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  • Writer's pictureAndre Dirckze

How to Buy a Home in your Dream Location

Updated: May 29, 2018

Location, location, location. It’s a cliché for a reason. The right locale is critical when it comes to return on investment and also when it comes to living a lifestyle that suits you and your family. Even if your tastes don’t run towards Melbourne’s most expensive suburbs like Kooyong, East Melbourne, Docklands or Canterbury, buying in the perfect location can still sometimes seem insurmountable. But we prefer to subscribe to a different cliché; “where there’s a will, there’s a way!”

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Here’s five ways to buy a home in your dream suburb:  

1. Buy your “family home” early as an investment

Why wait? Sure, you might not have the average 1.8 kids now but if a family is in your future sights why wouldn’t you have tenants pay for your future home if you could? Without (or with fewer) kids and with two incomes you might be able to leverage any existing equity, get in before prices rise or take advantage of negative gearing rules to get a chunk of your dream home paid off before you even need it. Chat to us today to see what your investment purchasing power might be right now.

2. Maximise your Mortgage

It might seem counterintuitive but the right mortgage is not necessarily the cheapest. It’s the one that fits best within your overall financial plan and your biggest investment - likely your home – should be a part of that. A regular mortgage broker won’t have see the full picture. But an expert financial planner (like us!) will be able to guide you toward the right lender and the right product and find you a loan that allows you the flexibility you need for the future. We might even be able to help you own your dream home sooner.

3. A Different Perspective

We know it’s tricky, but try not to fall in love with a property until you’ve actually purchased it! Emotion can make us pay more than we initially bargained for! Instead, be strategic, offer or bid on any property in you dream location that logically ticks off all the needs and most of the wants on your wishlist. Give yourself time and don’t panic and make a frustrated purchase if you don’t secure a property right away. The best way to combat snap decisions is with knowledge; seek advice on what you can really afford and what the value of the properties in your chosen suburb are, have your finance locked in before you bid/offer and make sure this purchase is part of a wider wealth building plan.  

4. What’s in a name?

If your dream location really is just too darn costly, have you considered it might have an equal out there? “Twin” suburbs are suburbs that are an equal distance from the CBD but in a different direction. has this handy interactive map to help you find out which twin suburb might be your – much more affordable - match. You could save millions by going west (which just so happens to be our specialty!) For example, if you buy in Maidstone you could save nearly $100,000 as opposed to if you purchased a house in West Footscray just next door. Or save up to a whopping $2.5 million if you were looking in Canterbury directly across town!

5. It’s the little things that count.

Here are a few more factors that could make all the difference in buying a house in your dream location.

  • Don’t play by the rules. If you’ve done your research and think a property is going to sell for more than the indicated advertised range – why not make a firm offer before auction that’s still within your means? Maybe offer a shorter or longer settlement as per the vendor’s wishes as incentive.

  • Especially if you’re handy, consider buy the “worst” house on the best block, you’ll have years to renovate. Just make sure the building and pest inspections come back in a reasonable fashion.

  • Don’t forget if you can buy off the plan, you’ll save tens of thousands on stamp duty.

  • If you can save up a 20% deposit, you won’t have to pay mortgage insurance.

  • Keep an eye on properties in the area of your dreams. If they get passed in at action, get in touch with the real estate agent asap to see what kind of offer might be accepted.

  • Be realistic: don’t look at current selling prices, look at past sold prices to see what type of dwelling you could afford in your area. Does three bedrooms instead of four work for you? What about a unit or apartment versus a stand-alone house?

As experienced financial advisors, we have expert knowledge of many more advanced tips and tricks to make purchasing property in your dream location a reality. Click hereto book in a time to chat to us and discover what’s possible.

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