Lifestyle suburbs - to buy or not to buy
In the theme of looking towards a lovely break – whether it is just one day or three weeks – thoughts of moving to holiday or lifestyle locations often come to mind.
We regularly hear of people collecting a little holiday property while on a break, and until recently this activity would be expected to produce an unhappy ending.
Times have changed though, and lifestyle locations are making a comeback. Factors impacting the change include :
- advancement of Airbnb
- expansion of our city footprints
- upgrades to roads and transport infrastructure
- first home buyers / bargain hunters choosing lifestyle over lifelong mortgages (ie – priced out of the main cities, they're finding value in beach locations)
- baby boomers finally beginning to move after recovering from any global financial crisis setbacks.
Of course – as always – it is important to select locations that have solid economic and demographic drivers and then choose properties that will match your strategy. But looking at the comparisons below, a case could be made for adding a lifestyle property or two to your portfolio.
The other factor to consider with lifestyle locations is the opportunity to add value. By choosing a location that has been established for 20+ years, you will uncover properties on larger land parcels which require a freshen up. This could mean a holiday renovation project (I can just see my husband rolling his eyes at the thought of this) or going further to add rooms or split and add an extra house to the same block.
Remember to consider commercial properties as well, as you may find opportunities particularly where changing demographics and transport upgrades are driving suburb transformations.
One more piece of advice
A final piece of advice is to remember the reason for your visit to the location in the first place . . .wasn't it to take time out to relax? We all relax in different ways though, so if you're like me and property hunting is your joy, don't feel guilty about interrogating the local lifestyle market for opportunities while you swing in that holiday hammock.
Author: Debra Beck-Mewing
Debra Beck-Mewing is the Founder and CEO of The Property Frontline. She has more than 20 years' experience in buying property Australia-wide, and is skilled in helping buyers use a range of strategies including renovating, granny flats, sub-division and development. Debra is experienced in identifying tailored opportunities, homes and sourcing properties that have multiple uses. She is a Qualified Property Investment Advisor, licensed real estate agent and also holds a Bachelor of Commerce and Master of Business. As a passionate advocate for increasing transparency in the property and wealth industries, Debra is a popular speaker on these topics. She is also an author, podcast host, Editor in Chief of Property Portfolio Magazine and participates on numerous committees including the Property Owners' Association.
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Disclaimer – This information is of a general nature only and does not constitute professional advice. We strongly recommend you seek your own professional advice in relation to your particular circumstances.