Selecting a property that appeals to locals
1. Understanding the profile of the locals
Analysing the habits of the locals and what their looking for including things such as:
- Average income levels – Understanding average income levels for local renters and owners.
- Demographic profile – Does the area attract single professionals, young families, or retirees.
- Owner occupier appeal – Ratio of locals who live in their own home (owner occupiers) vs renters.
Understanding the proximity of the property to local amenities such as:
- Local transport – access to buses, trains, trams, and motorways.
- Access to education – Understanding which are the preferred schools and local school catchments.
- Shopping, restaurants and recreation – Walkability to local shopping facilities, local cafes, restaurants and recreational areas such as gyms.
3. Quality, Layout and Size
Analyse the specifics of a property to ensure it meets our strict criteria. We ensure our clients invest in property that inherit some key design attributes:
- Over-sized apartments, townhouses and houses – we will ensure they are liveable and desirable for future tenants and owners.
- Sufficient natural light and ventilation through the property – access to natural light also will enhance the liveability and desirability of a property. It’s important to assess this upfront.
- Quality – ensuring a high quality and level of finish will attract tenants and future buyers.
- Layout – reviewing the properties floor plan layout to ensure it’s efficient and functional.
It’s critical to understand what a local owner-occupier looks for in a property.
Below is an example of a poorly designed townhouse that lacks in size (only 90sqm internally) but is also less functional. In contrast, we’ve also provided an example of a well-designed townhouse that appeals to local owners, which is also larger at over 150sqm internally.
Undesirable floor plan
Size: 66sqm internal + 10sqm balcony
- Galley style kitchen
- Saddleback bedroom layout
- Congested living and dining space
- Insufficient kitchen bench space
Well-designed floor plan
Size: 93 sqm internal + 19sqm balcony
- Functional Design
- Large, wide living and dining space
- Corner unit with strong exposure to light and ventilation
- Bedroom separation
- Large, usable balcony space
- Full kitchenwith island bench
4. Purchase at the right price
Prior to recommending a property to our clients, the project has been compared to the local market extensively to ensure our clients are purchasing at the right price.
A property that presents good value can help a client to achieve their goals sooner rather than later. A great indicator for the right price is a project which inherits a high proportion of owner-occupier buyers.
For example, a development of 9 townhouses where 5 purchasers are local owners indicates that the type of property and the price has been accepted by the local market.