Property for sale: 5 features buyers want in their next home

The property market might be hot right now but that doesn’t guarantee a sale. New research has revealed what gets buyers to make an offer, with some surprising features.

Getting to know the suburb you want to buy into should be a priority when looking for your next home or investment.

With the impact of Covid still present in the minds of house hunters, the pandemic has shifted the priorities of homebuyers.

According to research from Westpac, a listing’s location and suburb has become a bigger focus for first homebuyers and next homebuyers, overtaking a property’s features and presentation.

First homebuyers, next home buyers and investors will want different features when buying

Convenience is also key for these two buyer groups, with things like being close to a supermarket and living within walking distance to public transport, taking priority over social and entertainment aspects which might have been more important in the past.

In order of priority, features attracting first homebuyers were:

– Close proximity to a supermarket

– A backyard

– Peaceful and quiet surroundings

– Walking distance to public transport

– A modern kitchen

This was slightly different for those looking to buy their next home, whose list of in-demand features included:

– Peaceful and quiet surroundings

– Close proximity to a supermarket

– A home with a modern kitchen

– Being in walking distance to public transport

– No renovation or fixing up needed

Both first homebuyers and next home buyers want to live in close vicinity to a supermarket.

Despite this, future investors – defined as those looking to purchase an investment property in the next five years – were more feature-driven when it came to their buying triggers. In order of desirability, this included access to a backyard area, peaceful / quiet surroundings, a modern kitchen, a modern bathroom and a spare bedroom.

However, with buyers of all kinds increasing their focus on location, Westpac’s Head of Mortgages Strategy and Products, Claire Scott says it’s important for prospective homeowners to research their local area before purchasing.

“Buying a home is often one of the biggest financial decisions you’ll make,” she says. “It’s also something you should prepare to spend plenty of time on, including researching the local market, inspecting properties, understanding your budget, and observing auctions to help understand the process and what’s involved.”

For an easy way to obtain this information, a simple search through something like Westpac’s Property Market Research tool can get you the information you need fast.

All you have to do is type in an address or the area you’re looking to buy in, and you can register to receive a full report with details like key suburbs trends, demographics (like age and household type), expected rental income and yield and estimated property value.

“Getting a better understanding of ballpark prices of the homes you’re looking at and unpacking key suburb trends ahead of inspections can be really useful, helping to save time and narrow your search,” she says.

The extra research will also help you identify your goals and needs, this however differs depending on your reason for buying property.

“If you’re thinking about buying an investment property, it can be helpful to look at median weekly rents, as well as price growth trends in line with your strategy,” adds Ms Scott.

“Homebuyers upgrading for a growing family might instead focus on proximity to schools, public transport and medical services to help guide their decision-making.”

This article first appeared in https://www.news.com.au/