The Impact of Location on Home Buying Costs

One of the major factors when it comes to buying a home in Australia is the location. Till today, the old saying of “location, location, location” cannot be stressed enough in the Australian real estate market, where home buying costs vary significantly depending on where you’re looking to buy.

Let’s explore the top 3 locations that affect home buying costs in Australia:

Suburb’s History

The history of a suburb plays a significant role in deciding the cost of a home in Australia. Properties in the suburbs with high crime usually cost less than those in good ones. While it is true that you can get a property at a much lower price, however properties in such areas are less likely to rise in value over time- not to mention an unsafe area can be a concern.

Access to Public Transport

One of the critical factors that can significantly influence home buying costs is the accessibility to public transport such as train stations, buses and trams. Typically, properties having easier access to public transport have a higher cost as these have more demand from working professionals and families.

Size and Facilities

The number of bedrooms, bathrooms and additional facilities like garages, pools, backyards, patios and balconies all contribute to a property’s higher value. For instance, a city apartment with a parking space can be costlier than one without it. Similarly, a suburban home with a large backyard can have higher demand from families, thus coming up at higher price tags.

Secure Your Dream Home With The Most Suitable Property Loan From Lend & Co

Homebuyers in Australia should carefully consider the impact of location on home buying costs and factor it into their budget when evaluating different properties. As Australia’s leading residential lending services provider, Lend & Co has been helping people secure their dream homes with the most suitable property loan for their circumstances. Our team of home lending specialists offer an exceptional level of customer service, guiding you each step of the way to formulate an application for a home loan with a 100% chance of success.

If you’d like to talk to one of our lending specialists about a home loan, call us at 1300 161 516.

The Impact of Location on Home Buying Costs

Suburb’s History

Access to Public Transport

Size and Facilities

Secure Your Dream Home With The Most Suitable Property Loan From Lend & Co

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