The most important property investment tip is to ensure your financial house is in order. How healthy are your finances? What are your existing personal and business commitments? When you are clear about this you can organise the level of your investment budget and look for a good mortgage broker.
If this is your first investment property you will need a deposit plus additional funds for legal costs. There are lots of loan options, from traditional and non-traditional lenders, so you may have more investment options than you think. If you are already in the investment property market you will have more leeway, with equity from another property giving you leverage.
A good investment property should have strong capital growth potential. Look for towns where population growth is above the national average, where the economy is growing and there is a demand for housing. Is infrastructure being developed? This is an excellent sign of long term local growth.
Check vacancy rates with real estate agencies. When vacancy rates are low it often indicates there is a lack of housing stock, so your property should enjoy a high level of tenancy. Areas with a less than 2 per cent vacancy rate show that properties are in high demand, meaning they will command higher rent. Is there a preference for furnished properties over unfurnished ones? If so it may be advisable to furnish the property; affordable furniture packages can be found in large retail chain stores.