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Factors Affecting Prices
Here is an overview of some of the major factors that can contribute to the overall price of your property. Some of these points apply more pertinently to investment properties than home ownerships, and in some instances more pertinent to apartments rather than house and land and strata titled properties vs green title.
Supply & Demand
Obviously if supply is limited then greater demand will increase prices. Conversly if the market is oversupplied then prices will fall.
Probably the single greatest factor influencing prices, however remember interest rates are just a barometer of the economy. Interest rates are a mechanism used by the government to stimulate or deter demand, dependant upon the monetary policy being adopted at the time.
As above, the greater the growth within the economy, the better the prospect of attaining better prices.
Everyone constantly hears the catch cry of location, which is an obvious factor influencing price. However, it is interesting to note the more buoyant the market the less of a constraint location is. Therefore, in the peak of the boom it is a great time to sell unfavourably located real estate. Obviously in a slower market location becomes a greater factor.
Likewise parking (whether it be undercover, garage, shared etc), security for parking and availible space will all have effects on your property. Inner city properties will find parking can have a significant effect on price.
Especially pertinent in apartment buildings and considered mandatory in most instances, access to video surveillance or doormen can always help determine price
Quiet cul-de-sac settings or off main street locations will obviously have greater appeal and have higher prices as opposed to main roads
Fly in fly out workers, single people, aging population, families, professionals, etc all make up different componenets of the market place. As certain trends and lifetyles develop then the influence of certain suburbs can certainly dictate values.
The respective zoning of your property will have a direct impact on the value, usually the higher the density or the higher use such as commercial or non conforming use can have a substantial impact on property values as with the density for residential
Both internal and external presentation can have a drastic effect, remember first impressions have a lasting effect on everyone, everything, and most importantly, prices. This particular area is well worth the attention of every home or investment owner thinking of selling. Simple cosmetic work and attention to detail can easily enhance the valuation of your property.
Feautures such as air conditioning, timber floors, spa's, gas appliances etc are also directly connected to your end price
Probably the most little known and seldom spoken element is timing, such as pre end of financial year, christmas period, recession or boom times obviously affect pricing.
The age of the premises also affects the price, with the older houses and apartments becoming dated or in need of major renovations or repairs. Plus is the building smart wired? Has foxtel been installed, are there enough power points, etc etc
These factors are just a guide as to why your particular property will be valued at a specific price in direct comparison to other comparable properties. Hopefully these points and factors will give you some degree of understanding