Many apartments spring out of the blue here and there in a couple of months. One of the things that developers put on the top of the list with every project is desirability or the "wow factor" that make a unit irresistible to prospect buyers.
According to Domain, the "wow factor" is very important to an apartment unit. "The Block" judge and professional buyer's advocate, Frank Valentic, believes that it's what sets the apartment apart from all the other apartments in the vicinity. It could be anything, such as view, space, design, color or floor plan, etc. for as long as it makes that unit special.
Being more specific, Valentic and other property experts think that it is position and price that buyers always greatly consider. He adds that location is "about lifestyle and capital growth potential." He said, "The closer you are to the shops, cafes and other attractions, the better. You want to be able to walk down the street and have a glass of vino."
And while talking about walkability of an area that helps determine desirability and value of an apartment he said, "How long does it take to walk to the tram stop, the train station, the shops, the park, good cafes? If they are within five or 10 minutes, it's a good thing."
According to Domain, Valentic also said that the size of the unit is also as important noting that banks may not grant the loan if the unit is too small that it could possibly restrict the loan-to-value ratio and the buyer ends up giving 30 to 40 percent down payment. His other advice is to avoid areas where there is an oversupply of units.
Domain senior economist Dr. Andrew Wilson gave his own opinion which agrees with what Valentic believes. While he also believes that buyers prefer walkable neighborhoods, the stressed that buyers should always consider getting the value for their money which will be determined by size, the location and the quality of the property itself.
