Published
June 28, 2024
When it comes to purchasing an apartment in Melbourne, or any city for that matter, the significance of location cannot be overstated.
Choosing the right location impacts not only your day-to-day living experience but also your investment’s long-term value. Whether you’re looking to buy an apartment in Melbourne to live in or as an investment, understanding how location influences various aspects of property value and quality of life is essential.
Considering future plans and long-term value are also crucial when selecting an apartment. The right location can offer significant returns over time, making it a cornerstone of a sound investment strategy.
Factors to Consider
Proximity to Amenities and Services
When buying an apartment in Melbourne, proximity to essential amenities such as supermarkets, healthcare facilities, and entertainment venues is paramount. Living close to these services enhances convenience and can significantly improve your quality of life.
For instance, having a supermarket or healthcare centre nearby can save you time and provide peace of mind. Additionally, being close to entertainment venues and dining options can enrich your social life and make your apartment more attractive to potential renters or buyers in the future.
Given Melbourne is recognised around the globe for its world class sport, entertainment, culture, art and food, many renters and buyers look to be within easy reach of key venues.
Transportation Accessibility
Transportation accessibility is a critical factor in the selection process of buying an apartment in Melbourne. The city boasts an extensive public transport system, including trains, trams, and buses, which makes commuting easy and efficient. Properties with good access to public transport options tend to have higher demand and better long-term value.
For instance, Melbourne’s walkability score is an important metric to consider. A higher score indicates better accessibility to daily needs by foot, enhancing the convenience of living in that area.
Apartments and precincts developed by Far East Consortium (FEC) often boast excellent public transport links, with short commute times to key locations like the CBD and major universities, making them ideal for students and professionals alike.
In 2023, Melbourne was again named in the top 5 most liveable cities in the world by the Economist. The city scored high for its education, infrastructure, culture, and the environment.
Driving Melbourne’s success is its prevalence of world leading Universities. Notable institutions include The University of Melbourne and Monash University which ranked in the top 3% of the World University Rankings for 2024.
West Side Place, located at 250 Spencer Street, is moments away from Southern Cross Station and sits within the free tram zone, making it ideal for residents to commute in and around the city with ease.
Safety and Security Considerations
Safety is a top priority when choosing a location for your apartment. Living in a neighbourhood with low crime rates and a strong community presence can provide a sense of security and peace. Such areas often see higher property values and offer long-term stability.
A safe neighbourhood not only makes day-to-day living more comfortable but also attracts other residents who value security, contributing to a more cohesive and supportive community. This, in turn, can lead to better upkeep of the area and more consistent property value appreciation.
Apartment towers and precincts typically excel in providing peace of mind through robust security measures.
Gated access, surveillance systems, and onsite security personnel are common features of apartment complexes, ensuring a secure environment for residents.
You can read more about the benefits of buying an apartment over house and land here.
Community Lifestyle and Appreciation Potential
The community lifestyle in the neighbourhood where you buy an apartment in Melbourne plays a significant role in your overall living experience. Factors such as demographics, growth potential, and access to nature and recreational facilities are essential to consider.
Developers like FEC carefully select locations with a strong sense of community and significant appreciation potential. This is achieved by both historic and forecast data. These areas are often undergoing revitalisation or have plans for future development, which can enhance property values over time.
Perth City Link is an example of a large-scale urban renewal project supported by the state government. The 13.5-hectare lifestyle and entertainment precinct is set to connect Perth’s CBD to Northbridge for the first time in over a century.
Far East Consortium has once again been successfully selected to develop multiple sites within this $1.4 billion project. About 13,500 people will work in the precinct when it’s completed, and roughly 3,000 people will occupy Perth Hub, a 314 apartment tower by Far East Consortium.
Impact of Location on Property Value
The location of your apartment directly correlates with property value and rental rates.
Apartments in desirable locations, such as the Melbourne CBD, often command higher rental yields and offer better long-term investment returns. For example, average rental yields in the Melbourne CBD can be quite attractive, reflecting the high demand for properties in this vibrant area.
Investing in a well-located apartment means enjoying both immediate conveniences and future benefits. Upcoming infrastructure projects, urban renewal plans, and potential development booms in certain areas can significantly boost property values. Therefore, it’s essential to consider not only your current needs but also the long-term potential of the location.
Researching Potential Locations
Conducting thorough research and due diligence is vital when choosing a location for your apartment. Use various online resources, local contacts, and neighbourhood visits to gather information. Websites that provide crime statistics, public transport maps, and community reviews can be invaluable.
The Victorian Government maintains a website whereby you can learn more about the 79 councils around the state.
Attending community events and talking to residents can offer insights into the area’s vibe and future prospects. Engaging with local real estate agents and property developers can also provide valuable information about upcoming developments and investment opportunities.
Making an Informed Decision
Making an informed decision when buying an apartment in Melbourne involves prioritising your needs and long-term goals. Setting a budget that includes future maintenance costs and potential hidden fees is crucial.
Consider the resale potential of the apartment and how location impacts this. Hidden costs, such as body corporate fees, can significantly affect your budget. The average body corporate fees in Melbourne vary, but being aware of these expenses ensures you are financially prepared for the long-term maintenance of your property.
Final Word
In conclusion, location is a critical factor that shapes your investment and overall living experience when buying an apartment in Melbourne. Considering not just your current needs but also the future resale value and potential appreciation of the property is essential.
Choosing a location with good amenities, transport links, safety, and a strong community can lead to a wise investment decision.
Developers like Far East Consortium understand the importance of prime locations and incorporate this into their property developments, ensuring that your investment stands the test of time. By carefully selecting the right location, you can enhance your quality of life and secure a valuable asset for the future.
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