Should You Buy a Home in a New Estate? We Look at the Pros and Cons.

harcrest estate

Buying a property is an exciting prospect; however, choosing where to buy can be daunting.

It’s advisable to think long and hard about what’s important to you. Is it the accommodation, the location, the surrounding amenities or the opportunity for growth? Writing a list of must-haves is a great place to start; it’s also an excellent way to ensure you remain true to yourself when searching.

A debate that often divides people is whether to buy in a new estate. Estate living presents fabulous opportunities, however, it’s not for everyone. Here are a few points to consider.

Location and amenities

Affordability of new estates makes them a popular choice for young families. There’s also likely to be abundant playmates for your children and new friends at similar stages in the life-cycle for you!

Many new estates are located on suburban fringes which may not be ideal for people working in, or near the city, however, with more flexible working arrangements becoming prevalent, this may not be the consideration it once was.

Public transport may be lacking which means you’re reliant on driving at least part way to work if you do have to commute and if you have children, it means they’re fully reliant on you playing taxi. You also need to consider proximity to key amenities which may be a considerable distance from home.

In saying this, numerous estates are being built as ready-made hubs offering child care, schools, supermarkets and cafes. Some have parklands, playgrounds, lakes and walking tracks; others have future plans to include transport services as the area’s population grows. These settings often foster a strong sense of community.

Do your homework and find out what the future plans are in place for the area, and the projected timelines.

Type of housing

If you’re looking for ‘shiny and new’, then building in an estate could provide an affordable option. You may also qualify for government grants or schemes where you pay a lower deposit, enabling you to own a home sooner than you ever dreamed.

The size of the home you could own in a new estate may be considerably larger than what you could afford in an established suburb; the same could be said about the allotment it’s built on. If you have a family, is it important that each child has their own room, or are shared bedrooms something you’re comfortable with? Is the space for a pool essential, or is the local YMCA a happy compromise?

These are all factors to consider.

Return on investment

History has shown it’s unlikely a home will significantly increase in value whilst there’s vacant land for sale in the same estate, as often people will build instead of purchasing an established home unless they are bound by time. If investing in an estate, consider the concept of ‘time-in’ – holding on to the investment for a significant period – rather than the ‘timing’ of when you buy and sell which may apply in more established suburbs.

Notable estates

The eastern corridor is well established and as such there are few true ‘new estates’. Notable additions to the landscape, however, have been ‘The Range’ which was built on the old Croydon Golf Course, and ‘Harcrest Estate’ Wantirna South which was home to the Austral Bricks Quarry. Both have been popular, providing the option of new housing against an amenity-rich backdrop, and resale, when offered, has been strong.

If close proximity to the CBD is non-negotiable, estate living probably isn’t for you, however, those open to a more flexible location might find a new estate offers them the lifestyle options they seek, and a place to write their next exciting chapters.

Share:

More Posts

June Quarter Market Update

There has been no hibernating for Melbourne’s housing market over the June quarter, with the median house sale price tipping over the million-dollar mark to $1.01 million. While this only represents a 0.2 per cent increase in the last quarter according to recent Real Estate Institute of Victoria (REIV) figures, this follows a record 8.8 per cent growth in the

Sound strategies for winning an auction

You could call watching an auction in Melbourne a much-loved sport. As the preferred selling method, there are a few factors to consider before you let your heart take over and bid above your budget. Unfortunately, bidding at auction isn’t an exact science; there are many methods, and every auction is different. If you are planning on bidding, you’ll stand

Why landlord insurance is a sure-fire win

Taking out insurance is a lot like buying a lottery ticket, with both decisions steeped in possibilities and ‘what-ifs’. However, when it comes to investment properties, landlord insurance is a wise gamble. Landlord insurance is designed to cover the cost of replacement or repair if your residential rental property is damaged as a result of certain events. This type of

Grandmillenial Style – why it’s a trend you need to jump on

A new trend in home decorating has emerged and is quickly gaining momentum. It is called “Grandmillenial” style or “Granny Chic”. This style is full of nostalgia for anything old fashioned or traditional, like something you’d see in your granny’s home, throw in some contemporary artwork or sleek modern furniture and there you have the style in a nutshell. While

Send Us A Message