Property market update: Melbourne, September 2021
Melbourne’s property market kept the ball rolling in September as the city’s dwelling values rose once more during t...
Flood-prone areas and main roads are among home buyers’ top concerns, according to new research by PRDnationwide.
A poll released by PRDnationwide revealed that nearly half of all home hunters believe a flood prone property was a major drawback and sure to bring down a new purchase offer.
“Floods can cause great destruction of property and it’s just not worth the risk for most people,” PRDnationwide managing director Jim Midgley said.
Meanwhile, 30 per cent of the 1,200 respondents polled said they would be most deterred by a house that was positioned on a main road.
PRDnationwide research director Aaron Maskrey said houses on main roads were often down-valued.
“Traffic noise is a real turn-off for owner occupiers – but often these properties sell to investors,” Mr Maskrey said.
Another deterring factor was whether a property was situated in a suburb that had a ‘poor reputation’, as 16 per cent of respondents said they would not purchase a property in a bad location.
But while a bad location may put some home buyers off, it seems as though unfinished propertys do not.
Only 13 per cent of respondents were put off by properties that required extensive renovation and landscaping.
“People are prepared to renovate or work in the garden to improve a property, but there’s not much you can do about main road noise or a rough neighbourhood,” Mr Maskrey said.
Property refers to either a tangible or intangible item that an individual or business has legal rights or ownership of, such as houses, cars, stocks or bond certificates.