Deciding to build property in a new estate or an established suburb is a personal choice that will be influenced by a myriad of factors like your family circumstances, affordability, availability and location.
To help you weigh up your options and make a more informed decision, we’ve set out some of the benefits of each.
As a bonus, we’ve included an additional option for those who would love to stay put in their current location if they could make it work.
Building in a New Estate:
New estates are typically developed on the fringes of the city, where land is more readily available and much more affordable. They provide the perfect opportunity for first-time homebuyers to take their first step onto the property ladder in an up-and-coming area.
Building in a new estate offers you the benefits of the builder’s expertise and all the convenience of a streamlined process. Depending on the development, you may have the opportunity to choose a design for your dream home, including a choice of layout and fixtures and fittings. Set designs, all-inclusive costs and a relatively accurate timeframe for the build are all appealing factors to consider with new developments.
Be sure to carry out due diligence on the area to ensure that you have easy access to adequate infrastructure and amenities, such as schools and commuter and transport links.
Building in an Established Suburb:
The demand for inner-city properties in Sydney is outstripping supply, pushing up property and land prices in established suburbs. These suburbs will have existing employment hubs, a developed infrastructure and well-established amenities, which means huge scope for higher rates of appreciation for properties in these locations.
Any surrounding properties similar to your new build will give you an excellent indication of what your property will be worth, as will the historical property data of the area.
Established suburbs will have existing employment hubs and amenities, making it easier to plan for the future. It also creates a ready pool of potential buyers.
If you love where you live and you have strong ties to the neighbourhood, the schools, and the local community, you could consider:
Knock-down Rebuild: By knocking down your property and rebuilding, you have all the benefits of staying in the same location and being able to design and build a home that works for you.
Dual Occupancy Housing: Dual occupancy homesinclude two dwellings constructed on one allotment with excellent potential for additional cash flow.
Now is a very exciting time to be involved with the property market. No matter your style or budget, your dream home has never been more affordable. Feel free to get in touch for some expert advice on your next property move.