“Location location location”- a common saying used to express a tightly held belief that home buyers’ top attribute for a home was suburb. New research from Finder.com.au, however, has challenged this popular perception.
Findings from its research report on Australia property seekers have shown that price of property is of higher relative importance to buyers today than being within trendy, entertaining suburbs or CBD proximity. In fact, only 13% of respondents selected CBD distance as a determinant in purchasing property. As well as affordability, top priorities for potential buyers today include quietness of suburb, low crime rate, and distance to family and friends.
Such trends are consistent with much of the research realestateVIEW.com.au has already undertaken on different groups, such as first home buyers and baby boomers which indicate that Australians are becoming increasingly concerned with housing affordability- so much so that it is contributing to the growing age of first home buyers nationwide which currently sits at 38 years old. According to the REIA, the nationwide median house price sits at almost $660, 000- a 9% increase since last year which is anticipated to continue in growth.
What are your priorities as a property seeker? Is affordability or location more important for you? Join the conversation and share your comments below.