Arguably the biggest factor that is considered when selecting a home is it’s location. Selecting the perfect suburb to buy or build in is highly dependant on ones personality and priorities, each suburb has a different personality, feel and features. In this weeks blog we’ve come up with a few crucial points that are critical to consider when purchasing a home.
Family and Friends
Whilst there is a growing trend for family members to live further apart, the location of family members plays a huge role in where people want to live. For many people, their social and family life may be based almost entirely in a particular area and too move areas would be a significant change. This factor may play a smaller role in Adelaide than in other States however, given the relatively close proximity of most metropolitan suburbs in Adelaide.
In some developing suburbs, a brand new 5 bedroom home may be available for the same price as a 2 bedroom home in the leafy eastern suburbs. For some, the beautiful streets, array of restaurants and safety of these eastern suburb areas make the invest worthwhile, however for others being able to get greater value for money is the key. Some people would prefer to live close to the city, others would prefer to live regionally. Some would prefer to live by the beach and others by the hills. It is upto the individual to consider what neighborhood will best meet the needs of their lifestyle.
For home buyers who are buying for the short to medium term, this is of particular importance. Ultimately, you will be much better of when it’s time to sell if you have purchased in a high growth area and your homes value has appreciated well. To identify if an area is considered high growth, it is important to analyze the price trends in the area over the past 10 years and identify whether it’s peaking, bottoming or nearing a boom. Analyzing the supply and demand within an area is also crucial to evaluating it’s future growth, as greater sales and new developments than demand within an area will lead to small or no growth.
Although 92% of Aussie households have a car, public transport can be a factor of consideration for families where someone works in the CBD or a child may need to catch public transport to and from school. Trains and trams are clearly the quickest modes of public transport to and from the CBD, so living near one of these lines can be advantageous.