Finding the right suburb for your home
There is plenty of information out there on how to buy a home, but not as much when it comes to choosing the perfect place to live. In this article, we give you tips and tricks on how to find the right suburb in Australia:
Why is your house’s location so important?
Where you live heavily impacts your lifestyle. Different suburbs have different amenities and recreational opportunities. Some neighbourhoods may be great for families with nearby schools while others for young professionals close to employment opportunities. Local taxes, laws, and insurance premiums may also differ depending on your suburb.
Your home’s location affects the resale value, as well. If you live in a popular suburb, there’s a good chance that your home’s value will increase significantly as time goes on. This means building equity faster and being able to sell it for a good value if you decide to move later.
What to consider when finding the right suburb
Researching suburbs is important when buying a home. Keep these factors in mind when choosing the location of your new home:
How much you can afford
Some suburbs have higher property prices than others. It’s not uncommon for similar properties to be priced differently because of their location. When looking for the right suburb, think about your budget and how much you can afford.
If you’re set on a specific type of property, finding a suburb that’s within your budget should be a priority. However, if you’re fixed on certain suburbs, you could check out nearby neighbourhoods or adjust your criteria when house shopping.
You can check how much you can borrow by applying for a pre-approved loan. A pre-approved loan gives you a better idea of your price range and can help you find a home in the perfect price range and the ideal suburb faster.
The proximity to community amenities and services
Always check if there are any hospitals, shops, restaurants, grocery stores, schools, and the like near your potential suburb. Look into the community amenities in the area such as local parks, playgrounds, and libraries, as well. Consider your lifestyle needs and figure out what places you need to have close by.
For example, living in an area with good schools may be a must for those with children. Or if you’re prioritising your career, being near the CBD could be more convenient than somewhere that’s too far from the business centres.
Easy access to transportation
Before moving into a new place, always check the public transportation options. This is especially important for those who rely on public transportation for commuting to work or school. If you have a car and are not reliant on public transport, it’s also a good idea to look at your access to major roads and highways.
Living too far off public transportation or major roads may make accessing necessities or going to shops more difficult. Save yourself future headaches by surveying potential suburbs and see if they’re within comfortable distance to buses, trains, or major roads. If your ideal suburb is a bit far off public transportation or highways, weigh the pros and cons carefully before making the decision.
Future developments in the area
Before finalising your choice of suburb, make sure to check the types of developments planned for the area. The overall quality of living and future home prices could be significantly impacted by any future development.
Look into long-term and short-term projects slated in the suburbs and other nearby areas. No one wants to move into their dream suburb only to find out that there’s going to be a busy highway right next to it.
Don’t forget to check the suburb report
A great way to learn more about a suburb is through a suburb report. This is a document that includes all the pertinent information about an area such as a map of the suburb, population, demographic breakdown, house prices, and much more.
You can get a suburb report for free with loans.com.au. If you’ve already found the suburb of your dreams and are ready to buy a home, apply for a low-rate home loan today!
Find out in under 2 minutes if you qualify for one of our low rate home loans.
About the article
As Australia's leading online lender, loans.com.au has been helping people into their dream homes and cars for more than 10 years. Our content is written and reviewed by experienced financial experts. The information we provide is general in nature and does not take into account your personal objectives or needs. If you'd like to chat to one of our lending specialists about a home or car loan, contact us on Live Chat or by calling 13 10 90.