If you’re looking to follow the big money in property investment, then you’ll want to find Australia’s high-income households.
Big incomes often mean serious real estate prices, so it’s no surprise figures released by the Australian Bureau of Statistics have identified the salubrious Victorian suburb of Toorak as having the highest annual income per resident with an average earning of $150,548 per year.
It beat out the Sydney suburbs of Mossman and Double Bay, both of which have residents earning an average of just over $140,000 per year. For regional centres, big mining pay packets put Karratha and Port Hedland in Western Australia at the top of the earners list. And speaking of lists, one analyst has released a report revealing its top Australian suburbs for investors.
Real estate portal Onthehouse.com.au looked at a cross section of criteria to come up with its pick of the best 50 suburbs across Australia for property investors. Morayfield, located 40 kilometres north of Brisbane, took out the top spot while the New South Wales suburbs of Mt Annan and Paradise Point came in second and third respectively. Onthehouse found fringe and regional suburbs to be the best investment bets, with rental yields exceeding 5.5 per cent and low buy-in price-points equaling big potential. And finally, here is a warning for real estate agents.
The corporate watchdog ASIC is putting agents on notice that they must hold Australian Financial Services Licences if they are going to advise buyers to use their Self-Managed Super Funds as a way to purchase property. In a letter to the Real Estate Institute of Australia, ASIC says unlicensed agents telling clients to purchase in their SMSF, are in breach of the law and face fines of up to $34,000 or imprisonment for two years, or both. While many may be unintentionally breaking the law at present, ASIC and the REIA say they are now officially on notice, so agents need to watch their conduct.