Colin Farrell vs Cillian Murphy: How to choose a suburb with great potential
Choosing the right suburb is a lot like choosing a partner.
You know - you want it to be charming, inspiring and safe. A place that will age like a fine wine and increase in desirability over time.
In human form, you basically want a suburb to possess all the characteristics of Cillian Murphy.
Cillian Murphy suburbs have immense staying power. At 43 years of age, Cillian and his wife have been married for 16 years, and by all accounts the relationship is better than ever.
Such areas pay huge dividends long after the initial romance has faded. They have strong infrastructure, proximity to a range of employment options and desirable amenities and property prices steadily rise over the long-term.
The trouble is, there’s often another type of suburb that can easily seduce us; the Colin Farrell suburb.
Colin Farrell suburbs might look very attractive at a glance but they’re not always in it for the long-run.
These kinds of suburbs are up in value one year and down the next, they’re a little bit of a mess and it only takes a cheeky DM from Carmen Electra for the wheels to come off the wagon.
Years down the road, when all is said and done, your investment may be in tatters and you might even end up shaving your head like Britney. Not good.
So, it begs the question; how do you know which type of suburb you’re getting involved with?
Today, we’re going to cover 3 key considerations that’ll weed out the Colin's from the Cillian's and ensure you settle into an area where value of your investment could mature nicely with the years.
1. Consider the Demographics
A shift in the demographics and the ensuing gentrification is the first major indicator that that an area is becoming a developing growth suburb.
Examine who’s moving in and who’s moving out – if young child-less middle-class folk are setting up shop then you could be onto a winner.
Take a look at local shops and cafes too, as they can indicate an upward trend in local spending patterns. If you’re not sure, keep your eyes peeled for a few of these giveaways:
- Avocado-laden brunch menus
- Fixie bikes
- Micro-brewery’s making 11% beer
- Well-manicured beards
- Organic vegan grocers
- Bakeries that specialise in sourdough-bread
- Single-origin coffee served in a receptacle that looks like a flower vase
Getting in early in areas that display the above characteristics could very well lead to a steady increase in the value of your property.
2. Look for New Infrastructure
Researching with local council to find out information about planned infrastructure is solid knowledge to have up your sleeve too.
It’s a sure sign that the area is on the up – and that could mean positive investment potential.
Projects like the extension of the Luas out to Cherrywood in Dublin added significant value to properties in many suburbs that were once previously overlooked.
Take note of plans for new developments such as hospitals, public transport links, motorways, schools, or shopping centres. These developments can have a domino effect and result in long-term price growth for the area.
However, it’s important not to make a snap decision – this is still speculation, so there’s no guarantee that prices will rise (or certainty that the project will go ahead!).
Many people fell for the charms of Colin Farrell-esque developments during the boom-era that were built without proper infrastructure or amenities and lost out big time.
A reputable estate agent will be able to offer good advice on any proposed developments in a given area and guide you to the best buys in your area based on your budget and requirements.
3. Think Outside the Suburb
If you’re eyeing a suburb that’s incredibly popular, then it’s likely already had a hike in prices. Buying a property here may be like trying to snag Cillian from his wife now. Not easy.
It’s wiser to look at suburbs adjacent to rapidly growing areas. That way we can catch a Cillian clone before all the other ladies want him.
By choosing areas that aren’t the epicentre of hip right now, there’s a fair chance that they will follow the trend of the neighbouring areas and become more desirable over time.
That’s because in a few years’ time, when demand in top suburbs exceeds supply, you’ll see the demand spill over into your suburb, and what often accompanies high demand is an increase in price.
The best part? When the influx of hipster neighbours eventually occurs, you can gloat that you’ve been a resident since long before it was cool.
By doing your research on a suburb’s demographics and infrastructure you can better understand it’s growth potential for the coming years.
Given that demand spills over from popular suburbs to less popular ones, buying a property in an area adjacent to a booming suburb could reap the largest returns over time.
While it’s only natural to want to at least gain a stable increase in the value of your property over time, if you’re not an investor, don’t lose sight of other factors that will affect your quality of life too.
Things like the crime rate, the distance to your family and friends, the closeness to parks, schools etc and whether an area has a strong community spirit should all be carefully considered before making a final decision.