An Australian property expert has urged investors from Sydney and Melbourne to look towards buying property outside of their residential city in the current market.

Simon Pressley, head of property market research at Propertyology, said savvy buyers from Sydney and Melbourne shouldn’t be afraid of investing interstate.

“There’s been speculation and debate about peaks and bubbles but it’s generally accepted that the boom in Sydney and Melbourne is over,” he told Your Property Investment Magazine.

“Look seriously at investing in other locations – it’s really a case of diversify or die wondering.”

With property prices in Sydney and Melbourne widely regarded as expensive, Mr. Pressley stressed that wasn’t the case nationwide.

Recent statistics showed that property in cities such as Brisbane and Hobart, where prices are more affordable, are continuing to experience solid growth.

“The greatest danger in the cooling of Sydney and Melbourne markets is that investors assume that our whole nation is off the boil,” he said.

“Outside of Sydney and Melbourne, growth cycles lie ahead. You can buy investment property with better growth potential and higher rental yields.”

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