When considering a new property purchase it can pay to consider the prospect of new local infrastructure projects.
Major infrastructure upgrades can provide massive improvements to a local economy. Depending on the type of upgrade, it could create new jobs, provide benefits to local businesses and the community, plus help add to the overall appeal of an area.
A number of infrastructure upgrades can provide a boost for an area, but some of the most beneficial upgrades include:
- Transport upgrades – roads, rail and airports
- Educational facilities – schools and universities
- Hospitals and health centres
- Recreational facilities – dining, shopping and entertainment precincts
- Public infrastructure – public squares, walkways, bikeways
When is the best time to take advantage of a new development?
The best time to get in on the property growth of a new area is generally before anyone knows about any imminent projects. However, buying too early is based on speculation, which comes with a high risk.
Even after an announcement of a new upgrade has been made there is always the possibility that a project won’t go ahead, so while you might get a good price the earlier you buy, you are also taking the biggest gamble.
Keep in mind however that the biggest jump in property prices tends to occur once an official announcement for a new development or upgrade has been made, and then again once those upgrades have been built and are in place.
This is good news for those who want to invest in an area based on new infrastructure. While property prices are likely to have already gone up based on investors wanting to capitalise on the potential of the area, it will likely go up again once the area is experiencing new benefits.
How can you find out about future plans?
You should always do your own research and due diligence, whether buying a property to live or invest in. An internet search is always a good place to start. Large projects will always be reported about due to the many benefits it brings to the area and because it can become a major discussion point for locals.
You can also look to the local council for information and the Department of Infrastructure and Regional Development.