Changes in Local Developments
When you’re searching for property to buy or interested in building a new home, one of the biggest pieces of advice we can give you is to stay updated on local developments. Whether it’s new developments, road infrastructure, new bus stops, or commercial real estate, these changes will give you insight into the future growth potential of your property investment.
Of those changes, infrastructure changes in the form of public transportation is highly important to make note of. As a neighbourhood becomes more connected and the proximity to public transport improves, the demand for homes or apartments in the area will increase. People naturally want to live in a place that’s well connected, with easy access to buses and trains.
A good example of how public transportation increases demand is the Melbourne Sky Rail. With heavily congested rail and traffic routes and rapid growth, Melbourne is in need of an efficient system like the sky rail.
The increased connectivity it will bring means that many people will want to invest along the rail corridors as home values will undoubtedly increase. Once the airport rail is complete, Greenvale—a once unconnected suburb—will have a lot more accessibility to and from the city. As the accessibility of a suburb improves, prices naturally follow.
Pros and Cons of Infrastructure
While many will see property value increases due to the availability of more public transport, others aren’t always happy about changes, because their properties will be negatively affected. Many homeowners argue that the noise of construction and the proximity to the train rails will decrease their homes values. They also argue that the rails will block the amount of sun their property receives.
Using this example, it’s easy to see how infrastructure and new development can boost and detract from a property’s value. It depends, in large part, on the position of your property, making it important that you get as much information as possible before you invest.
By talking to a real estate professional, you can find out about the ins and outs of your area of interest.
For additional home buying tips, read our blog post, “Should You Buy an Old or New Property? Which is Better?”
If you have questions about real estate or rural real estate investment, contact us to speak to a qualified real estate agent. We’d be happy to offer advice.
You can also check out our blog for more helpful tips and information.