A building site next door, a busy road nearby or a train station in earshot – potential turn-offs for buyers don’t have to spell disaster for a property sale.
Samantha Payne says vendors, with the help of their agent, can overcome a property’s negative aspects using a combination of tactics.
Payne, the vice-president of the Australian chapter of the International Real Estate Federation, says development in an area should be promoted, not talked down, when marketing a property for sale. It’s about flipping a perceived negative into a positive.
Construction, roadworks, new transport infrastructure and facility upgrades equal progress and in the long run, a more desirable place to live and invest, Payne says.
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Schools, transport and shopping are very important to most people.
Subiaco – a popular inner-city neighbourhood just west of downtown Perth, where the median house price is $1,275,000 – is a perfect example at present, she says.
“There is a lot happening; water mains are being upgraded, roads are closed, there is lots of building work and the NBN is going in at the same time. There is a huge amount going on, but ultimately it means more people want to live here, so that’s a positive and drives up prices, not pushes them down,” Payne says.
“It can be a double-edged sword of course, but you have to sell based on the positivity of what’s going on in the area, the infill that’s happening and the changing demographics to a more hipster, trendy professional group.”
New transport infrastructure especially will bring more people to an area, so again drive prices up, not down. The location is more readily accessible – and train stations often come complete with things like retail spaces and coffee shops, which people want – so it can be a selling point,” she says.
If vendors have a building site next door, Payne recommends disclosing it, but also researching when work will be finished, so buyers know.
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No one likes the sound of construction first thing in the morning. Picture: Getty Images
Payne says good agents keep across what’s happening with potential rezoning and other changes which impact land use, to keep buyers and sellers informed.
With “true” negatives like a noisy road or poor outlook, vendors need to take remedial action to address the problem – like adding screens and double-glazing windows – but remain realistic about their asking price.
“When it’s all said and done, if there is a negative aspect you can’t change, that has to be reflected in the price.”