If community, liveability and sustainability are on your property checklist, buying into a new land development could make good sense.
New estates can suit a range of households, from first-home buyers looking to get a foot in the door to upgraders seeking more room to move; and downsizers keen on a low maintenance lifestyle.
Here’s six benefits of making a purchase in a new land development.
1. Community spirit
“A new estate offers a strong sense of community,” said Khurram Saeed, co-founder of Melbourne-based land developer, Resi Ventures.
“Everyone is new to the estate and has common goals of purchasing their dream home, whether they are a first or second home buyer. So, it creates a neighbourly vibe where they look out for each other and the welfare of the estate.”
Stephanie Mackenzie, Stockland’s General Manager – Communities Sales, said new developments attracted a community of new residents which helped build authentic grassroots networks.
She said it’s not uncommon for residents to host activities together such as outdoor movie nights and outdoor fitness.
2. Thoughtful design and amenities
With easy access to public transport, shopping centres, schools and recreation a priority for many households, extensive work goes into designing estates to ensure they have the amenities that residents want.
“The land development space is a highly competitive market, and developers are always looking at ways to improve their design and win new purchasers over their competition,” said Satterley chief executive Nigel Satterley.
“This means that to succeed, new developments must be well located and thoughtfully designed, with plenty of parks and amenities.
One of the most desirable aspects of buying into a new land development is the affordability factor. Often opting for a new estate means being able to customise your home to your needs for a cheaper price than buying an established property.
“Potentially the biggest advantage of buying into a new suburb is greater affordability compared to inner-city areas,” Mr Satterley said.
“This comparative affordability can result in greater long term capital growth benefits as your parcel of land appreciates over time at a better rate. Coupled with current record low interest rate, buying into new suburbs in the current market has become a very attractive prospect for many Australians.”
Ms Mackenzie said many new developments offered multiple housing options that suited a variety of budgets.
“You can purchase the land and engage your own builder to customise your home to your specific needs and budget or you can choose from a range of house and land packages with pre-determined designs and features, at pre-set prices,” she said.
“A number of government initiatives, such as stamp duty concessions for first home buyers, can also make purchasing or building a home in a new development a more affordable option.”
Mr Saeed said new developments were often sought out by budget-conscious buyers.
“The budget stretches further and there are many more affordable options for the homebuyer, with different home designs and land sizes to choose from,” he said.
“Plus, there can be a six-month gap from when land goes on sale and a deposit is paid to when the land is titled. This can give the purchaser some extra time to save.”
Flexible working arrangements mean many people are spending more time at home.
Open space, playgrounds, parks and recreation options have become even more important for a balanced lifestyle.
“Parks and recreation areas including walking and bike paths are a key part of building connected communities as they provide spaces where people can relax, exercise, catch up with neighbours, friends and family, and where the kids can play,” said Mr Satterley.
Ms Mackenzie said new land developments should cater for residents in all stages of life, and also consider their changing needs.
“New land developments – or master-planned developments – are created with a clear vision of the wants and needs of the entire community, both now and into the future,” Ms Mackenzie said.
“Liveability is boosted through open green spaces, walking and cycling paths, and parks and sporting facilities for all residents and the community to enjoy,” she said.
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