So, you're looking to buy a house as an investment
But what is it that really makes a suburb desirable to investors? Researching the property market is a great place to start.
We've also put together some factors to help you profile a suburb for investment.
When looking for a suburb to invest in, start by researching the sale and rent prices in the area from recent years to determine the trends.
Local real estate agents are also a good source of information.
If you have a particular area or suburb in mind, consider reaching out to agents who are active in the area for their insights.
Areas with good schools, both primary and/or high schools, are highly sought out by those with young families or even those planning ahead for a family in the future.
Check out what school zones are in the suburb you're interested in and what reputation the schools have. The better their reputation could mean the demand for a house in that area will be higher.
Need some more reasons why you should pick a suburb with a school? We've got you covered.
Got your eye on a suburb that's already going through major growth?
Consider looking at the suburbs surrounding it as they might start to pick up on this growth as well once the hot spots become too densely populated.
Neighbouring suburbs could be a more affordable option as well.
As we mentioned at the beginning, many people choose a suburb to live in based on their proximity to work, friends, family or their child's school.
That's why public transport availability is a key influence on desirable suburbs.
Consider researching suburbs that are close to transport routes including, trams, trains and buses. If they are walking distance – even better!
Major infrastructure projects
If a suburb doesn't have great public transport availability now, but a plan is underway by the local government to improve this, this could be a sign of a suburb expecting to grow in value.
In addition to this, keep an eye out for other planned projects that help to improve liveability and transport in an area, including new roads or expressways which might be in the works.
Suburbs within close proximity to local amenities, such as shopping centres, parks and cafes are typically highly desirable for home buyers or renters as these improve the suburbs lifestyle appeal.
As suburbs begin to grow in population and property value, local amenities may soon follow as businesses try to capitalise on the growth also.