When purchasing that perfect first home or investment property the Number 1 golden rule that has stand the test of time remains still to be the same..
LOCATION, LOCATION, LOCATION!
When looking at different property types, different suburbs and different locations when it comes to the ultimate objective, Price Growth the suburb itself has an 80% influence and the property 20%.
The Market demand of a suburb is driven by a combination of surrounding infrastructures, lifestyle factors and social status awareness.
1. Economic Activity: Accessibility to job opportunities and ability to earn a good wage.
2. Human Interest: What can I enjoy around my suburb on the weekend? What are my local shops, supermarkets, cafes, restaurants and parks like?
3. Human Behaviour: What will people think of me, if I live here?
Therefore it is crucial when choosing your next property you are accessing each potential candidate on its location merits first and foremost. Next Homes Australia have put together a dynamite check list of the very Best 20 Location Questions to ask when your purchasing an established or newly built home:
- What Infrastructure (current and planned) is around the suburb or new estate you are considering?
- Economic Sustainability– Are there job opportunities locally or can I access quality job opportunities easily? Suburbs close to Melbourne Central Business District or Victoria’s Satellite Business Districts.
- Freeways and Accessibility– Access to main roads/freeways, airports and Central Business District.
- Public Transport– Distance and convenience to Public Transport
- Commute time frames– Can make or break a purchase.
- Education– What schools, primary and secondary are currently in the area and what is planned for the future? Reputation of the school and curriculum important drivers for parents.
- Road Location– It is always a preference to be fronting open space, parks or water, however if this not possible, try to ensure you home is on a quiet street, not fronting any T intersections, or round about, not near any transmission easements or light poles and as far away from any main roads or freeways as possible.
- Parks and Open space– Always a massive influence on all buyer types, if a suburb or new estate has plenty of parks, sporting ovals/facilities and open space brownie points are always scored, no matter who the buyer!
- Cafes and Restaurants– The more quality and variety the suburb offers the more lifestyle demand the area will attract.
- Lifestyle and Well-being Amenity– Types of shopping strips, supermarkets, gymnasiums, health and sporting clubs are all extremely important.
- Safety and Crime level– Is the suburb a safe area to walk, raise a family? What is the rate of crime in the area?
- Environmental Factors– Bush fires, flooding, high winds, termites or insects and issues around soil movement and surface levels.
- Neighborhood Ethnicity– Suburbs with Mixed ethnicity increase future market share.
- Demographics and Culture– The culture of the neighborhood and the Demographics are big factors during the buying process. Age, social class, white or blue collar workers, etc.
- Traffic– What is the local traffic like. Ask locals and do your research, this question can expose any important road upgrades and changes needing to be addressed in the area. What is the council doing or planning to resolve any issues?
- Market Demand– Is the suburb hot or demonstrating an increasing level of demand?
- Distance to Non-Residential Dwellings– i.e. Fire stations, cemeteries, government housing / facilities or any other non residential property. Too close will expose you to constant noise, movement, safety issues and appeal to a smaller market share for future resells.
- Around the clock Activity– Ensure you visit during the day, at night, at peak hours, during the week and over the weekends. This will ensure you establish a good understanding of the area.
- Privacy– Is the property exposed, Are fences allowed or how much distance is there between neighbors?
- Resell Value– What has the history shown for the area you are considering? What features of the area and property will increase the resell value ?
Next Homes Australia have you covered, make use of our 20 question checklist and you will be well on your way to finding a fantastic property Location.