Location, location, location goes the old cliche. It’s the mantra of the real estate agent, the chant of the investor, but why does this phrase keep cropping up over and over and over again? More importantly, how does it apply to selling at auction?
Here are three things every seller should know about their neighbourhood to get the most out of their home for sale.
A new train line in Lyon quadrupled the amount of urban regeneration in the areas it serviced.
There are obvious benefits to being close to a tram, train or bus. Your pool of potential buyers opens up to young families who may need a stop for their child to get the school bus, or older people who prefer not to drive. However, did you know public transport has far more wide-ranging benefits?
According to a report on the Tourism and Transport Forum of Australia in 2010, public transport has social, economic and environmental benefits. As an auction seller, you could emphasise less congestion, fewer roadworks and more jobs (yes, really!) as a result of a good transport system. For example, the report stated that a new train line in Lyon, France quadrupled the amount of urban regeneration in the areas it serviced, which improved the land value as well.
A school with above-average test scores improved the price paid for local property by almost 5 per cent.
Many of your buyers could be part of a family on the lookout for a good school. A strong education landscape affects the price of a property by a significant amount – a school with above-average test scores improved the price paid for local property by almost 5 per cent in a study by the Federal Reserve Bank of St Louis.
Find out how well your local schools rank, what their catchment zones are and anything special about them that might make them appealing to buyers (such as Catholic education, boarding schools, etc.). Good centres of learning are brilliant for improving your property price at sale.
Find out about your local eating scene. Is your area famous for seafood? Cafes? Fine dining? Is there a particular chef or establishment that is well known? This not only lets you discover some really excellent food, but allows you to advertise your proximity to great eats and stimulate the foodies on the auction floor. According to research by Zillow, properties within a 0.4km of a Starbucks have improved in value by 96 per cent, compared to the average of 65 per cent. Whether you like coffee or not, it’s clear that local dining options can seriously improve your auction results.