We've all heard the mantra “Location, Location, Location”, but what are the real suburb features you need to look out for when purchasing a property? Regardless of whether you are buying a home or an investment, it’s essential you get to know the neighbourhood before moving in. Here are some key factors to consider prior to taking the plunge.
After finding the suburb you want to purchase in, it’s time to check it out. Spend a
day driving through its main streets, visiting the local shops and cafés and getting a feel for the local community. Don’t be afraid to have a chat with your potential neighbours, after all, they know the area best.
Make sure you’ll have access to the amenities you deem important, such as
parks, walking tracks, bike trails, beaches, or gyms. If you are purchasing a family home,
consider the local school catchment area and access to good schools, both public
and private. Are there public transport links such as a train station or bus routes?
Take the time to consider the suburb’s potential future price growth. There are
some key trends to know if you’re purchasing in a rising suburb, such as low rental
vacancy rates, sought-after neighbouring suburbs and homes selling as soon as they
hit the market.
If you are purchasing an investment, chose a suburb with a high proportion of
renters – no less than 30 per cent – as this will help maximise your returns.