Ways to Sniff Out a Great Location
Finding the right property location is crucial to ensure strong long-term capital growth. Here are some ways to make this easy:
- Know your budget – the best way to determine your budget is to meet with your mortgage broker to obtain pre-approval.
- Short list suburbs – ring the real estate agents in that suburb and ask what you can buy within your price range. If you can’t buy what you are looking for, ask which suburbs nearby offer the type of property you are after.
- Map the suburb – all suburbs have preferred “pockets”. Take a map to the real estate agent and ask them to highlight the different pockets in terms of popularity
- Research infrastructure – infrastructure drives property prices so do some background research on what the local council’s plans are.
- Isolate lifestyle attractions – areas that offer lifestyle attractions such like parks are favoured when compared to suburbs that offer fewer amenities.
- Hang with the locals – ask the real estate agent why people like living in that suburb. Then pop down to the suburb’s most popular spots, like a picnic area or coffee spot and observe the type of people there.
- Ensure transport options – the more transport options available in a suburb, the more valuable the suburb will become over time.
- Don’t listen to the naysayers – having a fresh set of eyes without knowing about a suburb’s ‘stigma’ can work in your favour because you’re looking at the suburb based on the fundamental merits that make a suburb valuable.
