We asked some of our real estate agent friends, what are the key factors, when it comes to determining a property’s true value.
Location it seems- really is the overriding factor and then, it is square metres.
Here is what they pointed out:
- Council zoning and overlays can affect value, ie heritage overlays, period streetscapes etc, can all have an effect on street value.
- Check with your local council about regulation and potential zoning changes that can affect value.
- What is the “highest use” potential for your property, ie renovation, complete redevelopment?
- Consider the square metres. Look at the most recent sales in your area and the square metres of each property. You can gauge value accurately, by looking at the price per square metre.
- How many different demographics does your property appeal to? The more buyer groups that are potential customers, the higher the value of your property.
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