Location, Amenities and Property Prices

By Janet Spencer

At Buyer Solutions, we know that location, amenities and property prices are uniquely aligned to influence property prices. So here are some tips that may help both home buyers and investors to secure a better property.

Key Amenities people look for when buying a property.
We were recently asked if good schools drive up real estate prices. The obvious answer to this was yes, they do, but this got us thinking more on the topic of amenities and properties and what people fundamentally look for.

The conclusion we came to is that it depends on the age and needs of the individual property purchaser, especially when home buying.  When investing, think about who your tenants will be and buy the attributes that they will value.

From experience, we do find that shops, parks, transport and schools are the key amenities for the bulk of our home buying clients, however, the value on particular amenities varies based on a buyer’s age and situation in life.

Proximity to transport seems to be important to all property buyers. Being close to both public transport and within easy reach of main roads, is vital. Here are a list of amenities that appeal to different age groups we work for.

Baby Boomers I Born: 1946-1954 –Age in 2016 (62-70)

Important amenities –
1. Transport
2. Shops within close proximity
3. Services close by (clinics, hospitals, aged care facilities / support)
4. Low crime rates

Baby Boomers II Born: 1955-1965 –Age in 2016 (61-51)

Important amenities –
1. Transport, easy access to freeway
2. Shops / restaurants
3. Low crime rates

Gen X Born: 1966-1976 –Age in 2016 (50-40)

Important amenities –
1. Secondary schools
2. Transport, easy access to freeway
3. Shops / restaurants
4. Proximity to Melbourne CBD
5. Low crime rates

Gen Y Born: 1977-1994 –Age in 2016 (39-22)

Important amenities –
1. Primary and Secondary schools
2. Transport, easy access to freeway
3. Parks
4. Shops / restaurants/ cafes
5. Proximity to Melbourne CBD

It was very interesting to analyze the varying needs of our diverse client base.  Hope you found this article informative.

For independent advice on buying or selling real estate, contact Buyer Solutions +61 3 9816 8555 or email jspencer@buyersolutions.com.au

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