What to look for when buying a property to live in

GUEST OBSERVER

One of the most commonly asked questions when buying residential real estate is: what should I look for when purchasing a property to live in?

It’s difficult to pinpoint exactly what it is about a property that makes you feel at home, however there are some crucial elements you may want to consider when taking the plunge into property ownership.

Golden Age Development Group has noticed that when it comes to house hunting, everyone looks for something different. Affordability is often top criterion for most home buyers, however location, in a suburb with low crime rates and good proximity to schools, public transport and shops is perhaps the most important factor to consider. Location is vital both from a liveability point of view and also from a property appreciation point of view.  

Property located in suburbs with low crime rates, ample amenity, good infrastructure and public transport will appreciate much faster than those that are not. They are also likely to offer a much better quality of life. 

It’s also worth looking what plans are in place in terms of future development and infrastructure. If you purchase in a location with growth potential, this is likely to be reflected in the capital growth of your property.

A great example of a livable suburb with significant potential is Sydney’s Macquarie Park. Only 12km’s north-west of the CBD, Macquarie Park has benefitted greatly from recent infrastructure upgrades to its roads and public transport. It’s also home to a world-class university, hospital, several community parks and the largest suburban shopping centre in NSW. It is also home a thriving business centre, on track to becoming the nation’s fourth largest CBD, occupying over 200 hectares of previously industrial land.

Property in Macquarie Park is also likely to enjoy strong capital growth with significant infrastructure upgrades such as new roads and the expansion of the railway network servicing the area. 

Macquarie Park is a business precinct on the rise. Located just 12km north-west of the CBD, the area has quickly become Sydney's second largest business district, and is home to major global brands including Microsoft, Macquarie University, Foxtel, Oracle and Fujitsu. With well over 45,000 jobs (approx) located in Macquarie Park, this number is set to double in the next 20 years.

Macquarie Park is starved of residential accommodation – you have the university with 40,000 students and there’s been very little residential development in this area. As a result there’s a serious lack of rental accommodation.

This is why we have chosen Macquarie Park as the home of Golden Age’s premier Sydney project, Park One.  Located at 80 Waterloo Rd, Park One is just it is 100 metres to Macquarie Centre, 200 metres to Macquarie University, 300 metres to Macquarie Park CBD and 400 metres to Macquarie University station, meaning residents will have almost everything they need within a few minutes walk.

When it comes to deciding whether a location is right for you, it’s worth considering:

• Whether the property is in close proximity to your work and social network
• Access to services you regularly use. This may include public transport, schools, day care, universities, medical centres, hospitals, community centres and shopping centres
• Proximity to parks, beaches, town centres, cultural destinations, dining and bar precincts and nightlife, depending on your interests.

To get an idea on whether the suburb you’re looking to buy in is right for you, try spending time treading the footpath. If possible, visit the suburb at different hours for a snapshot of daily life. 

Remember, no location is perfect, and your home is very much what you make of it. But if you choose a property in a location with ample amenity, good growth potential and close proximity to transport there’s a good chance you could enjoy a great lifestyle and financial prosperity for years to come.

Dandan Zhao is marketing and sales director, Golden Age.