Which Suburb Should You Choose?
What makes us choose one item over another? Take our fascination with phones for example. A colleague of mine will only buy Apple products and has done so since the first iPhone way back in 2007. Others in my office have all manner of phones, Samsung, Huawei and even Google and from all accounts these phones are cheaper, have more features and are even better quality than the equivalent Apple product. Now before you start thinking this is an ad for Apple, my point is simply that sometimes we have one idea in our heads and we stick to it, despite other information that may come along or the way in which things change. In term is getting your next phone, there’s really nothing wrong with that.
In real estate, we often see people who get stuck on a suburb. They’ve been told by a friend or relative that the particular suburb is the ‘value’ one – “you’ll make your money back there”. Sometimes these friends and relatives are right. But if you are after an investment property – as opposed to the house you want to live in – it is often more sensible to have a range of suburbs and to be open to suburbs that, for whatever reason, you might not choose to live in.
To be a successful investor, you need to have all the facts on the table and leave the preferences (especially those based on emotion) out of the equation until you have considered all those facts. The name of the suburb is certainly one of the factors you will consider but this should be outweighed by factors such as rental yield, median property price and capital growth.
For this reason, many people choose to seek the assistance of a property short listing service, such as Accrue Real Estate to help them with their property investment. Accrue have helped hundreds of Melbournians wade through the facts and figures needed to make a decision as to which suburb best suits their investment goals.