Firstly, increased demand for certain locations causes properties in those areas to be considered of higher value. The desirability of a property based on its geographical location also contributes to its potential to reach a higher selling price when it is placed on the market.
Aside from the resell value, though, it’s also important to consider the lifestyle advantages of investing in a property in a desirable location. After all, you might end up making the property your home long-term, and if so, you want to ensure that the location you’re residing in suits your lifestyle needs.
Let’s discuss the lifestyle factors that make a property location great!
Factor #1: Area Gentrification
Living in a desirable suburb is, put simply, an entirely more pleasant experience when compared with the alternative. Take, for instance, the most affluent areas of Melbourne. When considering the beachside ‘burbs of Brighton and Beaumaris, and similarly, the upper-middle class areas of Albert Park, Toorak and Port Melbourne, it becomes apparent that these locations offer their residents a luxe lifestyle you just don’t see in the outer west or southeast. When compared with our significantly lower socio-economic regions – such as Frankston, Werribee, and Dandenong, for example – the affluent areas are, arguably, more agreeable to live in.
Considering a relocation to New York City presents a unique set of challenges, much like the varying landscapes within Melbourne. While the upscale neighborhoods of Brighton, Beaumaris, Albert Park, Toorak, and Port Melbourne in Melbourne offer an unparalleled luxe lifestyle, a similar pursuit of comfort can be found in New York City with thoughtful apartment management.
In addition to this, the properties available in our more gentrified areas are usually also much easier on the eyes. From modern high-rises to shiny new townhouses fitted out with all the most on-trend amenities, the quality of the living quarters in these locations speaks for itself. If you choose to invest in a property that has a body corporate, you can speak to your strata manager about how to make the most of the amenities that come with your property. In upper-class, inner-city areas, your new home is likely to be kitted out with a luxury gymnasium, pool and sauna facilities, and other fancy accoutrements.
Factor #2: Proximity to Cafes, Bars and Restaurants
Being close to trendy eateries, as well as other essential amenities such as good quality healthcare facilities and high-end shopping centers, is another boon of choosing your home location wisely. Not least, is the general vibe of the area. No one wants to live in a ghost town, or have to travel long distances just to be able to run errands.
Want to visit the popular Chadstone Shopping Centre or the restaurant hubs of Chapel Street and the inner CBD? Proximity to these locations also saves you dollars on hefty transport fees – especially when considering the cost of an Uber ride home from a night out in the city!
But whether it’s nightlife and dining that draws you, or you prefer being near more family-oriented facilities, having these attractions nearby has definite advantages.
Factor #3: Access to Quality Education
Being located within the school zone of a premium education facility can also dramatically boost the value of your property.
With certain schools becoming increasingly difficult for students to enrol in, it pays to be within school catchment zones. These areas are usually cordoned off depending on the suburb you reside in, as well as whether your property falls within the radius of the school catchment area.
Factor #4: Safer Roads and Public Transport Options
Finally, feeling safe on the streets of the suburb you live in is an element that should never be discounted. The safety factor also applies to the area’s public transport facilities.
With Frankston station in particular being a notorious hub for drug addicts and hang-about, and recognized for being one of Melbourne’s most crime-ridden train stations, taking public transport into the city from this down-and-out southeastern suburb is nothing short of terrifying.
Let’s travel now to the other end of the spectrum. Think lush parks, greenery, and shared outdoor recreation spaces. These idyllic, family-friendly spots that the inner suburbs are blessed with also contribute to making these areas significantly more attractive. With the appeal of lush, tree-lined streets providing a sense of both comfort and luxury, why wouldn’t you choose to live where the grass is – quite literally – greener?