Certain features of a suburb typically impact a property’s value for the better. They include:
- Transport
- Shops, restaurants and cafes
- Schools
- Parks and the natural environment
Whether you’re in the market for a new home or an investment property, it’s worth keeping an eye out for these features as they may well add a fair amount of resale value for later down the track when you decide to sell.
Transport
For those working in city centres, being able to get to the office on a train, tram, bus or ferry in good time means they can avoid spending hours each day stuck in traffic.
Being able to walk to public transport within a few minutes can be a great selling feature for a property, and it’s even better if that transport services key destinations outside the suburb – for example shops, cafes and so on – as well as the CBD work commute.
Shops, restaurants and cafes
While transport links are typically popular, for many residents it’s also important to be able to walk to shops, restaurants and cafes within or near their own suburb.
Ideally, a suburb will have a main street brimming with quality retail shops as well as good restaurants and cafes.
Schools
For families or people considering having a family, being in the catchment area for good schools is likely to be high on their want list. While it may not always be possible to buy a property within walking distance to a school, if it’s relatively easy for the residents’ children to get to school (by public transport, for example) this can be a big plus.
Student results are usually available to the public, so you can find out which schools are performing better than others before you take the plunge with your purchase.
Parks and natural environment
The natural environment can do a lot to shape the vibe of a suburb. Nice parks are likely to be attractive for families with young kids, although in terms of maximising resale value they may not be as important as, say, good schools or transport links.
Another positive influencer may be proximity to appealing natural areas like beaches, lakes, rivers and forests.
Where to start?
Once you’ve worked out all the suburb features you’re looking for, you can start searching for your ideal property with them in mind. CommBank’s complimentary Property Reports include, among other details, information about public transport proximity as well as suburb demographics and aerial images of the property.
