Thursday, November 24, 2016

Buyers and renters are searching for that endless summer!

With the weather warming up, cricket season upon us and just days out from the official start of our 2016/17 summer, we have started to see the shift from spring to summer buying behaviours at our recent opens. With the first hot weekend behind us, our team has noticed that the shift in questions and features buyers and tenants have as top of mind, has begun.

In summer, buyers tune into features such as air-conditioning, pools or spas, outdoor entertaining and open plan areas, and really focus on the social features of the home.

Don't get me wrong, having somewhere to entertain friends and family has always been high on the wish lists for homes. However, as the weather warms up these features become even more important to buyers, as they start 
to imagine what summer nights would be like 
if this was their new home. 

During these warmer months, our team notice that buyers will wander through the home, eager to reach the rear of the house to see what the outdoor area is like. Over the last few years, we have seen that a home's outdoor space 
has become almost as crucial as the kitchen 
or master bedroom to buyers.  

With the increase of home renovation shows, new (and very clever!) ways of using this space are continually showcased 
to the public. It is becoming even more popular to transform this space to be a prominent feature of the home.

For townhouses and inner city living, we are seeing outdoor spaces being completely converted into an extension of the main living quarters. With features such as bi-fold doors, decking and bar stools being added, we are seeing outdoor living taken to a whole new level. Some home owners are going all out equipping outdoor living areas with inbuilt kitchens (with range hoods) and surround sound systems... just to name a few.

One thing is certain - Adelaide home-owners are embracing the outdoor living environment like never before, and when the weather heats up, this trend becomes even more popular.

So what about tenants? Do they feel the same? 

Our Leasing Team are finding that properties with an outdoor entertaining or 'funky' outdoor space are attracting 200% more enquiry than the homes that don't offer this feature. We are not talking about anything lavish - just a few small touches that allow tenants to utilise the space when friends visit. Tenants love having the option of creating their own outdoor space - a veggie/herb patch or vertical garden is all the rage! And they will pay for it.

We are finding rental properties attract anecdotally five to ten percent higher rents, lease easily and create a distinct competitive edge for our investors. For example, typically an additional $20 to $40 per week is achieved in the $400 to $600 range if a property has an interesting outdoor living feature! 

Australians love an endless summer. Outdoor entertaining that can be used year round has most definitely become top of the wish list, and this is something buyers and tenants are looking out for, and are willing to pay more for this type of lifestyle.

If you would like to find out more information 
on how we can help you use these summer trends and maximise the sale price of your home, please feel free to give either myself, 
or one of our team a call. 

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