What makes a property more valuable?
Clearly one factor is that it appeals to a wide range of owner occupiers who will be willing to competitively bid to purchase that property.
What makes a property an investment-grade property?
Similarly, owner occupier appeal is one of the factors that makes a property what I call “investment grade".
Not that I'm suggesting you should sell your investment, but you should own the type of property that will be in continuous strong demand by owner occupiers who will buy properties similar to yours and push up the value of your property.
A recent survey of 1000 people by YouGov on behalf of developer AYMCI found the top priorities for home buyers were:
- location (83 per cent),
- spacious rooms (66 per cent) and
- access to lifestyle amenities (61 per cent)
Interestingly 58 per cent of respondents viewed ‘energy-saving characteristics’ as an important feature when looking to buy a home.
- Also read:What makes an A-grade property?
- Also read:Latest Asking Prices State by State | Listings and asking prices steady in lead up to market hiatus
- Also read:Latest property price forecasts for 2024 revealed. What’s ahead in our housing markets in the next year or two?
- Also read:Here’s how to avoid these 12 common reasons property investors fail to build a Multi Million Dollar Property Portfolio
- Also read:Heat comes out of the housing market as values across Melbourne dip and Sydney slows | Corelogic Home Value Index
It also found that those at the younger end of the scale also prefer to ensure that their home has a large balcony or terrace before compared with older generations.
Overall, almost half of Australians say that spacious balconies factor into their decision-making.
The survey revealed that it is more important to men (35 per cent) than it is to women (29 per cent) that the home they’re looking to purchase has a large bathroom with a designer bath.
It also found that men view a communal space to meet neighbours as more essential than women do.
Finally, and unsurprisingly, the survey revealed that it is important that social facilities such as schools and libraries are close to the home for those with children at home (70 per cent) than those without (45 per cent).