Lifestyle 2.0

We often hear of suburbs to look out for but their names seem to be in almost constant flux. Why is that?

Who decides this and what defines a suburb as an up-and-comer? Is this ripple manipulated by town planners, adept in the knowledge of what buyers are looking for and approving physical changes? Gentrifying, if you will? Or is it through revitalisation of older suburbs by new buyers adding to the changing character of an area?

Suburbs in the throes of gentrification are often identified through owners renovating properties, generally purchased by buyers with higher income streams.

This isn’t the only thing that signifies a growing area. The style of housing may change, but with this also brings a change in lifestyle.

The process of change is often a slow one, with the shift in defining a suburb’s lifestyle not something that happens overnight. And it’s something buyers and investors eagerly follow. Or perhaps they’ve steered.

Historically, the need to be close to the CBD was linked to higher education options and white collar employment opportunity. With that, restaurants, cafes, entertainment and the like were generally reserved for inner city locations.

We are now seeing precincts of these types creeping further into middle to outer ring suburbs, reducing people’s need to travel when the lifestyle they seek is on their front doorstep.

The shift in the landscape of buyers/ investors could be due to a number of influences, such as improved transportation, flexible working options and increase of local facilities adhering to a more consumer-driven lifestyle.

Add to that the growing popularity of services promoting a lifestyle of convenience then the move to these suburbs just about guarantees a particular lifestyle. Think UberEats or Menulog, for example, supplying a family meal to your door without the bother of cooking; or leaving the car at home and taking an e-bike to work– not only is it cost-effective but removes time spent sitting in peak hour traffic.

People are drawn to these suburbs as they not only promote an affordable entry point and opportunity for property value growth, but the formation of these mini-city hubs – pop up art galleries, retail boutiques, cafes, bars and the like - reduces the need to travel far. Not only that, they create a community environment of their own and it is these new attributes that tend to influence buyers and investors.

RE/MAX Riverside’s broker owner, Martin Hood, says that home owners are now looking for not just a home, but a lifestyle to buy into.

In the 25 years he has been selling property, Martin says there has been a big shift into this café culture lifestyle. He says there’s a growing trend of boutique bars and microbreweries moving into suburbs, which is taking over from the pub culture of yesteryear.

“Cafes are not simply just a place that sells coffee anymore, they bring people together,” says Martin. “It’s a lifestyle that is not reserved for younger buyers either. Mature buyers, too, want to have a place to meet and enjoy the community close to their homes. This is a big factor when it comes to buying.”

With the changing nature of people’s fast-paced lifestyle, the revitalisation of these suburbs is providing residents with the conveniences of a modern community. The shift works two ways. Firstly, through buyers looking to buy into an already established area; where change in housing style and density has already been approved under a town planning concept. Basic infrastructure, transport hubs and commercial zones may already be in place to support such developments. Secondly, through gentrification where-in buyers become the designers of the suburb itself, generating a need for local amenities/shops/facilities, which is in line with their own lifestyle choices.

Regardless of the way in which the concept evolves, what has always been paramount when purchasing a home is that at the core to living a particular lifestyle is the community surrounding it.

And the ripple this causes through suburbs is a positive thing for the property investor to watch for.