Water and energy saving features are an increasing factor in home buying decisions, according to the Real Estate Institute of Victoria (REIV).
Climate change and drought in Australia has forced these issues to the forefront of people's minds and is becoming a significant factor in the house buying process. A survey by the REIV showed that 93% of buyers factored in these issues.
Enzo Raimondo, REIV CEO, said the survey showed that properties with water and energy saving features would be more in demand than those without.
"Sellers will need to consider water and energy saving features if they want to maximise the interest in their property. It won't be long before we'll see energy saving features included on sale boards, along with the property's other features," said Raimondo.
The REIV survey also looked at other property characteristics and ranked them in order of importance to buyers.
The results showed that 26% of those surveyed rated price as their number one priority, while 21% listed location. Around 18% of respondents said proximity to facilities such as shops, transport and schools was the most important characteristic of a property, while 12% said the condition of the property and its value as an investment was number one.
Only 5% rated the size of the land or the number of bedrooms as the most important thing to consider, while 1% went for room to entertain and garage access as the most crucial feature when buying a home.
Collections: Mortgage News