Choosing your Canberra suburb when buying off the plan
23 February 2016
The old saying about “location, location, location” is as true in Canberra as it is anywhere else.
It’s important to do your homework on the suburb that you’re thinking about buying in. Identifying “hot” or trending suburbs is a great place to start. Getting in early in one of these areas could see your investment increase rapidly in a few years.
Key indicators for growth suburbs include construction of amenities and infrastructure and homes undergoing refurbishment. Young professionals moving in to the area is another sign that the suburb is on the rise, along with steadily increasing property prices. Planned developments such as new schools, commercial districts or transport interchanges normally suggest a suburb is going ahead.
You should also look at the immediate area around the apartment. Are there local conveniences and amenities such as shops, schools and restaurants within walking distance? Do trains and buses service the suburb? These things generally mean the apartment will be sought after by future buyers or tenants.
For first home buyers, affordability is generally the key to getting a foothold in the property market. They generally need to be taking advantage of growth suburbs, particularly in Canberra’s south and north.
From investors, buying in the next up and coming suburb, which if forecast to grow in value in both the short and long term, is essential to expanding your property portfolio.