Firstly, let me explain the difference between a ''bride' and 'bridesmaid' suburb.
The most desirable suburbs in Australia are considered the 'brides' such as Potts Point in Sydney or Toorak in Melbourne – these are the suburbs in the spot light, admired and desired by everyone. The suburbs surrounding them are the bridesmaids.
They’re not the centre of attention at the moment, but they may be in future and they certainly have just as much to offer as the brides. These areas usually benefit from their close proximity to their fortunate neighbours, especially as prices rise and buyers are forced into these surrounding suburbs.
So, why are these suburbs such great places to buy property?
Everything You Need At A Discounted Price
Usually the more expensive suburbs have easy access to amenities and are priced accordingly. This includes shopping, bars, cafes, employment hubs, transport, parks or schools. But how about the suburbs next door?
Bridesmaid suburbs usually have access to the same amenities, even if they’re a little further away. That means they usually offer a similar standard of living, without the high price tag.
Buy Before The Boom
As buyers get priced out of one high growth (bride) area, they often move on to neighbouring suburbs (the bridesmaids). Increased demand for those surrounding suburbs causes their prices to increase, which pushes future buyers to the next suburb over.
This creates a ripple effect, where price growth grows outward from one desirable central area. The key to buying property well is to find a bridesmaid suburb before the ripple hits – that way, you’re very likely to get a bargain and enjoy considerable capital gains in the future. But how can this be done?
Find expensive suburbs that are in high demand, then investigate the suburbs surrounding them. Are there any that are considerably cheaper? Chances are these areas haven’t been reached by the ripple effect yet. They might not be awash with cool cafes and high rise apartments but it’s likely only a matter of time.
Finding The Brides And Bridesmaids
Brides are easy to find. They’re usually populated by cafes serving avocado on toast, private schools where the students wear tailored blazers and driveways packed with European cars.
Bridesmaids might look a little different – they could be undeveloped, a little rough around the edges and occupied by a higher than usual proportion of young people.
In Sydney and Melbourne, almost every suburb is a bride, so you may have to look further out from the centre to find something that hasn’t been touched by the price ripple yet. In other capital cities, finding bridesmaids should be far easier.
For help finding affordable property, in a challenging market, seek the help of a local buyer's agent.. Buyer's agents with a long history in the area might be your best bet when searching for your very own bridesmaid. Do your research, get the right advice and your suburb could transform into a bride before long.
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I hope all of this info has been helpful and wish you all the best on your property journey. Please don't hesitate to get in touch if you have any questions.
Disclosure: The information contained in this blog is our personal opinion only and is not to be taken as financial advice, as we do not know your financial situation. Please speak with your accountant or any other licensed professional for specific advice based on your own personal circumstances. We will not be held liable for any losses.
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