Predicting the next suburb to turn from bogan to batch-brew has long been a sure-fire investment strategy. We ask, what are the cues for selling your property located in a gentrifying suburb?
(A good agent will be able to help you with your decision. Compare real estate agents at LocalAgentFinder including performance data, homeowner reviews, agency information, fees, commissions and more).
‘Hipster’ suburbs such as Brunswick and Fitzroy in Melbourne and Darlinghurst in Sydney have well and truly gentrified. So, will your suburb be next? And if so, should you keep your property or sell?
5 signs that your suburb is gentrifying:
1. A coffee shop influx. Put it this way, baristas won’t survive unless they’re in an area where there are youthful, suit-wearing locals. Small, hole-in-the-wall coffee shops offering a ‘black’ or ‘green’ latte have hipster written all over it.
2. Small dogs. Sausage dogs and French bulldogs in particular.
3. Art. These days, industrial, arty, graffiti-filled streets are all the hype.
4. Café after café. Filled with large, shared tables and MacBooks.
5. Old warehouse buildings revamped into shared office space.
So, should you sell your property now or wait?
If you’re ready to move on, and your property is in the heart of a suburb on the verge of booming, choosing to sell now could be the best decision. However be careful, your suburb may be ‘hip and happening’, but if your property isn’t close to a busy strip, public transport or arterial roads, it might be worth holding onto for now – at least until your suburb is further developed. If you’re not already renting your property out, perhaps consider doing so – young professionals will pay big bucks to live amongst a gentrifying suburb.
It’s a great idea to start by chatting to your local real estate agent. If you’re unsure of whether to sell now, a good agent will be able to give you the low down on local properties similar to yours and an indication of whether now is the right time to sell. You can compare real estate agents at LocalAgentFinder, including performance data, homeowner reviews, agency information, fees, commissions and more.
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