What makes an area special

Buying the worst house in the best street used to be a sure-fire way to guarantee your property value’s stability.  But with so many factors at play and increasing pressure on the housing market, buyers should be aware that there are certain localities that will ensure a home maintains value and becomes a prized offering when it’s time to sell. The old adage of location, location, location has never been more accurate and home hunters should be aware of certain settings and spend their property dollar more wisely. Michael McNamara, General Manager of Australian Property Monitors insists there are four major factors, with regards to location, that continue to see property to hold its value.

1. Waterfront
By far the most coveted and enviable setting is on the waterfront. They’re not making any more waterfront and environmental laws make it harder to build even if you’re lucky enough to acquire waterside property. “Properties on the water’s edge are becoming increasingly rare,” says McNamara. “Demand continues to grow and is assured to exceed supply. Therefore better long term growth rates can be achieved.”

2. Public Transport
Rising fuel costs and parking difficulties makes a locality with good public transport facilities highly desirable. “Roads are becoming more and more clogged with traffic,” says McNamara. “Areas with easy access to train, bus or ferry routes will command a premium price.”

3. Amenities
Having amenities in your immediate vicinity offers convenience and lifestyle, and that can be measured in dollar terms. McNamara explains that “Amenities make a community what it is. Neighbourhoods that offer close proximity to shops, schools and hospitals will always be in demand.”

4. Proximity to CBD
Time is money and this includes travel time. Hours spent commuting could be far more productive on other leisure or work activities. The business district provides jobs and is increasingly popular amongst home buyers. “If people can find employment and enjoy rapid access to that employment, it fares well for a suburb and we’re seeing city fringe precincts continue to enjoy solid growth rates.”

McNamara also adds that “ideally, a suburb should have one or more of these features if it’s to hold value and continue to grow. The better suburbs have a combination of two or more of these factors.” So, if you happen to be sitting in a waterfront home walking distance to good public transport, schools and shopping and within 10 minutes to the CBD, rest assured there are buyers who will pay a premium price for your property. For the rest of us, well, at least we have something to strive for.

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