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.

Strategy switch

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.

Further benefits

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.