Report: Property location increasingly important for real estate sales
Regardless of whether you're purchasing an investment property or buying a house for you and your family, there are a number of different aspects to take into consideration before taking the plunge and sealing the deal.
Many people have their own criteria that need to be fulfilled and they will all be looking for different things in a home. On the other hand, there are enough individual houses available across the nation that most people will find the perfect home eventually.
But a recent study has uncovered the most sought after characteristics for residential property in Australia, which could be invaluable information for potential property investors looking to expand their property portfolio.
The report released by Slater & Gordon Conveyancing has highlighted that the most popular criteria for purchasing a house in Australia is the property's proximity to the local schooling facilities.
Following this, the location of the home in relation to an individual's workplace and the local public transport hubs were also highly rated.
Interestingly, things such as the number of bedrooms, the size of the property, the orientation of the whole building and condition of the house were ranked lower than overall location.
Slater & Gordon General Manager of Personal Legal Services Lee Bailie said that the overall look of the houses was no where near as important as it used to be, with many buyers looking to put "their own stamp on the property" through renovation.
"There has always been consensus that a property in good condition was more likely to sell, but this research suggests people are more likely to look past that," said Mr Bailie in a September 17 statement.
"That doesn’t mean sellers shouldn’t try to position their property in the best possible light, it’s just that it’s not the most important factor in the decision to buy."
Furthermore, Australian women were more inclined to rate the location of schools as the most important aspect of purchasing a home. On the other hand, male respondents were more likely to rate proximity to the city's central business district as the most crucial aspect.
An interesting statistic from the study indicated that those aged over 45 wanted to be closer to schools, which Mr Bailie said could be investors believing that being "close to schools will give them a better return on their investment".
"However it may also reflect the increasing number of people who are involved in caring for their grandchildren."