I remember commenting on a Michael Yardney article which talked about the distinct tastes of Sydneysiders and Melburnians when it comes to choosing home features for themselves. Real estate constructors have been served well with the knowledge that “public transport access” and “shops in the vicinity” mattered more to Melburnians whereas ‘traffic’ mattered a lot for Sydneysiders.
Of course, the teeming multitudes of both the cities put “neighbourhood safety” right at the top in their wish list. In another article that works along the same lines, Holly Jones, writing for the website realestate.com.au, talks about what features on the property wish-list of Aussies in general.
Take one look at the number of ground floor properties sold as against the non-ground floor properties. Take one look at the difference in purchase prices via the comparable sales report. Take one look at their rental rates. I bet you will find a stark difference. Ground floor units have not been perceived as a desirable purchase historically and this has its own sound reasons.
In my years of plying the buyer’s agent’s trade, I have come across many wonderful people who bought an apparently wonderful fixer-upper only to be duped non-so-wonderfully. On the contrary, I have also seen some of the bargain deals turning into renovators’ delight.
It is any investor’s dream to buy in an area which has historically registered smart capital growth. Add to this the time-tested principles of buying in a fast-developing neighbourhood and moving in sync with shifting paradigms- proximity to urban location, cafe culture, among other things. This said, the importance of researching median prices cannot be overestimated. After all, it gives you a rather precise idea of how property is priced for the given area.
I read an interesting piece on the website realestateview.com.au. I will go on to say that most of the findings the article talks about is in sync with my expectations. The article is about the aspirations of buyers when they are searching for a home.
It is a bank’s job to lend money but it is also their job to hold the sanctity of the prime lending institution. Banks fulfil both these requirements to the tee- they never shy away from forwarding home loans but at the same time conduct their own home valuations to judge the strength of the collateral. This brings us to a crux question? What standards of property valuation do banks use or in other words how do banks value properties?
