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10 Factors That Determine a Home’s Value in Australia and How to Improve It  

10 Factors That Determine a Home’s Value in Australia and How to Improve It  

February 14, 2024

Every homeowner in Australia wants to ensure they can get top dollar when selling their property.
Even though market factors play a part in setting property values, homeowners can do many things to increase the value of their properties by following our 10 ways to boost its worth.
#1 is one that almost everyone should be familiar with:

  1. Location, Location, Location: Proximity to city centres, quality schools, public transport hubs, beaches and shopping hubs all play a significant role in determining property values. Contrarily, being situated near busy roads or having poor access can tarnish your valuation negatively.
    Tip: Though you cannot change its location, when selling your property you can emphasise its positive features like its quiet neighbourhood or nearby parks.
  2. Property Size and Usable Space: Larger properties often command higher prices; however, effective use of space also plays a key role in pricing decisions. 
    Tip:
    Renovations that maximise space utilization such as open plan designs or multi-functional rooms may be beneficial in increasing space utility and saving on storage needs – which may be essential in small homes that pack a punch!
  3. Home Age and Historical Relevance: Homes with historic features or unique charm can be highly desirable. While older properties may require additional maintenance, their features and designs could prove costly to replace or rebuild in the future.
    Tip: To maintain period features and preserve any historical charm, consider undertaking restorative work as needed.
  4. Renovations & Upgrades: Enhancing kitchens and bathrooms can greatly increase the value of a home, driving up its worth substantially.  
    Tip:
    Focus on renovations that provide maximum return on investment (ROI) such as outdoor living spaces, modern kitchens and updated bathrooms in Australia as they often influence buyers the most.
  5. Property Condition and Maintenance: Homes that have been cared for properly will naturally be more attractive to potential buyers.
    Tip: Regularly invest in maintenance tasks. A little painting, handyman repairs and garden upkeep can go a long way!
  6. Street Appeal: First impressions matter! An appealing facade and tidy garden can significantly increase perceived value and can add appeal.
    Tip: Make an investment in landscaping and keep the lawn manicured; consider features like decks or pergolas when considering features to add.
  7. Market Trends: Australian property market trends, driven by factors like interest rates, economic indicators and housing supply will have an effect on your home’s value.
    Tip: Stay informed. If the market is slumping, consider postponing selling until conditions improve if possible.
  8. Local Amenities: Being close to amenities such as parks, shopping centres and cafes can add significant value.
    Tip: Make these features stand out in your advertising materials. Even something as seemingly minor as a new cafe or community centre could serve as a selling point, increasing liveability.
  9. Planning & Zoning Regulations: New developments or rezoning can impact property values significantly, so proper consideration must be given when developing or rezoning plans.
    Tip: Staying current with local council plans is crucial. Zoning that allows for commercial use or multi-storey developments can add significant value.
  10. Economic Indicators: Employability opportunities and overall economic health have an effect on buyer demand.
    Tip: If your business is situated in an area experiencing increasing employment or infrastructure development, be sure to highlight this in its advertising.

Though some factors are beyond one’s control, you can still take steps to increase or maximise your property’s value.

If you are thinking about selling, attending open houses in your area and speaking to agents will give you a good sense of what buyers are seeking out and a chance to gather ideas on how best to style and present your own home for sale.

An open house can be an ideal way to determine if an agent is attentive and follows up effectively with potential buyers, so as you look to sell your home you need the most qualified sales agent possible.

Preparing your home to sell takes hard work, and we help clients prepare their Contract of Sale or Section 32 documents as required in Victoria. Our aim is to ensure a successful settlement after all this hard work.

Contact one of our conveyancing team members now for help selling your home!

Disclaimer: This article has been prepared for general information purposes and may not apply to your situation. This information should not be relied upon for legal, tax or accounting advice. Your individual circumstances will alter any legal advice given. The views expressed may not reflect the opinions, views or values of Conveyancing Depot and belong solely to the author of the content. © Conveyancing Depot Pty Ltd.

If you require legal advice specific to your situation please speak to one of our team members today.

About The Author

Here at Conveyancing Depot Lorilea is our Marketing Manager. She has a bachelor's degree in...