Why first home buyers want to live by the beach
Thursday, 28 January 2016
Everyone has that ‘dream suburb’ they would love to live in, and we wanted to know what they were for first home buyers. Our research showed that buying a home within Adelaide’s beachside suburbs tops the wish list for first home buyers, with Glenelg, Henley Beach and Brighton all in the top 5 ‘dream suburbs’ for those surveyed entering the property market.
And why wouldn’t they want to live by the beach? There are great cafes, restaurants and retail shops, and with summer in full swing, living close to the ocean provides easy access to the beach and a relaxed lifestyle.
Glenelg, Henley Beach and Brighton are all within 15 kilometres of the city, meaning the short commute is convenient for those who work in the CBD and residents are in close proximity to all the city offers. There are multiple public transport options too, with the tram from Glenelg to the city, a train line to Brighton, along with many bus routes.
But is this an unrealistic option for first home buyers? First-time buyers may find it difficult to break into these suburbs given their popularity with homebuyers across the board. Statistics on realestate.com.au show the median house price for Henley Beach is $669,800; Glenelg - $920,00; and Brighton - $630,000.
Limited availability of land and the popularity of beachside suburbs is driving housing prices up, making it more of a challenge for first homebuyers to find properties within their price range. First home buyers need to be realistic when looking at suburbs; they might not be able to buy into their dream area when first entering into the property market, but that doesn’t mean they never will.
Buying in a more affordable region close to the ‘dream suburbs’ offers similar lifestyle benefits and enables them to establish equity that will hopefully enable them to one day achieve their goal. Ottoway, Queenstown, Rosewater and Camden Park are areas first homebuyers could buy character homes in that are also close to the beach and within 15 kilometres of the city. Camden Park, for example, has a median house price of $455,000 so could be a more realistic option for first homebuyers looking to be close to the beach. These suburbs are also adjacent to high-profile suburbs such as Glenelg, and offer a soft entry into the area, while enabling homebuyers to set themselves up financially. Then, with some capital growth and some more savings, homebuyers can push into the more desirable suburbs in the future.