What Sydney buyers pay more for post covid

We know that in many facets life has changed because of covid, and the demands of home buyers is no exception. The obvious reason is that more people are now in hybrid working models, however, it also feels like people have a few battle scars about what it can be like to spend 24 hours a day in the same property, day in, day out. While no one ever wants to imagine another lockdown, buyers have shifted priorities on a few key items.

• Outdoor space

This one has hit apartments hard. Trying to sell an apartment with no balcony or courtyard has become very difficult, and is further exacerbated by the number of pets which households have acquired over the pandemic years. Even on a small apartment, a small balcony adds that extra bit of depth, light and space to sit and have a coffee. Houses have been impacted also where outdoor space exists but is not really functional e.g. Unfenced grass area facing on a street, or a backyard that is a bit of an urban jungle. If you're looking to buy, foregoing an outdoor space on a property can save you up to $150,000 in the current market (all else being equal). Just remember, what you save on the way in, you lose on the way out (unless you can find a way to add a balcony or outdoor space while you own it)

• Natural light

You may think this was always high on the list, but it wasn't. I mean, no one ever really said "I'd like a dark and dingy apartment", but given people used to leave for work 5 days a week, the level of natural light in homes was not as critical pre covid as it is now for buyers. It is now the second most critical item (after an outdoor space). There are ways you can brighten homes though, even if not north facing. This includes:

• Replacing blinds or curtains with venetians to reflect in light
• Fresh paint with a lighter colour / lighter shade of white
• Strategic placement of mirrors to reflect light in
• Landscape outdoor areas to allow light to naturally flow into windows and balconies

• Distance to public transport

This one is actually where properties that previously were not as close to public transport, have seen an increase in demand. Basically, the value that buyers put on being within a 5-10min walk of a public transport stop, is now the same value as a property which is a 10-15 min walk away. While there is nothing you can do to change your properties distance from public transport, when looking to buy it is always a critical piece to factor in. Also consider the type of tenant or buyer in the future, e.g. If your property is down a quiet side street with minimal lighting, it may not appeal to a single female tenant or buyer.

• E-vechicle charging

Not related to covid, but another key emerging trend is the demand for a space or accessibility to charge an e-vehicle. This is creating greater demand for off street parking, secure car parking spaces and strata schemes which are open to installing chargers.

Click here to schedule a call now to talk about what you can do to maximise your sales price or to be mindful on if looking to buy.