It’s the million-dollar question for house hunters all over Australia – how do you choose the right suburb to buy in?
While there’s no one answer, there is a well-tested formula for success, according to WBP Property Group executive chairman Greville Pabst, who has 30 years’ experience as a valuer and agent.
Pabst says many factors go into selecting a suburb, but regardless of which state or territory buyers are in, budget must always come first.
“First and foremost, you have to understand what you can afford,” he says. “Don’t torture yourself going to auctions or looking at homes you simply can’t afford. Set a budget and work from there,” he says.
Having access to parks can be important for families with young children.
“You also want to be able to actually live in a place, as well as own it, without adversely affecting your lifestyle too much. Most people still want to be able to go out for dinner occasionally and have a holiday each year when they own a house, so think really careful about that and take it into consideration,” Pabst says.
Every buyer has different lifestyle needs and identifying them is vital, as they’re central to the decision, Pabst says.
Picking the right suburb should take into account access to schools.
“For most, it’s about ‘the village’ of a suburb, which is where the community is based, the shops, where you might walk to, to grab a coffee. It makes up the actual lifestyle of a place. The village is key,” Pabst says.
Transport links, school zones and access to quality childcare all play a role in the lifestyle value of a suburb, especially for young families or those planning children, he says.
Both existing road and public transport infrastructure are big factors and should be researched, Pabst says.
“Don’t speculate though, based on a plan or promise to build a new freeway or new hospital or the like. Plans get shelved, policies change. Buy on what you know is there now, not what might be.
“In Melbourne, school zones are hugely important, as it’s the difference between being able to send children to a really fantastic public school or having to fork out significant sums for a private education. Property prices reflect this,” he says.
For many people, access to good restaurants and cafes is important. Picture: Getty
With many childcare centres across the country now having waiting lists, access to good care close by is also increasingly important, Pabst adds.
The social demographics of a suburb also matter. “For some people, religious or ethnic considerations could be a driving factor. There are specific suburbs which suit different groups better. Other things people don’t always think about are things like what is the unemployment rate like? What will your insurances costs? Even things like what will be the council rates be?” Pabst says.
“For some people, religious or ethnic considerations could be a driving factor. There are specific suburbs which suit different groups better. Other things people don’t always think about are things like what is the unemployment rate like? What will your insurances costs? Even things like what will be the council rates be?” Pabst says.
Think about where your ‘village’ will be when choosing a suburb.
Potential resale should also be front of mind. While many Australians now have investment properties – and are strategic about the location, return, desirability and resale value of such houses – emotion often takes over when looking for a home to live in, Pabst says.
“Just as with an investment property, buyers should look for properties which have the attributes which drive value,” he says. These include things like location, a north-facing orientation, good floor plans, size, security, privacy and of course, scarcity, Pabst says.
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