We all have that one dream suburb we’d love to buy in. Perhaps it’s close to the city and all the action. Or maybe by the river or ocean is more your style.
However for many people, especially first homebuyers, the dream suburb is well beyond their budget. But all is not lost as there are many ways to compromise. It just takes a little lateral thinking.
Up-and-coming suburbs are suburbs that are close to highly sought after suburbs. They offer similar amenities but at a much lower price point because they haven’t yet been ‘discovered’ like their pricier neighbouring suburb has.
According to realestate.com.au Chief Economist, Nerida Conisbee, there are a few simple ways to identify an up and coming suburb.
According to Ms Conisbee, changes in demographics in a relatively cheap neighbourhood is usually one of the first signs an area is up-and-coming.
“These are generally suburbs that attract a lot of first home buyers and they’re not suburbs that are new suburbs,” she says.
“If the area has a lot of old homes and there are a lot of old people living there, and then you start to see a lot of young people moving in, then you can generally see that it will probably become up-and-coming.”
The place to start when deciding where to live, according to Ms Conisbee, is to work out what you can live without because choosing an up-and-coming suburb when you can’t afford your ideal one will invariably require you to compromise in some way.
Ms Conisbee says, “The housing stock is often very different, so the houses may not be as nice or you’re often further away from something people desire such as a beach, a really good shopping precinct, a train line or a good park or a school.
You may be closer to something people don’t like such as a large freeway or a very busy road or there may be something that’s a bit unattractive about the area.
So you have to look at ‘what could I live with?’ for a start. Are you prepared to live near a busy road or further from the beach, and can you improve the home – versus things you can’t change like the fact that it’s near a main road or away from a train station? These are the sorts of considerations I’d be thinking about.”
Find an up and comer near your dream suburb
Realestate.com.au has provided an interactive tool to give you an idea of up-and-coming suburbs near your dream suburb based on demand and median price. Click here, scroll down and type in your dream suburb. While you’re there, watch the video of Ms Conisbee explaining how to pick an up-and-coming suburb in more detail.