Property used to be all about location, location, location, but now lifestyle, lifestyle, lifestyle is at the forefront of buyers’ decisions, according to a leading property expert.
Valuer, property commentator and director of Suburbanite, Anna Porter, said the recent pause in the Covid lockdown and huge price wars had caused a shift in buyers, pushing them away from the city and into communities that promised a better lifestyle.
As such, she said there are many winners and losers in the real estate market.
One of the biggest losers was Australia in south-west Sydney.
“We’ve seen Austral completely transformed over the last decade, but the planning is so poor it’s nothing but overcrowded house and land,” Ms Porter said.
“Almost no land has been set aside for hospitals, schools or other related infrastructure, not to mention the upgrading of roads or access points.
“It has not created a long-term suitable or desirable location for young families pushed west for housing.”
Ms Porter compared it to Brisbane’s Moreton Bay region, which she saw as a winner.
“The Redcliffe Peninsula, formerly known locally as ‘deadcliffe’, has seen huge changes at a community level in recent years,” she said.
“The planning was right from the start, but now the entire foreshore has been activated with the introduction of weekly street markets, transforming a once undesirable site into a family-friendly hub.
“Planning has also won in Brisbane as the Queens Wharf project is set to follow in the footsteps of Sydney’s Barangaroo and become a real treat for visitors and locals alike.”
Ms Porter noted Hamilton, Queensland, where an old industrial area has been transformed into a bustling night market with entertainment every Friday, Saturday and Sunday called Eat Street Northshore.
“When buyers are looking for a place to call home, they often go and try a few local restaurants, get a feel for the vibe on the weekend, check traffic, commute and really dig deep into the important draw cards,” she said. .
“Activating neighborhoods with lifestyle amenities is more important than ever.”
“If we look at Lord Mayor Clover Moore’s heavily criticized closure of George St for a pedestrian interchange, we can clearly see success as there has been an overall revitalization of the Sydney CBD.”
Ms Porter said the George St hub had a different impact than the Sydney Olympic Park.
“Sydney Olympic Park was successful because it served the Olympics, no doubt, especially compared to its predecessors because it had a life after the Olympics,” she said.
“But they’ve really missed the mark on the lifestyle aspect – it’s really a dead end if it’s not in concert.”
“Unfortunately, as a livable, connected, engaging and active community in Sydney, this is a complete failure after the Olympics.”
Ms Porter said “connectivity” was hugely important for those moving to the suburbs.
“Melbourne’s western suburbs are similar to the Olympic Park in that they’re also overcrowded, with houses as opposed to units, but the lack of infrastructure means they’re not very well connected to transport corridors, which I think is failing,” she said. he said.
“The real winner in Victoria is Southbank in Melbourne.
“This once undervalued real estate area now has an active nightlife and thriving riverside entertainment district that is ideal for bringing lifestyle to the area.”