Six tips to invest in property interstate

Aussies which are looking to get into the real estate game should expand their horizons and look interstate when considering property investment.

Any suburbs within an hour of Brisbane and the Gold Coast are considered great investment opportunities, according to Binvested property expert Nathan Birch.

"Don't be afraid to get outside of what you currently know. There are still bargains to be had in other places, you just need to make sure you have all the checks and safety nets in place, to minimise risk,” he said.

Also read: Will there be an Australian property crash?

This is especially good those Aussies living in Sydney or Melbourne as there is much cheaper housing outside of those cities.

Six top tips for buying property in another city

1. Have the right team to help you minimise risk

Make sure you have real estate agents you can trust, good pest and building inspectors, a solicitor that specialises in property law and a great property manager that knows the area you are looking to invest in. 

Also read: Seven factors that will shape the 2016 property market

2. Research and understand the area in which you are buying

Use every means possible - friends, the internet, people who have bought there, talk to local property managers who know the area too. 

3. Make sure you understand the market

Always buy properties which are below market value and make sure you’re not buying holiday homes, student accommodation, serviced apartments, off the plan or something in mining towns that are high risk investments. 

4. Conduct all due diligence

Pest, building and strata reports are essential – a pest and building inspector can pick up on things that you wouldn’t know what to look for and a solicitor will be able to pick up any discrepancies in the Strata report.

Make sure you have a great team of experts that examine the property you are looking to buy, from all angles. 

Also read: Melbourne edges out Sydney on property returns

5. Know the numbers for the property and make sure they add up

Don’t buy on emotion, instead treat each investment property like a business – buy based on numbers and make sure the property is in line with your long term goals. 

6. Get a good property manager

Get a proactive property manager, which understands your goals, to inspect the property and manage it correctly – this will be one of your greatest assets.