How to rate a good suburb. Metropolitan Melbourne is blessed with some incredibly designed suburbs. Whether you’re buying a new home to live in or looking to invest, there are many contributors and factors that narrow a good suburb down to suit your particular needs.
Owner occupiers may factor more contributors to a suburb that features lifestyle, while investors may be looking for suburbs that are evolving and have access to reputable public transport. There are many amenities that really are silent achievers and not only benefit your lifestyle, they will enhance your property value in the future. In this market insight, we’d like to share some of those to help you in your buying journey. Should you need any assistance, please feel free to contact us at Crest Property Investments.
What makes a good suburb?
Many home buyers feel pricing affordability is the primary focus on a good suburb or purchase. This has something to do with it, however these are some larger points to review, particularly if you are looking to make money from your purchase.
Public transport (trains, trams, buses and major arterials)
This is one of the most underlying points to consider. Is it walking distance or driving distance? If its driving distance to the train station, will you be able to find a car park when you commute by train? Does the car park have time limits? Many travellers find a bus more comfortable to a train, while it often gets you closer to your destination. However trains commute faster to the Melbourne CBD. What is most important to you? For investors, you need to understand the demographics to understand how people commute to work. Many prefer a drive their own vehicle too.
Education
Education can be different for everyone. For younger families this may mean childcare or kinder facilities. You may need primary school or secondary colleges. For younger adults, being in closer proximity to a university or TAFE many also be an important aspect to a good suburb. If you plan to buy and live, you need to understand how long you plan to occupy the area and if you plan to have a family. For investors, this can be assessed on different levels, but if you want to own a house rather than a townhouse, schools are likely more important as the renter will likely be a family.
Dining and entertainment
Melbourne’s long term culture is to enjoy their social life. This may be from an eggs/bacon breakfast at a boutique cafe, a wine and dinner at a restaurant or perhaps having a drink at a local bar. Entertainment varies for everyone, but consider the more popular ones if you are looking for a property to appreciate in value. Gymnasiums, yoga studios, cinemas and book clubs are some of the many fun activities that enhance your lifestyle.
Shopping
Shopping doesn’t just mean having access to supermarkets or pharmacies. Many people enjoy shopping and consider it one of their favourite social activities. When rating a good suburb, you’ll want to see a variety of speciality stores, shopping centres, retail outlets and other places to find both your necessities and wants. Having a large shopping centre such as a Westfield becomes a large anchor to a suburbs future prospects. Local councils will add further investment into the area with the support of these large amenities.
Medical facilities
When anyone becomes unwell, most don’t want to travel a long way to get some medical assistance. Suburbs filled with pharmacies, medical clinics, specialists and hospitals will contribute greatly to a good suburb. For investors, you’ll want a good tenant ina secured job. Perhaps the tenant is a medical staff, nurse or doctor that works in on of these local facilities. They often work long hours so they may want a short commute to home/work.
Parks, recreation and beaches
Open spaces such as parks, reserves, sporting facilities and walking tracks play a large part in a happy lifestyle. Melbournians often live an active lifestyle and enjoy the great outdoors. For families, local playgrounds and sporting facilities are important. For investors, most of these lifestyle needs should be considered. A happy tenant will pay more rental income if the property is located in a good suburb and within these communal spaces.
What are the good suburbs in Melbourne?
There are many good suburbs wells suited to both owner occupiers and investors. There are also evolving suburbs neighbouring to good suburbs that will receive the same benefits. The ripple effect is very true. If we use an example starting from Brunswick, located 6 kms from the Melbourne CBD. It once was know as a relatively unsort after area. Its now seen to be a trend neighbourhood with a vibrant community. The attraction has now expanded to other neighbouring suburbs including Northcote, Thornbury and now into Preston. With gentrification a suburb can evolve into a good suburb.
If you’d like to learn more about where to buy, particularly if you’re an investor, please feel free to contact us.
At Crest Property Investments we specialise in sourcing brand new and off the plan properties for buyers. We also do not charge fees to buyers! If you’d like to learn more, please feel free to contact us. We welcome the opportunity to help you make the best property decision.
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.
March 2022
