Picking the right suburb is just as important, if not more important, as the home itself, and many property buyers invest in location before the building. Before you invest in leasing or buying a home in a certain location, it’s important to understand not what, but where exactly you’re getting.
Let’s take a look at the inner north suburbs of Melbourne, for instance. A busy, thriving location known for its food, nightlife and art. It may sound like a good investment to move into a fashionable location, but does it suit your personal wants and needs?
We all know that a property in the inner suburbs is going to be pricier than outer suburbs. Carlton North, for example, during the June quarter of 2017 achieved a median house price of 1,717,500, while further out, Brunswick gave us a median of $ 1,267,500. They aren’t cheap, but there are reasons why.
Proximity, culture and reputation all add up to make inner north suburbs in-demand properties, but are these factors what you’re looking for too?
Most people living in these areas skip the car. With trams on most major roads of the inner north, and trains and bus services fairly reliable, making commutes to and from the city and other inner suburbs is easy.
Although, public transport isn’t desirable for everyone. This could be a turning point for those who enjoy driving or who boast a flashy car. Some properties won’t even have private parking, so having a car can even be bit risky.
The inner north’s noteworthy universities include Melbourne University and RMIT. Having such reputable education facilities at your doorstop is incredibly important for academics or just people that prioritise education for their children. It also explains the high population of young people in these suburbs, which may be a deterrent for older generations looking for a similar demographic.
The inner north prides itself in its culture and lifestyle benefits. An array of shops, boutiques, cafes and bars are just a walk or short commute away, meaning it’s a great place for people who love going out. Nightlife is a big part of various northern suburbs, so if you’re a night owl you’ll never be bored. If you prefer an early night though, it’s not for you.
Interested in buying or leasing in the inner north? Talk to our team at OBrien Real Estate on 1300 062 743.