What makes a location desirable?

Date: September 12, 2007
Publication: Sydney Morning Herald

Angelo Piazzetta, chief executive, The Property School

The No. 1 thing is that the property needs to be close to amenities, such as public transport, shops, good schools and child care.

Increasingly, transport will be a key issue. Being on a main road has its drawbacks. But, for some people, having a bus stop outside their front door is a plus while others prefer it to be within walking distance.

It would also be desirable if there are good plans for public infrastructure, such as technology corridors where government is investing money to attract businesses and technology. That attracts high-end, white-collar workers, which adds value to the area. The Sydney Metropolitan Strategy (www.metrostrategy.nsw.gov.au) should show any plans for these corridors.

Price also makes a location desirable. To get the best possible price, you need to do a lot of research. When buying an apartment, opt for a boutique block with just a few apartments as the value of property is always in the land.

Of course, views, nearby beaches and parklands and a nice quiet street also help to make your property attractive. If first-time buyers are planning to keep their property as an investment, consider its long-term potential. A nearby university or school will make it easy to rent out.

Neil Jenman, author of Real Estate Mistakes

The greatest thing we are after in life is inner calm yet we live in stressful neighbourhoods. So opt for a place that is peaceful and serene. As soon as you drive into the place, you should feel good.

You should be close to amenities, be able to walk to the shops, have somewhere you can walk your dog and not have to worry about maintenance issues. I can't overestimate the importance of the two words - 'sought after'. It has to be popular to the point of being tightly held. If there is not much for sale that makes it a desirable location.

If you see lots of 'for sale' signs in the street that means there is a high turnover.

Desirable for some is living near friends and family and social life. If that's important, don't venture too far away from what makes you happy.

The biggest error people make when buying property is not to check out the neighbours. Knock on the door and ask them what it is like to live there. Do the same to other nearby apartments.

SOURCE: SMH