Finding the suburb that suits you
- Posted in Getting Started
Ready to take the plunge and purchase your first home? It’s an exciting time! And no matter where you live, there’s a suburb just waiting to welcome you.
From Darwin to Devonport, Kalgoorlie to Carnegie, the perfect, affordable location for your new home may not be where you currently live, or even a suburb you are familiar with. So it’s important to keep an open mind.
What makes a good suburb?
To truly build the most informed and accurate picture of your ideal suburb, you need to think about it holistically. Your lifestyle or family may require certain thing such as:
• Proximity to local transport: Can you get to and from central locations easily?
• Schools: Are you planning to have children while living in your new home? Are there good schools nearby?
• Lifestyle: Close proximity to parks, cafes and sporting grounds may be important to you.
• Amenities: Are there shopping centres or doctors close by?
This is the suburb you, and possibly your family, will live in for some time, so it needs to complement your lifestyle and offer the best possible capital growth over time – while still fitting into your current budget.
Where can I buy?
With property prices on the rise and buyers snapping up homes around the country, it can be difficult to know what suburb is best for your budget and needs. To help you find your ideal suburb, check out our “Where can I buy?” calculator tool. It uses information that you provide to create a list of suburbs that have a median price in your ideal range. The more information you supply, the more accurate the results.
The first step estimates how much money you can borrow. It is intended as a guide only, and takes into consideration the following variables:
• Interest rate.
• Loan period.
• Single or joint application.
• Number of dependents.
The second step provides a list of potential suburbs to explore. To formulate this list, the tool takes into consideration the results of the first step as well as:
• Your preferred Australian state or territory.
• Region within the state.
• Availability of the First Home Owner Grant (FHOG) – which differs between states.
• Preferred property type (apartment or house).
• Your deposit amount.
Voila! The tool then lists a range of suburbs within your parameters that meet your criteria, accompanied by their postcodes and median prices. It’s a great way to compare multiple suburbs across a certain area such as inner city, bayside or even rural.
Looking for growth areas
Most property owners are interested in capital growth, but it can be hard to spot a suburb on the rise. To help you with the decision-making, the Pepper “Where can I buy?” tool also lists the annual price growth of each suburb so you can see which areas have performed well over the past year.
Other online resources can help you with your property hunt. For example, Domain's Home Price Guide website can help you get an idea of median house prices, latest home sales and market trends in suburbs of interest.
Check out the Pepper “Where can I buy?” tool to help you find the ideal suburb for your budget and financial circumstances. You’ll be enjoying a latte at your new local cafe in no time!