Deciding where to buy a home, especially the first one, can be extremely difficult and you often need to be prepared to compromise, whether that be on location or on how much you are willing to spend. For those struggling with this decision, promising or up-and-coming suburbs can usually offer the same sort of desirable features, but at a more enticing price.
Choosing the right area
According to Nerida Conisbee, Chief Economist of Realestate.com.au, changes in demographics in a particularly cheap neighbourhood is generally a good sign that this particular area is gaining attraction and would be considered an up-and-coming suburb.
“These are generally suburbs that attract a lot of first home buyers and they’re not suburbs that are new suburbs.”
“If the area has a lot of old homes and there are a lot of old people living there, and then you start to see a lot of young people moving in, then you can generally see that it will probably become up-and-coming,” Nerida stated.
Mostly due to the availability of infrastructure, suburbs located on the outer-rim of a city that often welcome house and land packages are unlikely to become up-and-coming suburbs like many inner city suburbs have the potential to be.
“Generally the places that are most desirable have good public transport and for up-and-coming suburbs that gentrify, you tend to find that they have pretty good public transport links,” she says.
What can you pass on?
For those buyers on the hunt to pick the perfect up-and-coming suburb, some level of compromise will be required.
“The housing stock is often very different, so the houses may not be as nice or you’re often further away from something people desire such as a beach, a really good shopping precinct, a train line or a good park or a school. You may be closer to something people don’t like such as a large freeway or a very busy road or there may be something that’s a bit unattractive about the area.”
“So you have to look at ‘what could I live with?’ for a start. Are you prepared to live near a busy road or further from the beach, and can you improve the home – versus things you can’t change like the fact that it’s near a main road or away from a train station? These are the sorts of considerations I’d be thinking about,” Conisbee says.
Wilston? Pfft, try Windsor or Newmarket!
Nearing only 4km’s away from the thriving Brisbane CBD, Wilston is currently the most sought-after neighbourhood, according to data collected by Realestate.com.au. Listings are bringing an average of $3,665 views and the suburb has a median house price of $887,500.
Neighbouring the suburb of Wilston is Windsor, another quite sought-after suburb of Brisbane. The median house price here is a little lower ($870,000), and each listing is attracting on average 4,511 views. The suburb is home to plenty of fantastic cafe’s and shops, making it a popular location for young professionals and growing families.
Newmarket, a suburb also home to plenty of fantastic cafe’s, is another area high on the popularity list, with listings attracting an average of 4,270 views and a median house price of $870,000.
Up-and-coming suburbs – the calculations
So how was the data collected?
In order to meet the requirements and to be considered, each area across each of the Australian cities needed to have a minimum of four sales per month for the six months up until the end of September, 2019. Each suburb was then categorised by metropolitan areas, with the top suburb for each state being recognised as the suburb with the highest average number of views per listing on Realestate.com.au for that period of time. In order to be considered and referred to as an up-and-coming suburb, the neighbourhood needed to have the same sort of demand as the top suburb, but a lower median house price.
ENTIRETY OF ARTICLE: www.realestate.com.au