Australians have very little tolerance for crime, noise and brothels when scouting for real estate, a new study has revealed.
A recent survey conducted by comparison website finder.com.au has revealed the top deal-breakers that prevent property buyers from purchasing real estate.
According to the survey, 75 per cent of Australians would not buy a home if it was in an area with an above average crime rate, while 68 per cent would be deterred by a property’s proximity to a noisy pub.
The survey also revealed other major deal-breakers, such as industrial areas (64 per cent), public housing (36 per cent), an above average unemployment rate (33 per cent) and location within two kilometres of a brothel (33 per cent).
However, finder.com.au money expert Bessie Hassan said prospective buyers shouldn’t write off a property too soon.
“There’s a difference between true deal-breakers and factors that house hunters worry unnecessarily about. Don’t be too quick to judge, as your preconceived ideas could see you miss out on a hidden gem,” she said.
“Interestingly, the third biggest turn-off was a home in an industrial area. Keep in mind that gentrification can positively impact lifestyle and property values as the area goes through a process of urban renewal.
“An area you are looking to purchase in now will not be the same area in 10 years – suburbs can evolve dramatically over time.”
Ms Hassan said that while some factors may be out of your control, sellers should take measures to address potential concerns and boost the appeal of the property before putting it on the market.
“For example, if your home is in a high crime area and you don’t have an alarm, get buyers on side by installing a security system. If your home is blighted by noise pollution, opt for double-glazed windows,” she said.
“Be open about the pitfalls, but be sure to emphasise the unique characteristics of the area or property.”
Your enquiry has been sent to a local Aussie Mortgage Broker.
We will be in contact with you shortly.
- Give expert mortgage advice to help you find great investment loan deals
- Help you maximise return by lowering financing costs
- Save you time and effort by helping with the paperwork