You can’t choose your neighbours – or can you?
GUEST OBSERVATION
According to the theme tune of a popular TV programme, ‘everybody needs good neighbours’, and it seems some streets in Melbourne’s bay side suburbs have got this just right.
Throughout December, several streets in St Kilda and Elwood closed for neighbourhood Christmas parties. In addition to creating a strong community atmosphere, these types of events can also make a location more desirable and have a positive impact on property values over time.
In the City of Port Phillip, Glenmark Avenue and Moodie Place in St Kilda, Leslie Street in St Kilda East and Cyril Street and Heaton Avenue in Elwood are home to close-knit communities that hold street parties over the Christmas period and open houses during Halloween. Properties on these streets command premium prices and attract larger numbers of bidders than surrounding streets, as people look to purchase a slice of this lifestyle. Families in particular are drawn to these types of streets and neighbourhoods.
In addition to offering strong community relations, the presence of many like-minded residents often also results in better quality local resources and facilities, such as neighbourhood houses, schools and community groups. These amenities also act to increase property price, ensuring a sound investment for the future. Not to mention that surrounding yourself with like-minded people often results in long-term friendships.
When buying a property it is crucial to research the local area. Drive through the street at different times of the day and visit the local council to check any building developments or restrictions that are in the planning stages in the area. Speaking to a well-informed local real estate agent can also be beneficial, as they can share their extensive knowledge of the local streets and market.
In addition to researching the local area it is also necessary to hone your research down to the actual street you wish to purchase on. Streets where community pride is valued tend to be more desirable places to live, so the value of property in such streets tends to remain steady or increase, making them a great return on investment.
By investing the time and energy initially by researching a local area and its community, this not only increases your quality of life, but can also pay significant dividends on the resale price of your property.
Michael Townsend is director of Hodges St Kilda.
