VALUE OF YOUR PROPERTY

A detailed overview of the factors that can influence the value of your property: 

Part 1:

1. Position, Position, Position

• Suburb/Street: The overall desirability of the suburb or street can significantly impact property values. More prestigious or well-regarded areas typically command higher prices.

• Position on the Street: Properties on quieter or more desirable parts of a street often have higher values. For instance, a house located on a cul-de-sac may be valued higher due to its reduced traffic.

• Views/Outlook: Scenic views, whether of water, greenery, or cityscapes, can add substantial value. Properties with favourable views tend to be more desirable.

• Amenities: Proximity to amenities such as parks, recreational facilities, and cultural landmarks can increase property value.

• Transport: Easy access to public transport, major roads, and highways can enhance a property's value.

• Shops and Schools: Being close to shops and reputable schools can make a property more appealing and valuable, especially for families.

2. Comparable Sales

• Recent Sales: Reviewing the prices of “recently sold” properties in your neighbourhood that are similar to yours is crucial. This gives a realistic idea of what buyers are willing to pay. We stress the importance of comparing recently sold properties, not list price property on the market. Properties are only worth what people will pay for them. List price properties are not a true indication of value.

• Comparable Market Analysis (CMA): This report helps in determining your property's value based on similar properties' sales data, including their position, age, condition, size, and features.

There are many more in-depth factors that can also affect the sale of your property. We will discuss these in part 2. Please talk to us for a consultation if you would like to know the value of your property.