For anyone looking to buy residential property in Melbourne, there are seven basic principles to follow

There is no such thing as a "Property Market". It is not like a convenient central fish market where people go to buy a Cod or a Flathead. With property, everyone has to go out and hunt on their own. What can people do to make landing a great investment property easier?

Whether you live in a house or rent it out, it is always an investment.

1. See to the money first.

Real estate agents and property locators like Accrue Property help people better if they know that the buyer's finance is approved or that there is cash in the bank.

Agents and property locators do not like to waste their time showing people residential properties that are nearly always new, recently completed, under construction or about to start construction if the person is not ready and able to buy. The vendors get upset with tyre kickers and time wasters as well.

Take along proof that you have the ability to enter into a contract that will settle .

2. Know and be honest about how much you have to spend.

Agents and property location services have a lot of contacts in the property development industry. There are entry properties like town houses and at the other end of the spectrum, new houses in popular suburbs.

In Melbourne, you can expect to pay a lot of money when buying and then to pay it off over the next 30 years or so with interest, so know what you can afford to pay and let every agent or property location service know your upper limit. It is always best to be upfront and it saves time because the person helping you can show you a selection that you can actually buy rather than dream about.

3. Work out how much space you need before you start the hunt.

Investors expect every property to have at least two bedrooms, one bathroom and perhaps one powder room. If you buy a rental property with two bedrooms and that could attract a tenant with no kids who could have a higher capacity to pay more rent for the property therefore bring you a higher rate of return.

For a home that you are going to live in you need three bedrooms and a double garage, tell the property consultant what you actually do need. He or she will then be able to give you a useful selection or new, used or off the plan homes to look over.

4. Choose a suburb carefully

Some suburbs are unpleasant. Social issues, unemployment, crime rates and isolation from services have made some Melbourne suburbs unattractive.

Do your home work. Google a suburb and see what goes on there before you seek out an agent or property location service.

Look at or find out how property values have increased in a suburb over 30 years. That way the long term data will show a pre property bubble trend line that is an indication that growth may continue into the future or the opposite.. how badly property values have changed over 30 years.

Put your money where it will work for you while you pay it off. Why buy junk property in a hell hole when a little more money per week will get you a better set of tenants or a more pleasant life style.

5.  Detached dwelling ? Town House ? Duplex ? Apartment ?

There are many options to choose from in Melbourne. Property builders are creating new stock all the time and agents are always looking for investors or home owners to buy new property.

Know what you want before you approach and agent or property location service.

It is alright to change your mind but at least have an idea of what you want so that you can be introduced to the right property

6. Fitout and fixtures

When buying off the plan property builders often give a buyer a choice in colours, floor coverings, garden design and importantly, the quality of the fittings. If you intend to live in a property you might like granite benches and gold taps but as a property to rent out, gold taps might not be needed as they will not increase the rent in most cases.

Ask your agent or property locator if you can choose the colours and fixtures. Insist on finding out as there have been some project builders who price a house that is exactly the same differently for negative gearing investors compared to owner occupiers.

7. Don’t just look in your back yard.

Some location services like Accrue Property can introduce you to properties that are our outside of your neighbourhood and could easily have been overlooked by a person who is just getting into the market. They can prepare detailed reports on the features of a property, historical data on a suburb in Melbourne and the specifications of a property that they introduce. You can take information like that to an accountant and compare it to your suburbs in your local area and often you may find that these properties are more suitable to the ones you may have already considered.

Property professionals know the industry and can help people who are new to Melbourne to buy with reassurance and then confidence.

Often a little bit of advice can save a huge mistake.

We asked Jeff Grochowski of Accrue Property how a property location service can assist first time or experienced buyers.

"Getting professional advice on property in Melbourne is important.

We encourage people to get professional advice and can refer our clients to a panel of service providers that can assist with necessary things such as legal advice, depreciation schedules and landlords insurance.

We help people when they have made their own professional enquiries to access properties in particular suburbs of Melbourne or even particular streets within suburbs of Melbourne that may normally be overlooked or that they would not been made aware of had they decided to source property on their own. 

We always introduce multiple properties to our clients so that they have choice and never feel pressured to buy any one particular property, when introducing any property we also provide a due diligence summary so the client can assess the suitability of one property over another." 

About Accrue Property

Accrue Property Consultants will advise on:

* Different types of property acquisitions
* How to accrue real estate
* The difference between good and bad residential property
* How to mitigate certain risks that could arise when acquiring a property

Independent Finance Consultants will advise on:

* How to find cash flow you didn't know you had
* Just how little it can cost to buy a property
* How to correctly structure a property purchase
* Your capacity to afford real estate

Real Estate Consultant
Address: 92 York Street, South Melbourne VIC 3205, Australia
P.O. Box 416, South Melbourne
Phone:+61 3 9696 0085

Estate Agent's Licence No.07329L
Accrue Property Pty Ltd
Accrue Property's Director, Jeff Grochowski holds a corporate real estate license within Victoria and is a member of the Real Estate Institute of Victoria (REIV).