Location, Location, Location – What Can Impact Property Prices?
There’s a reason why even the most novice real estate investors know the mantra – location, location, location. But you may be wondering what particulars can impact property prices, and what to consider when buying your next home or investment? This may have a large impact on resale value, or simply ensure that you love the area you move to.
1. Safety and Reputation
Properties separated by just a few streets can differ significantly in price, simply based on their postcodes. The reputation of a suburb, in particular how safe it is, can play a significant role in property prices.
2. Access to Local Restaurants and Cafes
Having delicious food nearby can significantly impact residents’ quality of life. According to Forbes, research has shown that having several highly rated restaurants within walking distance of a property can result in an 11 per cent increase in its price. However, not all eateries are seen as a positive. According to Strutt and Parker, “Being within walking distance of McDonald’s saw prices drop by up to 24 per cent, compared to other homes in the area.”
3. Access to Public Transport
It’s no secret that living close to a train station or City Cat stop can do wonders for your property prices. Take into consideration the savings you could make on transport costs and parking in the long term, and how this could factor into a higher purchase price.
A real trend in urban development are suburbs that have plenty of walking spaces. Proximity to parks, green spaces, even adequate footpaths and bike tracks can all have an impact on property prices.
5. Future Infrastructure Projects
Planned projects can be a double-edged sword – nobody likes living in a construction zone! However, some buyers will snap up properties close to planned future infrastructure projects to get a better deal before the projects are complete.
6. Proximity to Schools
Anyone with kids will understand the importance of getting into the right catchment for the best local schools.
Pay attention to the areas of award-winning schools. One prime example of a Queensland suburb with a thriving school culture is Logan, as Marsden State High School was recently named Australia’s top secondary school in the Australian Education Awards.