It seems Gen Y’s whimsical love of smashed avocado on toast at the local coffee hub is having more of an impact on the real estate market than anyone expected.
A recent article published in Your Investment Property magazine looked at the growing trend of what property buyers are looking for when preparing to enter the market – and surprisingly having quality coffee close by rates amongst the top desires of property owners.
No longer are proximity to schools, the CBD and transport determining factors when looking at property, but rather, ensuring a good quality brunch is close by is essential.
It’s not surprising when you come to think about it. Really, who wants to travel far to get that sweet caffeine hit when you need it most? And for time poor young professionals entering the property market for the first time, it seems living in close proximity to this ‘café culture’ plays an important part in making their first move into property.
This seemingly sudden move to want to live next door to the café strip is not new, by any means. Major cities like Melbourne and Auckland have been seeing an increase in its popularity for years. Growing cities and new developments have adopted this trend and both the real estate and hospitality industries are seeing the benefits.
In Brisbane, RE/MAX Riverside Principal Martin Hood says that home owners are now looking for not just a home, but a lifestyle to buy into.
In the 25 years he has been selling property, Mr Hood says there has been a big shift into this café culture, which he says has taken over from the influence of the pub culture.
“Buyers are interested in the area they’re buying into,” says Mr Hood. “We’re seeing more and more cafes throughout the suburbs, which helps to develop a sense of community and certain lifestyle that buyers’ are really looking for”.
It is not just young first time buyers who are considering buying into this lifestyle. Seasoned property investors are well versed in seeing the benefits of investing in suburbs which promote this certain convenience.
“Cafés are no longer simply a place that sells coffee anymore, they bring people together,” says Mr Hood. “It’s a lifestyle that is not reserved for younger buyers either. Mature buyers, too, want to have a place to meet and enjoy the conveniences close to their homes and this is a big part of what attracts them to certain suburbs”.
These days, trendy café precincts are popping up everywhere. What was once reserved for CBD living and coastal esplanades only, these ‘hubs’ are moving further into the outskirts of cities and indeed much further from major city centres. And the effect it is having on not only the demand for property, but the value in surrounding areas, is proof of our love of coffee.
Whether it’s a big chain coffee store or hole-in-the-wall stop, when there’s good coffee around it’s hard to keep people away; and this is a promising predicament for property owners and investors.
Whether you’re looking to invest your dollars in real estate for yourself, or as part of your property portfolio, taking note of where the closest café is could be the best move you’ll make.
Lyn Cox, RE/MAX Public Relations – M. 0418 793 096 E. firstname.lastname@example.org