Property Value – Canberra
What the property values in a city are, are dependent upon numerous factors. One of the more influential factors being where exactly the house is located in proximity to the amenities that the location in question has to offer. This trend is seen all over the world, the further in you are, the more central the location, the higher, and more profitable the property values. When you are looking at a potential new real estate investment this is something that you absolutely need to keep in mind. When houses are located in more rural areas, further out from the major cities, although the lot does tend to be bigger, the property value drops.
Why is this? Why is it that you can often buy a larger house, with a much larger and nicer lot further out form a major city, for a fraction of the price of a decent sized home with next to no lot right in the city? Property value is not solely based on the house and the land itself. Property values are also impacted by several other factors that once the house is purchased, the homeowner has no real control over. These factors include: the climate, the demographics, and of course where the home is located.
If your home is located a half hour, or 20 minute car ride away from your nearest school, odds are that your property value is going to reflect that, odds are also that your children will not be able to walk to school. There is something to be said about being able to live further out, and have a larger yard, where you have room to garden, for your dog to run around, and your children to play, however, these benefits of having a yard like that do not often outweigh the benefits that come from living in the heart of a major city, at least not in terms of property value.
This is because property values are not based solely on the house and land either. Just like when living further out, property values are also very much based off of what the location has to offer residents. If you have 3 schools within a half hour of 20 minute walk to school then unlike the person who has to drive that to find their first school, your property value is going to benefit because of it. The majority of people will pay more for houses that are located close to things such as schools, parks, shops, restaurants, museums, galleries, recreational centers, and soccer fields….Living close to these means opportunities. Major city’s offer residents a lot of opportunities in a variety of ways. From employment, to schools, to the chance to be a part of some of the major events these cities play host to.
The city of Canberra is a city that is designed very well, and offers residents plenty of opportunities in the more suburban areas, and even more opportunities throughout the heart of the city. The way that property values differ throughout the city from in towards the heart of the city, throughout the well-designed suburbs, and beyond illustrate the way that location and proximity to amenities, such as those described above, as well as health care, galleries, arenas, sporting events, and libraries impacts the property value of a home. If you are unsure of your property value, and the impact that the factors like climate, and demographics, as discussed above impact yours, getting a home valuation done is an excellent way of finding that information out, as well as find out how you are able to increase your homes property value yourself.