Tough Getting To Work - Mobility an attraction for buyers
Being close to a bus route or train line is becoming critical, writes property editor Michelle Hele.
With the rising cost of fuel and concerns about the harm private motor vehicles can do to the environment, for those who can't afford to live closer to their place of work, living closer to public transport is becoming more important.
Buying a house is no longer just about liking the actual home, how many bedrooms it has and the suburb, people are choosing a property based on how it fits into their lifestyle, according to PRDnationwide research.
It found that the top of the list for 57 percent of house hunters was access to public transport
About 16 per cent felt having a supermarket close by was paramount while 12 per cent wanted a cafe or restaurant close to home.
Only 8 per cent wanted a school close by.
PRDnationwide research director Aaron Maskrey says increasingly congested roads and rising fuel coast we pushing public transport higher on buyers lists - and suburbs which offered multiple public transport options were most popular.
"A reliable train, bus or ferry terminal nearby can add thousands to the purchase price and create greater competition for the property," he says
Maskrey says people's lives are busier than ever and they were craving convenience.
But while Maskrey says public transport is important it has to be an efficient system to win buyers over
He says Australian Bureau of Statistics figures reveal 80 per cent of people aged 18 years and over use a private vehicle to travel to work or study
Fourteen per cent take public transport and 6 per cent either walk or cycle
"However, with the cost of fuel increasing, the high costs of long-term parking and congestion affecting the masses with in metropolitan locations, sentiment towards public transport is shifting, ultimately affecting a buyer's purchasing decisions when buying a property that is located within close proximity to public transport nodes," he said.
Maskrey said investors had caught on to the trend some time ago and had focused on buying strategically located properties within short walk of transport and facilities to best maximise their rental returns.
Buyr are Scott McGeever of Property Searchers says among his clients access to public transport is raised "110 per cent" of the time.
He says the majority of clients are buying within a 12km radius of the Brisbane CBD
For investors access to public transport means better capital growth for their property so it is also paramount to them
Maskrey says Transit Oriented Developments (TODs) are growing in popularity with a number of projects drawing great interest as well as selling well.
Transit Oriented Developments are built next to transport hubs and are mixed-use developments with high-density residential apartments, and other amenity including office space, dining and retail.
He says TODs are often more appealing to investors because they are appealing to renters
According to the latest Midwood report, new developments either underway or for sale near public transport are achieving solid sales.
In Bowen Hills near the railway station and close to the massive RNA redevelopment, the Code project in Jeays St has secured 100 sales of its 132 units to date. Madison Heights on Campbell St has sold 40 apartments and The Chelsea at Hamilton lace has sold 148
The Milton on Railway Tce, Milton, has secured 55 sales and The Mill next to the Albion railway station is taking expressions of interest.
The Eldorado Village development opposite the Indooroopilly railway station and within walking distance of Indooroopilly Shopping Town has secured 66 sales.
Meanwhile, in Fortitude Valley, there have been 110 sales at Mosaic on Ann St and at the nearby McLachlan & Ann project there have been 160 sales.
Agent: FKP Ltd
Details: Off the plan sales of The Milton. About 2km from the Brisbane CBD, next to the Milton Railway Station, close to bars, restaurants and shopping. A mix of unit sizes available.
Tips About Purchasing Transport-Friendly Property
- Buy within a 10 - 15 minute walk of public transport.
- Don't buy right next to a railway line, look a few streets back
- The 18-24 age group tend to buy units because they are low maintenance and close to amenities
- Buy in out suburbs that are supported by efficient transport infrastructure
- Buy where there are a number of public transport options and it is efficient