What can affect the value of a property?

There are so many little things that can affect buying, selling and leasing property in Perth.

What people value in a home is always evolving due to lifestyle changes but also as we’re living older. And, what a property is really worth is the result of a perfect melting point of factors.

Want to know what can affect the value of a property? And most importantly, what you can do about it if the property is yours?

Read more from the Perth property management experts at Thought Leaders Real Estate to learn more.

Location (location, location)

There’s a reason we say it three times in property listings.

You might have a large, glorious home, but if it’s not situated within a widely known, respected area with an array of fantastic amenities and public schools nearby – you might not get top dollar on its sale.

Developing or future infrastructure projects in the area can lead to a higher demand and increase to property prices, too.

A property’s location is one of the factors that can’t be changed. Unless the property comes on wheels – which is unlikely!

Similar sales

You can gain a feel for what your home is worth by viewing the latest similar (comparable) sales.

Naturally, compare properties with a similar:

·         Floor plan

·         Block size

·         Bedrooms

·         Other features (like double lock-up garages, theatres and study’s, pools etc).

This will help you to get a good picture of what your home is worth.

The keyword here is ‘sold’ not just advertised listings. Some properties that are similar to yours may be listed for months without selling. Remember that properties are only worth what people are willing to pay for them.

Engage a Perth real estate agency if you’re thinking of selling who can provide you with a comparative analysis report to assist in valuing your home.

Renovation and subdivision potential

Some buyers are willing to take on renovations for a home that meets the majority of their needs.

Of course, plenty more potential buyers prefer an already renovated property, but the capacity to add personalisation can influence the price.

Also, dependent on the block size – the property may now, or in the future, hold the potential for subdivision.

Market conditions and interest rates

Supply and demand have an undoubtable impact on Perth property prices. If there’s not a lot of stock, prices and competition often rise. Too much supply with not a lot of buyers? Prices generally fall.

Interest rates have a lot to answer for when it comes to property affordability.

What does this mean?

·         Lower interest rates equal better affordability

·         Higher interest rates can have a downward pressure on property prices.

One of the best things you can do if you’re looking to buy, sell or lease is to know the market.

Thought Leaders Real Estate can help you understand it.

Looking for a transparent and reputable Perth real estate agency for your buying, selling and leasing needs?

Contact Thought Leaders Real Estate today for expert market advice and Perth property management services you can count on.