It\u2019s easy to be fixated on finding the \u201cperfect place\u201d when buying property, but experts say the neighbourhood it\u2019s in is just as, if not more, important.<\/strong><\/p>\n Executive chairman of WBP Group, Greville Pabst says home buyers and investors need to \u201ctake off the property blinkers\u201d and carefully consider the neighbourhood a potential purchase is in.<\/p>\n Don\u2019t underestimate location when it comes to quality of lifestyle and future property valuation. Picture: Getty<\/p>\n<\/div>\n \u201cPeople fall in love with the notion of a \u2018dream house\u2019, but it doesn\u2019t matter if you\u2019re buying something to live in, or as an investment, specific location is absolutely critical as it drives value,\u201d Pabst says.<\/p>\n \u201cProximity to a desirable village is almost like another bedroom these days. In some cases, the neighbourhood can be more important than the property itself.\u201d<\/p>\n \u201cWe all need a roof over our head, but fundamentally, buying real estate<\/a> is a financial investment and we all want that investment to grow. So, you want to buy in a location which has a history of growth and performance.\u201d<\/p>\n Pabst, one of Australia\u2019s leading property commentators, says it\u2019s not just about picking the right suburb, or even the right street, to buy in.<\/p>\n \u201cWe all know, whatever suburb we live in, there are good streets and less desirable streets, but then there\u2019s which side of the street or if it\u2019s a block of apartments, which location the property has within the block\u00a0\u2013\u00a0<\/span>that matters too.<\/p>\n \u201cEach of these factors impact on whether or not the property is going to be a good performer over time. You really need to drill down,\u201d he says.<\/p>\n Amanda Jones from Hodges Sandringham in Melbourne agrees neighbourhoods matter.<\/p>\n \u201cWe\u2019re definitely seeing that buyers are willing to sacrifice certain features of a property, like the size for example, if the neighbourhood is the prime attraction,\u201d she says.<\/p>\n \u201cSome buyers choose areas based on schools and parks, while others want a neighbourhood with shops, transport etc. It all comes down to their own individual needs,\u201d Jones says.<\/p>\n Investors need to think about potential tenants, who want amenity and a great lifestyle, just like owner\/occupiers.<\/p>\n \u201cMany renters chose property after location and the best locations are always sought-after, even if they have to make compromises on the property itself. For any investor, I would say location is a key factor when looking at buying an investment property.\u201d<\/p>\n
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