Why location is so important in real estate

If you ask a real estate agent to name three of the most important things a property should have, you’ll likely hear ‘location, location, location.’ That phrase has been in use at least since 1926, according to The New York Times , and is just as relevant now as it was then. Interestingly, this applies to buyers looking to either occupy the property or to invest.

Why does location matter so much? Might sound like a joke, but you can’t move a home (if it’s possible its extraordinarily difficult and very expensive). When buying a property in a good location, it’s usually a solid long-term investment.

If ‘location, location, location’ is so important, what makes a location so good? We have labelled five features to look for when buying a home. If you can tick all five boxes, it’s likely you’ve found a winner!

1. Great lifestyle

Having convenient access to popular places, such as shopping precincts, cafes and restaurants can truly make life wonderful. Everyone wants to be near the best local amenities and sporting recreations. Not only will you enjoy the location you occupy, the liquidity to sell in the future and/or to lease to a tenant will amplify.

2. The neighbourhood is safe

People want to live where there’s little or no crime. Naturally, they want to feel safe in their homes and will pay extra for it. A safe neighbourhood has residents enjoy the outdoor environment, interact with their community and take a nice walk during the sunset. I wouldn’t encourage people to be so relaxed they leave their doors unlocked, but there is greater demand to buy in safe areas. If you own a property in a quite location, the value of your home will always be in demand.

3. Access to public transport and/or freeways

In Melbourne, we are lucky to have access to trains, trams, buses, taxis and freeways. Being near these forms of transport can get you anywhere in a short amount of time. In some suburbs, commuting by car is inevitable, but easy access to the freeway still can make for a good location. However, adding 20 minutes to a commute just to get to the freeway never helps a location.

The further we distance ourselves from the city fringe, the infrastructure becomes more limited. As we lose access to public transport and have less freeways to travel on, the less valuable the home.

4. Great education facilities

Being near a good school or within a school zone district is important, even if you don’t have school-age kids and never plan to have any. The fact is, properties is near quality schools will always be in demand.

Properties in a school location may also witness above market returns.

5. Water access and views

No matter which town or city, someone will always pay for a great view or to be on or near the water. Put a home right on a waterway or on a hill with panoramic views and you’ve got a great location.

What makes a bad location? Well that’s’ a conversation for another day… We have great knowledge and tips to make sure you property purchase is an enjoyable and relaxing experience.

If you want to discuss your needs and further detail, please contact us

www.crestproperty.net.au

While we have taken care to ensure the information above is true and correct at the time of publication, changes in circumstances and legislation after the displayed date may impact the accuracy of this article. If you want to learn more please contact us. We welcome the opportunity to assist you.

August 2017