Aussies look for practicality when purchasing their home. They want shorter commutes and double lock-up garages in a safe and quiet area, rather than swimming pools and views.
The Westpac Home Ownership report shows 73% of Australian home-owners will pay, on average, $20,000 more for a double lock-up garage. This is most notable in New South Wales where buyers will pay an additional $26,000.
If a buyer has to choose between two properties, the property which has the shorter commuting distance of up to 30 minutes will appeal to 66% of purchasers. On average, Australians would pay $35,000 more for this privilege while Victorians would pay an extra $44,000.
Investors would be wise to keep these factors in mind, to improve their chances of making a future sale at an optimum price.
“When it comes to purchasing a home, Australians know what features they want and are willing to pay top dollar for them,” says Nathan McMullen, Westpac’s Head of Home Ownership. “Unlike cosmetic renovations, it isn’t easy to add on a double garage and it’s impossible to change the location and distance to work, which is why Australian’s are prepared to pay more for these.”
Other aspects that are considered essential when looking for a home are:
- safety (71%)
- peace and quiet (62%)
- access to public transport (43%).
When looking for a home, 71% of purchasers are likely to seek out a safe area with a low crime rate or a quiet, non-industrial area away from busy roads (62%). Those who consider access to public transport important represent 43%.
Traditional features like swimming pools are no longer a priority with only 5% of Australians saying a pool is essential while as few as 15% listed a view as essential.
Research is the key to making an informed decision about choosing a home and McMullen recommends attending local inspections and auctions, as well as speaking with local real estate agents, to find a property that best suits your needs.