Your patch needs to be special, and buying in a great location offers plenty of pluses, says ME Head of Home Loans, Patrick Nolan.
“No matter whether you prefer the inner city vibe or out-of-town tranquility, your choice of location matters,” he said.
“Where we live can shape our lifestyle and a quality neighbourhood can give you five valuable benefits:
- You’re likely to enjoy higher capital growth
“Good neighbourhoods tend to top the capital growth league tables. Sure, you may pay more to buy into a desirable neighbourhood but it’s likely to be a brilliant investment as local value growth should outpace less appealing areas over time.
- The community is safer, more secure
“We all want to live in a safe neighborhood where there’s little or no crime. A good neighborhood is a place where you are free to walk around, explore, chat with locals and know your neighbours are there for you in a pinch.
- A choice of quality schools
“A neighbourhood with highly regarded schools offers valuable pluses even if you don’t have school-age kids. Families always look at the calibre of local schools as part of their buying decision, and the better the school district, the more sought after your home will be if you choose to sell up further down the track.
- Easy access to shops, cafes, restaurants
“Like to grab a latte on your way to work? How about Sunday brunch at your favourite eatery? Having a good selection of nearby shops, cafes, restaurants and maybe a gym or cinema won’t just boost your lifestyle, it may also give your home the edge in terms of future capital growth.
- Access to transport links
“A good location offers easy access to public transport and/or decent road links. Being near a train or bus is handy, but when a commute by car is inevitable having nearby freeway access can help your home hold its value.
“The key thing is to never lose sight of what is important to you in a neighbourhood. If you’re a footy fan, you may love owning an apartment that overlooks the major sporting grounds. If you’re a nature lover, having access to bush reserves may top your wish list. It’s all about what works for you while still being mindful of what’s attractive to other buyers because at some point you’re likely to upgrade to your next home. That’s when the value of a great neighbourhood translates into money in your pocket.”