For first time homebuyers, entering a ‘dream’ suburb is achievable, with a tactical, long-term investment strategy in place. Factors such as budget, availability, size and proximity to the right amenities can all impact on the search, so it pays to consider your approach.
Identify the location
Map out both your ‘dream’ location alongside secondary options. Suburbs that are in close proximity to your ideal location are to reveal opportunity to invest close by. Entering the suburb of your dreams can take substantial time, research and resources, so be realistic about what areas are affordable and what areas will be achievable in the future.
Purchasing property on the best street in a suburb in close to where you hope to live, or adjacent to, will put you in a strong financial position come time to move. You’ll be in a wise place to secure a property if you are already in close proximity to the area you hope to live in future.
Buy close to amenities
To maximise capital growth, you must be close to amenities unlikely to relocate, such as schools, railway access and shops. With the aging baby boomer population, there is soon to be high demand for smaller properties in those areas, which will create competition and also see larger homes on the market at roughly the same time.
The first step for any new homebuyer is to buy in the best suburb possible. Let it is grow in value and repurpose the equity for future deposit in an attractive location.
In purchasing in a blue chip suburb, you are better to buy a small property as an investment, and perhaps rent the dream home in the same area. Your investment will grow, and at a later date you can change over/buy up or use the equity in the existing investment.
As buyers advocates, we can help you select the right area to suit your budget, needs, family and lifestyle options. We can identify areas that will provide the best return, opportunities for growth and come time to buy, can appraise the value of the most suitable property to negotiate the best prices possible.