The age-old saying goes “location, location, location.” But is this still true when it comes to house prices? In Australia, the answer might be different than in other parts of the world. Here we will explore how the concept of location still applies, and also look at some cases where it might not be as important.
Does Location Impact Price?
Yes, location does have an impact on house prices in Australia. The closer a property is to the city, the higher the price will be. This is because there is more demand for properties that are close to the city. Families want to be close to schools and work, and retirees want to be close to hospitals and shopping. So, if you are looking to buy a property in Australia, location is still important.
However, there are some cases where the location might not be as important. For example, if you are looking for an investment property, you might be more interested in finding a property that is in a good location but is priced below market value. This way, you can renovate the property and sell it for a profit.
In terms of pricing, location still plays an important role. Properties in desirable locations will always be more expensive than those in less desirable locations. However, it’s a mistake to think that location is the only factor that determines the price in the housing market.
Other Factors That Impact Price
With advanced resources like PropertyPricer’s home value calculator, you’ll quickly see that other factors are taken into consideration when valuing a property. Here is a handful:
Type and Condition of Property – A luxurious, newly-built home will be priced higher than an older home in need of repairs. Also, the style of property is important. For instance, a unit will be valued differently from a house on the same block.
Supply and Demand – Let’s not forget, everything in the housing market is determined by the economy and the supply and demand principle. In other words, if there are more buyers than sellers, prices will rise. On the other hand, if there are more sellers than buyers, prices will drop.
Lot Size – A home on a large lot will be more expensive than one on a smaller lot. The reason is simple; there’s more land. And as we all know, land is a limited resource.
Room Sizes – People often remember the number of rooms and how this affects pricing, but they forget about room sizes. A home with smaller rooms will be less expensive than one with larger rooms. Houses with larger rooms will be more in demand than houses with smaller rooms, and this will generate a higher price.
Special Features – Finally, if you’re trying to determine your property’s value, don’t forget about special features. If your home has a pool, for example, this will add to the price. Other things like a view, a converted garage, and a large garden can also increase the price.
So, while location is still important when it comes to pricing your home, there are other factors that you need to take into account as well. Make sure you consider all of these things before putting your home on the market. Thankfully, fantastic resources exist these days and you can get an accurate valuation without paying for a professional.
Get an accurate idea of your home’s value before you list it for sale, and you’ll be able to price it correctly from the start. Location is important, but other factors exist too!
If you are looking to buy a foreclosure property, then it is important that you know the process involved in buying one of these properties. Read https://www.mrhomebuyer.