The infrastructure that surrounds your new house can not only have a large impact on your day-to-day life but may also influence how your property will grow in value in the years to come.
Around 72 per cent of the country’s population will live in a capital city by 2053.
Building your new home in close proximity to transport hubs, for example, might prove to be a savvy decision in the long term. Why? Well, as you might imagine, shared buses, trains and ferries can greatly alleviate the traffic congestion many regions already face. What’s more, this issue looks set to worsen in the future, with the Australian Bureau of Statistics forecasting that 72 per cent of the country’s population will live in a capital city by 2053, putting additional stress on urban infrastructure.
In addition, the demand for public and other alternative modes of transport will continue to increase as people across Australia and around the world become more aware of a need for environmentally friendly way to commute.
It’s fair to say that public transport hubs are an important element of a society, but how will building near one impact you?
1. Eliminate commute frustrations
The average commute in Australia is around 30 minutes, according to research from IBM. This might seem fairly short, but it remains a point of irritation for many. In fact, more than 8 in 10 Australians (82 per cent) are annoyed by parts of their commute. The most frustrating aspects included:
Naturally, the convenience of public transport is able to solve all these problems. A regular timetable, combined with a consistent speed and free-flowing travel routes offers the ultimate in convenience for the whole family. To really capitalise on it, you’d want to design and build your new home close enough to the hub to be easily accessible but still far enough away that the noise and foot traffic of other commuters doesn’t impact your life.
2. Save money on transport
The cost of petrol might be fairly low at the moment, but it’s reasonable to assume that these prices aren’t sustainable forever. Building your home within walking distance to bus or train station is a future-proof investment that enables you to reduce your transport expenses.
Australian cities have long been accused of having pricey public transport systems, but research has recently emerged that suggests that this might not be true. A study by Nine Squared explored the number of minutes a minimum wage employee would have to work to afford an average trip. It found that Hobart, Canberra, Darwin, Adelaide, Perth and Melbourne were among the top 10 most affordable cities in this regard.
The Sydney Morning Herald explored the findings in more detail in this tweet below:
3. Enjoy superior value growth
Given the advantages of public transport, it may come as little surprise to learn that new homes built nearby to such hubs grow in value at a faster rate than those constructed in more isolated areas.
Research from the University of Technology Sydney investigated the relationship between house prices and proximity to public transport, using the Epping-Chatswood rail link in northwest Sydney as the basis for the study. After the hub opened, the analysis found that homes located within one kilometre of the train station were valued at $64,253 more than those situated further away.
Availability of public transport remains an important amenity for many Australian buyers. Buying land and building a home within close proximity to such rail and bus links offers the ultimate in convenience and may boost the value of your property in the long term.