HOME buyers are willing to look beyond the condition of a property if it is close to their most sought-after amenity – schools.
The buying rule of real estate has long been location, location, location but a new survey reveals that today’s more precise property guidelines are school, work and transport – but exactly what kind of homes Australians are buying is taking a back seat.
Research commissioned by Slater & Gordon Conveyancing found Australian home buyers place schools as a top priority, while the condition of the property they buy is less important, perhaps as a result of a renovation blitz that has swept the country.
Sellers could be wasting their time, and money, racing to “spruce up” their properties before selling.
“Traditionally, the rule of thumb was ‘first impressions count’,” said Lee Bailie, Slater & Gordon general manager for personal legal services.
“There has always been consensus that a property in good condition was more likely to sell, but this research suggests people are more likely to look past that,” he said.
“It’s also possibly reflective of the renovation trend we’re seeing. People are buying with an eye to putting their own stamp on the property,” Mr Bailie said.
The number of bedrooms and the neighbourhood are also low on the list of Australia’s house-buying “must haves”.
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