How to choose the ideal location

When making a property purchase, it’s crucial to carefully consider location. Where you live can have a real impact on your lifestyle and the future value of a property. As exciting as it is to imagine cooking in a large kitchen or landscaping your new backyard, location should also be carefully weighed up during your property search.

Here are some of the location factors to keep in mind:

1. Your budget
Don’t just look at the overall median house price in the suburb – be more specific. If you’re after a three bedroom apartment or a two bedroom house, look closely at what those kinds of properties are selling to give yourself a clearer idea of what you can afford in your suburbs of interest. For example, if a house is out of reach, could you adjust to an apartment instead?

2. Future price growth
If you know you’ll want to sell the property down the track, look at suburbs where demand is strong due to factors like lifestyle, access to amenities, strong public transport networks, and more. Likewise, if you’re interested in renovating a property for profit, do some research to figure out how easy or difficult it would be? Check with the local council for any restrictions or guidelines – in some instances, the trouble of convincing local government to approve your plans may not be worth it.

3. Factor in your commute
Your home’s proximity to your workplace is an important, but often overlooked, factor. You may be able to get a larger property in a fringe suburb for a fraction of inner city prices – but if you’re commuting three hours a day, is that really worth it? Long commutes can have a significant impact on stress levels and work life balance.

4. Assess your transport options
Some suburbs, particularly further out from the CBD, have little in the way of trains and buses, or have infrequent services when they do. If you live further out, a car is vital; alternatively, in inner city suburbs you may be able significantly cut down on car usage. Look for areas with good public transport links, bike paths and easy walking routes.

5. Be community minded
Being near friends and family makes it easier to socialise with them on a regular basis. Being close to an elderly relative or sick friend can be important in times of crisis. Also consider your potential neighbours. In an apartment building you’ll be living closely with other people, while a house will let you keep a degree of distance. Do you want neighbours you can chat to and have over for coffee, or would you prefer to keep to yourself?

6. Consider your lifestyle
Think about your current lifestyle. Do you want the peace and quiet of suburbia, or the hustle and bustle of nightlife and cafes? Having the services you use regularly like doctors, schools or shops close at hand can save a lot of time. Can you undertake your leisure activities of choice in the area? Think about facilities like swimming pools, community gardens, dance studios or running tracks.

Choosing property in the right location can make a big difference to your daily life. It’s worth getting it right!