Turn­ing a neg­a­tive lo­ca­tion into a pos­i­tive

Whitsunday Times - - INDUSTRY NEWS - — realestate.com.au

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, li­censee and di­rec­tor at LJ Hooker Su­bi­aco in Perth, 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.

“There is a lot hap­pen­ing (in my sub­urb right now); 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. 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.”

Sell­ing a prop­erty close to ex­ist­ing or new train lines is al­ways chal­leng­ing, but Payne says ven­dors should look on the bright side.

“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. Payne says good agents keep across what’s hap­pen­ing with po­ten­tial re­zon­ing and other changes which im­pact land use.

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.”

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