I love when people ask where the next hot spot is going to be, where they should be looking now before the prices get out of control – I hate to be the bearer of bad news but there’s no secret formula to it.
Predictable, and I love it – it’s a case of the flow on effect. As popular and notoriously rapidly growing suburbs become slightly out of reach naturally, the neighbouring suburb gets to reap the rewards and so on and so forth. The great thing for us here in Adelaide though, we aren’t experiencing the ridiculous prices our friends in Melbourne & Sydney are and there are entry level properties in almost every suburb.
There was an interesting story on Channel 7 the other night, encouraging people to consider the northern suburbs due to the affordability. What they failed to bring into consideration was that it really depends what you are purchasing the property for.
The suburb you choose has to be supportive of the reason why you are purchasing the property, what are your intentions?
- Is this your first home and you will be living in it?
Look for a suburb where you can see yourself living, you know the local shops and public transport if need be & have an understanding of the rental market if you think it may be a rental down the track
- Is this your first home but it will be a rental and will continue to be?
Know the rental market in the suburb, be aware of the demographic, potential for growth and take into consideration schools & public transport
- Is this your long term family home?
This is the big one and needs to be convenient and again, in an area where you can see yourself living and continue to for years to come
- Is this a long term investment?
Have an analytical understanding of the rental market and the development plan for the suburb to ensure you don’t come up against any nasty surprises
- Are you looking to buy, demolish and re-build?
This is why you need to think about growth to see that you don’t over capitalise – look into council development plans and watch house prices for new builds in the areas
Better yet, always ask a friendly agent for some advice
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