best location.
\nKevin:<\/b>\u00a0 So that\u2019s it. You agree with that myth, do you, that it\u2019s all about location?
\nShannon:<\/b>\u00a0 Yes. I would principally put it before all the others. It probably has very little to do with the actual property \u2013 the kitchens and the bathrooms and the floorboards and the street appeal. It\u2019s actually more to do with the dirt and the demographics of the area. Location is the one thing we can\u2019t change about the property. We can always cosmetically improve the fa\u00e7ade and the condition of the property, but we can never change its location.
\nKevin:<\/b>\u00a0 Just to add to that, quite often a comment I\u2019ve heard is \u201cOh, if only this property were in Ascot, it would be worth twice as much.\u201d That probably proves that theory that it\u2019s all about location. If that\u2019s the case, Shannon, why then do we get so caught up with all the niceties about the property?
\nShannon:<\/b>\u00a0 I think it\u2019s an emotional buy for a lot of people. When they get into the property, they can\u2019t see past the work or imagine themselves in the property or using it as one of their rentals. It actually does reward those people who can actually have a little bit of vision and see past maybe the ugliness of a property that\u2019s maybe unrenovated but in a great condition. Often, people will be attracted to the bells and whistles of a brand new property that\u2019s further and further out, but the land underneath that property isn\u2019t as valuable.
\nKevin:<\/b>\u00a0 Probably the one major piece of learning that comes out of this myth is that you should put aside the emotion of buying the property. I suppose if you\u2019re buying for an investment, you should therefore treat it like a business.
\nShannon:<\/b>\u00a0 Yes, definitely. Look at its history, the track record of the area, the ups and downs, because all property markets have ups and downs. If it\u2019s for investment, the first rule of investment is not to lose your capital, so you want a nice, safe, and steady return. You don\u2019t want the big pitfalls if there\u2019s a correction.
\nOften, one way to help protect your property and its value is to be in an area where there are lots of owner-occupiers. For these guys, it\u2019s their home, not their investment, so if there was a downturn or a recession or GFC-type event, they\u2019re going to hold on to their properties because it\u2019s their home.
\nKevin:<\/b>\u00a0 In dispelling a lot of these myths that we\u2019re doing right now in the shows, we\u2019re hearing from a number of people who are saying, \u201cAlways buy blue chip. Always buy inner city.\u201d Is it as simple as that in picking the location? What is it that you look for, Shannon?
\nShannon:<\/b>\u00a0 I think not as simple as that. I think there are some areas and streets and parts of suburbs that don\u2019t perform as well. Often it\u2019s visible \u2013 it could be too close to a main road, too close to a train station \u2013 but sometimes it\u2019s not visible. It might be that there\u2019s pockets of industry that make awkward noises at different times, and you only know that from living there, or it\u2019s had flooded waters in the 2011 or 1974 floods, or there\u2019s a high proportion of social housing that could be a bit of a drag on your capital growth.
\nIt takes a lot of research, and not just saying, \u201cWell, that\u2019s in Ascot. That\u2019s going to be a good property.\u201d Some streets perform and some sections perform better. It\u2019s really local knowledge or thorough research that gives you that edge.
\nKevin:<\/b>\u00a0 So you can\u2019t beat getting on the ground, having a look around and experiencing the property at different times of the day, different environments to see what really is happening in that particular area, in that street.
\nShannon:<\/b>\u00a0 Yes, that\u2019s right. We\u2019re all probably experts on our own little patch of where we live and where we jog and where we play, but to do it on a greater scale, to do it across multiple cities or towns or suburbs, it really does take a huge amount of research or a lot of time in that area.
\nKevin:<\/b>\u00a0 Always great talking to you, Shannon Davis from Metropole Property Strategists.
\nShannon, thanks for your time.
\nShannon:<\/b>\u00a0 No worries, Kevin. Any time.<\/p>\n","protected":false},"excerpt":{"rendered":"

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