Key Amenities – What Are They Worth?
When buyers inspect property they assign greater value to certain amenities. For example if you are buying on the Brisbane River, how much are those water views actually worth? What about a great local coffee shop at the end of your street? A parkland opposite your home, ideal for a game of soccer?
Here are some key amenities or attributes you should look for when buying, and what they might be worth.
Aspect
I know I carry on about aspect all the time, but in my experience a North-facing property will often outperform south-facing by 15% to 25% in value. If you are buying a home, you want a north aspect at the rear, this baths your living/kitchen and garden in natural warm light. With apartments, you ideally want the main indoor and outdoor living areas to be facing north.
Village Feel
Buyers are constantly seeking out areas with vibrant local communities. Café culture, local shopping, local gyms are attractive to both families and downsizers.
A popular coffee shop or breakfast hangout creates a sense of community and adds appeal to a neighbourhood. A great village feel can add 20% to 30% to home values. Just have a look at the strength of New Farm, West End, Bulimba and Paddington – these areas are renowned for their café culture and village atmosphere. Owners leave their car in the garage on the weekend and enjoy their neighbourhood. So if you are buying in one of these locations you will need to expect to pay extra, and receive a premium when it comes time to sell.
Location and Position
Sought-after areas and streets remain the no 1 driver of demand. Laurel Avenue, Chelmer – Tower Street, Ascot – View Street, Paddington – Jesmond Road, Fig Tree Pocket – Gilgandra Street, Indooroopilly are all brand streets that drive a premium price.
Convenience is critical, buyers want to live in locations with good access to schools and recreational amenities. Quality school catchments are huge drivers of demand, buyers will pay a 20% premium to be in the Rainworth or Ironside school catchments. Proximity to quality educational facilities drives prices.
The old real estate saying, ‘location, location, location’ is on the money. Say you’ve identified a desirable suburb you want to buy in, but your budget limits you to the worse street – perhaps its low, prone to flooding, next to a block of cheap flats – don’t do it. Look to the surrounding suburbs and buy in the best streets there. It’s better to buy a great position in a good suburb than a below average position in a great suburb.
Open Green Space
With the rise of apartment living in Brisbane’s inner suburbs, public green spaces have gained importance as a lifestyle feature. Young families who can’t afford homes with big backyards for their kids to enjoy will place a very high value on access to big local parks. The more trees in a suburb and street, the more people will pay. I’d say greenery adds 15% to property values. Residents love catching up at some of our favourite parks – Orleigh park in West End or Frew park in Auchenflower.
