Real Estate
28 April, 2024
Amenities key for buyers
PROXIMITY to local amenities is emerging as a decisive factor influencing property sales.
Riley Howe of LJ Hooker said from neighbourhood amenities such as playgrounds and parks to schools, shopping centres, and public transport – these factors could contribute most to whether a property was desirable or not.
“The main benefit of having close access to local amenities is convenience. As population growth increases and high-density living becomes the norm, having the freedom to quickly zip down the road to access essential services and facilities proves valuable,” she said.
“The better the amenities near your property (and the closer they are to you) the more valuable your property should be.
“Properties in neighbourhoods with desirable amenities tend to command higher prices and attract a wider pool of potential buyers. Investment properties with better amenities could also charge higher rents due to higher desirability from tenants.
“Let’s not overlook the influence of nearby amenities on enhancing your quality of life. Convenient access to parks, cafes, restaurants, and supermarkets not only enriches your daily experience but also fosters a stronger sense of community.
“Families and couples planning on having children tend to prioritise living in areas close to schools. Access to good schools, not only carries the benefits of good educational opportunities, but homes located in areas with good schools tend to have higher property values. In fact, a property located in a great school catchment area can add 10 per cent-15 per cent to its price.
“Living near supermarkets and a mix of dining options such as cafes and restaurants can boost the value of your property. Having a mix of eateries and shopping centres nearby allows for a greater diversity of cuisines and price ranges, which attracts a wider range of homebuyers.
“So, if you’re a property investor, buying a property close to or within walking distance of a top-rated restaurant, pub, or cafe could provide you with a good return on your property investment.
“Another amenity that increases property value is public transportation. Living near train stations, bus stops, airports, and highways offers convenience and connectivity. Whether travelling for work or leisure, a property that is close to major transport hubs and arteries is highly valuable and desirable to buyers.
“Additionally, properties with high walkability and access to bike lanes offer appeal – especially for families or active people.
“Investment in infrastructure and public amenities improves living conditions and boosts economic activity, leading to increased property values.”
