WithIce

We're pretty sure that when we move to Melbourne we will have to decided between a location we like - lots of transport, cafes, beaches, good schools and short commute to CBD and the house we'd like - 4 bed, big plot, pool and rumpus room (With about $3 million we could probably have it all)

I constantly go back and forth trying to decide which will make us most content.

So for those of you not lucky enough to have it all, how did you decide - location or house? And are you happy with what you chose?

WithIce x

Timber Floor Au

Usually we start with SCHOOL's

Find a few schools you are happy with for the kids..
Because Oz isnt restricted to Catchment areas... you can be a bit creative, but dont forget commuting distances..

Which leads to Work, do you need to be on a bus/train/car route, that you dont mind travelling that extra 10-50k to work and back each day?

Is the pull of a beach more important than the two points above?

Is the pull of cafe, society more important than the top 2?

If not.. then you do gotta find somewhere that gives you the mix, the mix that suits all of you, then fine tune it to suburbs, and then house types then worry about affordability.

For us, school and the school run is important.
So is DOGS, we have to be where they allow more than 2 dogs on your land.
We like rural.
We like acreage...

so our purchasing decisions were based roughly on that..

As for commun=ting distances, well.. i do 3-4 hrs per day , to and from work...

The benefit, is we all live in a wonderful area... and that wonderful area, is by expansion, getting closer to work.. if that makes sense.

So I would rather live, where I want to live, and get a lifestyle, that suits us all, than be on some 2 min walk to train commute to work.. !

I cant understand the mentality of those moving from Uk to Oz, and then living on a Huge Brookside'esque estate... it doesnt appeal to me..

But their circumstances and I WANTS are different to mine, so its all down to YOUR individual requirements.

Ste

Hutch

Unless you're minted then you have to consider it as starting again. That usually means making compromises on your house in order to get the right location. The first house you buy does not have to be the house you retire in. Buy, do up, sell, move. In the UK very few people moved into their dream home immediately and despite the fact that you may have been several rungs up the ladder there, why should it be any different here?

NickyC

For me it's location, most definitely.

A better location usually means a shorter commute and better facilities (near beach, cafes, restaurants, good shops, hospitals etc). Life's so much easier if you have these things on your doorstep.

We started in a small house in a great spot and worked up from there. Good locations will tend to appreciate in value faster than your bog-standard suburb miles from civilisation so it's not too hard to move on and up when you want to.

Kelli28

location its always easier to sell on if and when you want to plus the added benefits of having more facilities

walaj

we had 2 opportunities - buy in area nearby to where we were looking, but bit out the way, not all the facilities, bit further from work, little bit bigger block, build the house we wanted now plus plenty left over to really furnish it out...
OR
buy in the location we really wanted, live in old house whilst save enough to knock down & start again in about 4 yrs

the first option was really tempting, get what we want now, it is feasible (ie cost, suitable block of land) etc. We kept going back to it, but the area never hit the mark with us. It was not ruled out as quickly as it should have been, because there was not much coming up in the area we wanted.

The one thought that swung it was that you can change the house, but you can not change the location.

spartacus

Look for:

Worse house in the best street.

Rather than:

Best house in the worst street.

Timber Floor Au

I had that mentality in the Uk.

Worse house on the best street... and to a degree it works.

But because, Australia, doesnt follow the every house is the same rule, then the worst house in the street, can and often costs more to rectify, reno or detonate and renovate.. than its clearly worth !

Whereas in the UK, renovating can be a happy experience, and seamless... in Oz, the fact theres so much legislative red tape, begs the question, WHY BOTHER !

Its often cheaper to buy a cruddy house, on a great block, in a good locale... demolish the bugger and rebuild.

Ste

spartacus

Agree.

There's often more money to be made in not renovating, and just sitting on property as is in an appreciating market.

Timber Floor Au

Totally withya on that !

Reminds me of those uk programs, where DIY donkeys do up a house, for profit !

Only to be told, there house would have rose the exact same amount ( profit wise ) had they just sat at home watching TV and sitting on it !!

Ste

king kong

i have found the closer you are into town then the more you will pay ,so get as much land as you can for the best price and dont worry about the state of the house as land values go up so much in the city ,it make the house worthless after 15-20 years .
Then bulldoze and build 2-3 units on it and cash in and look for another place close to the city ,ie within 10kms

Timber Floor Au

Well heres my bit of advice.

If you have 900k !

Buy 2 blocks for 450k each.

Fence them.. and maintain them.. but just sit on them for 2 years.

Try and apply for subdivision on both, if no go.. then get valued.

They should now be worth, at least 150-200k each more than when you bought them !
If you get sub-division on them.. well.. you can retire !

End of story

moneypenny20

I'd go location first every time but then I just don't get the urge to have a rumpus room or a parents retreat - they both seem pointless to me, especially a parents retreat. I'd love to know how many parents actually retreat from the kids and move to a room next to their bedroom to chill - If I want shot of the kids (which is rare), I pick my book up and when I retreat I go to bed. I'm missing something obviously

We've always had worse house on best street and have here but had no idea it was best street when we bought it, but it's an easy reno this time so we were lucky.

BadgeIsBack

I'd say' 'Location location'' commensurate with needs and wants (and then try to get a family in the joint). Having said that living in a box can be depressing but even a modest Aussie home will match a 3/4 bed semi and will a TV room make up for an hour's commute and an unsavoury suburb...

Stacks of younger aussies are moving to smaller homes in better areas or improving areas if they think this will improve their quality of life and most at my work see the [outer ]suburbs as a death sentence - so it is a personal thing.

I reckon that Melbourne is one of the cities where if you search you can compromise on say one thing, get that sea/bush/cafe lifestyle and still get a reasonable income to support it. We compromised on distance to city but got lifestyle in droves (which many don't that far out in a suburb) and maintained income.

It's also a growing city despite the fact SE Qld and WA get the hot press.

Timber Floor Au

We actually have a teenagers retreat !

It works like a dream... wouldnt be without it.

Also have a rumpus, and again wouldnt be without it, cos apparently its ideal for putting clothes airers, cos your TITE BASTARD HUSBAND wont buy poor wifey a bloody tumble drier lol !!!!