Amenities is a silent achiever when buying property. This is relevant if buying to occupy or invest. In this article, we take the opportunity to highlight how amenities should never be overlooked when sourcing the right investment property.
It is widely known that the further we live from Melbourne (or any city for that matter), the fewer amenities become available. The closer we are to the inner cities of Melbourne, we have an abundance of activities to choose from. This may be available within your suburb or surrounding suburbs.
What sort of amenities are people into?
When buying an investment property, we need to look in advance to the type of tenant we may attract. Some areas have a great focus to wine and dining, while other suburbs may be known for recreational activities such as sports or shopping.
Fitness Fanatics – these type of tenants are popular as their physical activities benefit their positive outlook on life. A happy tenant will look after your property and live their long term. Fitness fanatics want to live in areas where they have park lands, walkways and running tracks. They also look for fitness centres such as gymnasiums and CrossFit boxes. Many like to even ride to work.
Corporate Professionals – these type of tenants are also popular. Usually on the basis they are a high income earner. A high income earner will afford your asking rent and be in a position to pay on time. Corporate professionals are heavily consumed by their work. They are looking to occupy a property that is low maintenance and close to the city (i.e. Melbourne CBD). It’s often that the same employment in the city can fetch a significantly higher income as apposed to regional suburbs. These type of tenants also seek public transport routes to work.
Doctors/Medical Professionals – these type of tenants are also very financially independent. If the location meets their needs, they are very capable of paying high rent. Doctors and medical professionals are also heavily involved in their working career. They are rarely living in your property, leaving it clean, new and unused. These people like to be close to work given the extensive hours they work. Finding properties close to hospitals, medical clinics and public transport is valuable to attract these type of people.
School Teachers – these type of tenants are very organised and structured. They often have clean working habitats and apply these habits at home. Many new school teachers are a younger demographic. They appreciate spending weekend mornings at cafes. There are some exceptional cafes in suburbs within 10 kms of the Melbourne CBD. They are very responsible and generally pay the rent on time. Public transport is desirable, but many school teachers like to drive to work.
Young couples – these type of tenants are also desirable. Having a companion also makes for a happier tenant. They have the ability to share the costs of rent. Younger couples like to spend evenings at nice restaurants or bars. Some like to get involved with yoga, cooking classes or arts. It’s common that they may only share one car, so public transport is ideal to attract young couples.
Every individual has their own interests. When purchasing an investment property, some investors get caught up on the focus towards school zones. Though influential, there are many other fundamentals that need to be reviewed. Looking at the amenities is one of those important factors to consider.
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.
June 2018
