Sydney has experienced a seemingly endless rising property market but as a result, the fundamental elements of what makes a property a smart choice can be overlooked.
There are a couple of things money can’t buy when choosing the right property and for buyers they are the two most valuable assets.
Location and Aspect.
The adage ‘Location location location’ is prolific in describing real estate for good reason. The street and suburb a property is located matters immensely. A property with close proximity to transport, (train particularly), shops, quality schools, cafes, bars, access to the CBD all add up to saleability and in turn strong capital growth.
In a buoyant market like we are currently experiencing, the aspect of a block of land is often disregarded. It shouldn’t be, it should be a factor in your search for a home. A block facing south will give you a home shrouded in shade which will be prone to mould issues – therefore a property with a north easterly aspect will provide natural light to your home and garden for the majority of the year and is much more desirable to a discerning buyer.
Do these things really matter?
In a market like we have today with good interest in most properties, these key principles of good real estate are often overlooked as people experiencing extreme FOMO (fear of missing out). What the buying public must understand is this, that in a buyers’ market (a market where there are more properties for sale than there are buyers to buy them) these things matter and add up to a seamless, quick sale with competition regardless of market fundamentals.
In a declining market, south facing rear gardens, busy roads, industrial estates at the end of the street, power easements on block or nearby etc add up to
• lower sale prices
• much longer periods of time on the market
• lower than average rates of capital growth
• Less competition and interest when selling
So, if you are about to take the plunge and jump into the market, it is vital you do your due diligence and consider these two important factors: location and aspect. As the market softens, and it will eventually soften, I can assure you that you will regret not ticking these boxes when the time comes to sell………
Remember, you are ALWAYS better off investing in a smaller house in a quiet street on a great block of land in a great neighbourhood than a south facing HUUUUGGGEEE mansion on a busy road with nothing nearby.
