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Deciding whether to buy a home in Burnside or Stirling involves comparing two separate types of Adelaide real estate. Buyers are attracted to both of these suburbs for the lifestyle they offer, as well as the potential for long-term appreciation; however, there are many factors that will affect how well each investment performs, including the type of property you choose to purchase, what it costs to get into the market, how much demand there is for rentals in that area, and where the property is located. By doing some research on both areas, you should be able to determine which suburb will best fit your financial plans.
Burnside: Established Suburban Appeal
Burnside has been recognised for its many tree lined streets, long-standing residential buildings, and proximity to Adelaide’s eastern suburbs. For potential investors, this area offers a variety of property types, including larger homes, updated properties, and unit-style dwellings.
The higher purchasing price of most properties may create barriers for entry. Investors should compare the expected rental return of the property against the total cost to buy the property including maintenance and other associated expenses. A local property investment advisor in Burnside can assist in determining if the expected return on investment (ROI) from the property as well as the potential for capital appreciation matches up with what you are willing to spend.
Take a close look at the specific street, how well maintained the properties are, and if the tenants would want to rent it. The way that you present your unit could result in a much better cash-flow than a large single-family house.
Stirling: Adelaide Hills Lifestyle
The town of Stirling has a very different feel than most other towns. It feels like a small town, is surrounded by trees and has direct access to the Adelaide Hills. This can be attractive to people looking for the benefits of living near to the local community, as well as wanting to live in a quieter area.
However, investors need to think about how old the home is, what kind of maintenance it will require and whether there is adequate access to public transportation and other services. In addition to these factors, there could be features on the hill property which could impact the cost of insurance, maintenance or future renovations.
A property investment advisor Stirling will be able to compare these elements and provide you with an estimate of how much it is likely to cost you to own a property in the area.
Compare the Investment Fundamentals
Before choosing either market, review:
- Purchasing Price: Do you have sufficient funds to cover the purchase price of the property based upon your available deposit and borrowing capacity?
- Rental Demand: The rental demand question asks “who” would be most interested in renting the property, and then asks what features are important to these prospective renters.
- Ongoing Costs: Rates, insurance, repairs, property management fees and vacancy periods.
- Growth Potential: Take into consideration the availability of local supplies, infrastructure, and recent similar sales.
- Property Condition: Check building quality and likely maintenance needs.
A property investment advisor Burnside can assist you with comparing properties (houses vs. units), evaluating estimated rental income, and identifying potential issues prior to placing an offer on a home.
Match the Suburb to Your Strategy
If an investor wants to find well-established residential properties with a variety of housing options in a suburban area, Burnside could be suitable. Those investors who appreciate being able to live in the Adelaide Hills and enjoy the associated lifestyle benefits will probably find Stirling attractive. There is no guarantee that either of these areas will provide a high return, therefore, you should evaluate each property individually.
When considering alternatives, a property investment advisor in Stirling will assist you with assessing the costs of buying, how much you could receive from renting, and your overall long-term plan. Compare objective data, visit potential properties to buy, and do not make decisions solely on projected increases in value.
The ideal real estate purchase is not just about choosing a suburb known for its great reputation; it’s also about finding a home that matches your financial capabilities, level of risk you are comfortable taking on, and overall investment plan.
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