What do you envision your dream house looks like? If you've been in the Canberra property market on the house hunt for a while now, you probably have a specific set of standards that you're hoping your future place will have. But what if you find that perfect place on a block that doesn't quite meet your expectations – do you buy it? No! In fact, you should probably have equally high standards (if not higher) for the location.
These days, it almost means more to shop for the dream neighbourhood than the dream house. With that said, here are some tips on how you can shop for the location, location, location:
Check out past property prices
You only have to look into the past two or three years, but you'll be in search of steady price growth as this indicates a stable area. A neighbourhood that suddenly increases in value probably might not remain popular for long.
Keep an eye out for new buildings going up.
Look for infrastructure projects
When you're doing your neighbourhood research, keep an eye out for new buildings going up. If new houses, apartment buildings or even restaurants are being constructed in the area, that means this is likely an up-and-coming area.
Observe the demographics
The sign of an growing neighbourhood typically has a lot of young people in it and is likely near another popular part of town. Young people want to be near the cool scene, but they don't want to have to pay the prices. These people will also attract those new infrastructure projects, so look out for new cafes and coffee spots.
Canberra hot spots
We won't leave you without a list of neighbourhoods that we think you should check out first. Currently, one of the most affordable suburbs is Evatt, though it's about 10 kilometres out of the CBD. If you wish to get a little closer, these are some of the best and most affordable neighbourhoods (median house price under $800,000) within a five kilometre radius of the CBD according to AllHomes:
As you peruse these neighbourhoods, keep an eye out for the signs that indicate how good an area it's about to become. Of course, your best resource for finding your dream neighbourhood is a knowledgeable local real estate agent.
Team up with one of the agents here at Peter Blackshaw Real Estate and we'll help tackle the Canberra property market together!