Sep 11, 2019
Private estates are becoming quite popular for land buyers and those looking for a place to call home. In Australia, these estates are popping up close to many major CBDs and still offer the comforts of a private neighbourhood without the suburban traffic and hassle. A private estate, specifically, as opposed to a traditional estate, is where all of the residents own their houses and there are no co-ops involved in the process. If you’re looking to buy land, these estates are in high demand right now.
The Idea Behind Estates
Modelled after the original design of cities, private land estates are pre-planned communities that are designed to function almost autonomously, with many offering their own commercial centres and recreational spaces within the developments. This “city within a city”, if you will, is designed to promote a sense of community on a much more manageable scale and to take the many hassles out of suburban life, such as high traffic volumes, commercial traffic, noise, parking issues, and other inconveniences and dangers.
Families enjoy living on new land estates because the homes are generally cheap to purchase. They can get a lot more house for their money compared to buying in an established neighbourhood. Plus, they’re getting in on the ground floor of the community development, allowing them to get their family integrated into the community and build relationships that will last a lifetime. And it’s all done in a quiet retreat, away from the noise, traffic, and lights of the city. What’s not to love?
What About Investing, Though?
If you are looking to buy land for development, private estates definitely offer a good place to put your money. There is a lot of competition in this market right now, of course, so you might have to fight for the deals and face the occasional property where you’re outbid by someone with deeper pockets. The home values are lower, but since the land was purchased in a huge lot and then parcelled out, there’s a pretty high profit on selling both developed and undeveloped blocks of land in one of these private estates.
These areas are in high demand among families from all classes, so there are many in the works throughout the country. People choose these estates because they do offer affordable first-time homeownership, though, so you shouldn’t expect to make huge sales if you’re buying land and selling homes once they’re completed.
Buying for the Family
As mentioned above, private estates are ideal for family life. In fact, that is the entire reason for which they were designed. If you’re in the market for a great family home in a safe neighbourhood, these properties are the ones that should be on your list. What’s great is that even if you just buy the land before development, builders can make it relatively affordable for you to construct the home of your dreams within the models that they have available.
If you’re considering buying land in a private estate, it’s rarely a bad idea. Like any land purchase, you’ll just need to make sure that you choose the right block, know exactly what you’re getting, and find something that’s within your budget.