What makes a property valuable?

We all need somewhere to live & the decision we make about the property we buy is shaped by our strongest wants & needs such as; safety, convenience, a sense of success, family, income or something to leave behind for our children.

Here are 6 key factors that will always play a part in determining the value of property:

  1. Where do people want to live?
    Most people would agree that the ability to work, live & play all within 20 minutes creates the perfect lifestyle. Therefore, properties in locations close to shops, cafes/ restaurants, schools & universities, recreational & sporting venues as well as other business services will in higher demand & more valuable moving forward.
  2. Size matters
    The primary driver of a properties value is the land its on. i.e. in any location larger blocks will be worth more. However, not all land is equal – when determining market value we also need to take into consideration that land closer to the CBD or the river / ocean is more sought after & therefore more valuable. Some streets can also be perceived as more valuable than others in the same suburb & even one end of a street can be more desirable than the other.
  3. The character, style of a property
    From our experience, buyers are usually willing to offer more for a property that is unique, includes rare architectural features or has character rather than a project build. For example, federation & art-deco style homes are harder to come by & therefore more valuable. If kept in good condition, homes like this tend to increase in value faster.
  4. Surrounding infrastructure
    If there have been improvements in infrastructure close to your property it may have increased in value. For example; new shopping centres, roads, public transport routes or schools around it usually makes an area more liveable & desirable.
  5. Changes in demographic
    Prices increase in areas when buyers from higher income brackets move in to demolish old homes & re-build or renovate, increasing the value of neighbouring properties.
  6. Return on investment
    With interest rates at historic lows, more investors are turning to property as an option. There is increased investor demand for properties in popular locations, driving prices up.

If you are interested to find out more about the value of your property please contact us: 0411 127 920 or property@drivengroup.com.au 

Info from : propertyupdate.com.au