What is a lifestyle property?
A lifestyle property is one that suits your lifestyle and values. While that sounds a little vague, it’s simply because each person’s lifestyle is so varied. If you’ve always had a dream of winter up in the hills by a log fire, perhaps a stone cottage in Stirling would be perfect for you. Have a passion for surfing? Well, your lifestyle property would definitely be beachside. Want to get back to nature and create a hobby garden, get a few chooks, maybe a cow? Your lifestyle property might be a little more rural.
There was an average growth of 5% in the real estate market in SA in 2020 and that trend doesn’t look to be ending. This means a lifestyle property could be an excellent investment or that it could be the perfect time to sell yours.
Why are they becoming popular?
With the curve that 2020 threw the world, people stopped and took a second to truly assess their life, future and values. The conclusion, it seems, that many came to was that waking up somewhere which made them feel at ease was something important to them.
Financially, they also make sense when you’re looking at the South Australian market. To purchase similar style properties in luxury locations but with access to the CBD and amenities would blow the budget way out interstate, but here in South Australia buyers are finding the market much more palatable for their tastes.
We are seeing interstate people moving back to SA with their east coast salaries. With more freedom to work from home now, they’re seeing the benefit of a property that better suits their lifestyle and values. That is, closer to nature, plenty of places for kids to play, suburban amenities, coming back to community and far more space.
Sure, when make the city commute every day was 100% necessary living too far out made no sense, but now with the WFH movement increasing and travel less possible or essential, lifestyle can become that little bit more preferable.
Where is best?
That all depends on you. The hills areas surrounding Adelaide are an increasingly more popular place to purchase as the quaint towns leave you closer to nature and tranquillity but have easy access to the CBD and inner suburbs.
Alternatively, beachside and waterfront properties are still available at a steal in comparison to interstate prices and waking up to ocean views starts anyone’s day with a calmer outlook.
What about for investments?
As previously mentioned, with the current SA market on the steady increase (even during a pandemic) this could be a great time for a lifestyle property as an investment.
There has been an increase in demand for rental properties, the highest it’s been in a decade in fact. But it’s important to note that plenty of folks are still prioritising lifestyle when searching for somewhere to rent.
What to look for when buying a lifestyle property
- Amenity in the area
- Land size
- Capital growth potential of the area
- Vacancy rates in peak and off-peak seasons
- Industries other than tourism which can help it stay tenanted if you wish to rent it
- Minimise management costs and maximise rent i.e. renting it out during peak periods
- A low-maintenance property, if renting
- If renting, consider your tax requirements in the area
How can we help?
When it comes to a lifestyle property we can find you one, rent it for you or sell you one for you. Don’t hesitate to reach out and strike while the iron is hot in SA.