Soul sisters
If you’re looking for your perfect home, then you probably already have a pretty good idea of where that home will be located, however if you’re finding prices higher than you can afford, or would like to pay, then there may be an answer.
In the Real Estate industry, we’re seeing more and more “Sister suburbs” popping up. Basically this is the term used to describe suburbs in close proximity to each other, but quite different in price. For whatever reason, the “little sister” suburb is not as popular, resulting in cheaper housing.
The lower price could be due to a number of factors, positive or negative. The area may be less developed, which isn’t necessarily a bad thing because there could be more capital growth potential. Or It may be in a less desirable area, for example close to a highway, or straight under a flight path, resulting in more noise, or next to a refuse tip, giving you a lovely dumpster aroma every time the wind blows in a certain direction. Maybe the cheaper suburb is further away from shops or public transport, or school zones, which may or may not be a deciding factor for you.
Even if you have your heart set on a particular area, it can definitely be worth your while expanding your “perfect location” search.
Just to give you an idea, if you were looking in Helensvale, down the Northern end of the Gold Coast, the average house price at the moment is mid $600,0000s. However if you head just a few kilometres down the road to Pacific Pines, the average price drops to mid $500,000s. Jump in the car for another couple of minutes to Oxenford and average house prices drop another $20,000.
After comparing suburbs and properties, you’ll know whether it’s something you want to consider or not. Only you will know if living on “that” street, or being close to “that” shop/school/park/lake etc, really worth $120,000 to you? If it is, then that’s totally fine, and you can continue looking in your dream location. But, if you think you could just as happily live a few minutes north, then expand your search area. After all, it may just be the difference between getting into your first home today, or in 12 months time. It’s up to you!
