One of the major factors when it comes to buying a home in Australia is the location, and this is especially true for home buying costs in Richmond.
The old saying “location, location, location” still holds strong in the Australian real estate market, where costs can vary significantly depending on the area you’re looking to buy.
Let’s explore the top 3 factors influencing home buying costs in Richmond and across Australia:
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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.
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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.
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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 Richmond and other parts of Australia should carefully consider the impact of location on home buying costs in Richmond and factor it into their budget when evaluating different properties.
At Lend & Co, we specialise in helping homebuyers secure the most suitable property loans tailored to their needs. As trusted mortgage specialists in Melbourne, we provide personalised guidance to help you navigate the complexities of home loans and ensure a seamless process.
If you’d like to speak with one of our lending specialists, call us today at 1300 161 516 and let us help you secure your dream home!
