What makes for a sought-after suburb?

What makes for a sought-after suburb?

Keeping up with the changing popularity of suburbs is often a challenge for sellers and buyers alike.

“Traditionally, it’s always been about how close are you to the city – people generally wanted to live as close to the city or the beach as they could get,” says Tom Bowden, The Advertiser real estate editor.

“Now you’re seeing little hubs pop up, and it’s not so much about living close to the city, because lots of people can work from home. People do want to live close to these lifestyle hubs – Unley, Bowden-Brompton, Croydon, along Churchill Rd at Prospect.

“Lifestyle is more important than ever and people are embracing that weekend café-culture and convenience.”

VThree Real Estate says the changing status of suburbs is about buyer perceptions also changing and people looking for better value from a property they can afford close to popular locations.

“There are certain areas in Adelaide that have and will continue to be the sought-after areas, by it being perceived as prestigious either from reputation or history,”    VThree  Real Estate’s Senior Property Partner, Steve Meins.

Ruan Perera, Founder and Director of VThree Real Estate says smart buyers today, and agents, tend to look for areas neighbouring these A-list suburbs, with more-affordable property prices still in a desirable location that are more likely to have higher longer term price growth – it’s simple supply and demand that drives prices.

“People who thought they would like to live in Norwood are starting to realise ‘Hey, I can live in just as good a house in the suburb next door and buy it for a lower price today. I’ve got comparable access to the schools, transport and  lifestyle that I want from my neighbourhood’ and that’s what’s leading to the growth in both the demand and the prices for these suburbs,” Perera says.

“People are able to put more money in their pocket by moving to a less expensive suburb.” Meins points to the Goodwood Rd corridor as an example of the phenomenon. “You’ve got Westbourne Park, Cumberland Park, Clarence Park and Clarence Gardens along that road,” he says. “Prices are becoming triple what they were 10-15 years ago because they are wanted suburbs now.”

 

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