Top 5 Buyer Requirements
A question I am often asked is “what are the most common requirements buyers have?”
To anyone thinking of selling, this question is really important. It tells you what gets buyers excited and that translates to what gets you the best price for your home.
Walkability
Buyer’s want to be able to stroll to nearby schools, day care, public transport, cafes, and other amenities. This emphasis on walkability has only grown over recent years, especially as more people work from home.
For most people, a 5 - 15 minute walk to public transport that takes them direct to the city is where it’s at.
Natural Light
I’ve never met a buyer who prefers a dark property!
Natural light is crucial for many, often generating excitement about a home. This is particularly evident in Sydney, where classic semi-attached homes often lack brightness. A great example is 33 Silver St, Marrickville, which, despite being attached on both sides, features strategically placed skylights that flood the space with light. Plus, its second level is designed to maintain brightness on the ground floor.
Properly Sized Kitchen
A spacious kitchen is a top requirement for buyers, emphasizing the need for ample bench space, a sizable fridge cavity, and plenty of storage. Apartment buyers often dislike linear kitchens that limit functionality, while house buyers prefer kitchens located on the ground floor to avoid lugging groceries upstairs.
The key reason this townhouse sold for less than similar properties was due to a very poor kitchen design.
Apartments: Small Blocks with Minimal Strata Amenities
While tenants may appreciate buildings with pools and gyms, buyers often see these as high-maintenance and costly. Many prefer smaller blocks with straightforward upkeep to avoid hefty strata fees that feel like a second mortgage. Even lifts can be a turn-off for some buyers.
Liveable Condition
A common preference among buyers is for properties that are 'liveable with scope for renovation.' They’re often willing to compromise on aesthetics for functionality, particularly given current borrowing costs. This contrasts with the previous trend of buyers seeking fully renovated homes.
What Buyer’s Don’t Agree On
There are two key requirements that often come up where buyer’s have completely different opinions:
Noise Tolerance; Some buyers will rule out entire suburbs based on noise levels, while others are unbothered by it, even considering busy roads safer for late-night returns.
Single vs. Multi-Level Homes; Preferences vary widely; some buyers want the ease of single-level living, while others prefer the segregation of multi-level homes.
Every Buyer is Unique
What fascinates me most is how each buyer believes their preferences are universal. In reality, every buyer has unique requirements and priorities.
While factors like walkability and strata size are fixed, elements such as kitchen layout and natural light can be adjusted. Being open-minded about these aspects can lead to greater satisfaction in the long run.
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