• How to pick the right up and coming suburb for you

     


    How to pick the right up and coming suburb for you

    Transcript:

    One of the best reasons to buy in an up-and-coming suburbs is to get price growth.

    Over the past decade the suburbs that have seen the strongest price growth have tended to be those that have been gentrified.  

    Gentrifying suburbs can be characterised by quite a massive shift in the housing stock and also the population that lives there.

    Early stages of gentrification tend to be very cool people moving into the area.  They're moving there primarily because it is a little bit cheaper and their friends are moving there.

    Second stage - you start to see quite a big change in the housing stock and also the retailing in the area.  You might start to see some cooler cafes, more fixes on the roads, a few more man buns and perhaps more facial hair.

    At this stage, gentrification has well and truly kicked in.

    The third stage you may start to see older people moving in.  The housing starts to get quite expensive.  

    You can also look out for a few other indicators.  That could include some really amazing bars, perhaps a bulk organic food store.  All of these things show that the area is now becoming very expensive, and as a result, pricing may well have peaked, or has certainly started to slow.

    The best time to buy in an up-and-coming suburb is of course right at the beginning.  If you buy later it can become very very expensive.

    When is the best time to sell in an up-and-coming suburb?

    Usually it depends on pricing, so it's likely that the suburb becomes unaffordable for most people.

    Eventually, all suburbs go through gentrification.  The process of elderly people moving out, younger people moving in, and the gradual transition of the suburb, tends to happen pretty much everywhere across Australia.

    There are many ways to work out how your suburb is going, but the best way is to go on to realestate.com.au.  Go to track my property and you can get a number value as to how much your home is worth.

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