This study investigates the factors that prospective buyers consider when purchasing residential property in Queensland, Australia. A drop-off survey is used, with 376 property buyers and a response rate of 62.7 percent. Affordability, maintenance and interior design, and a good neighbourhood are considered as most important. Of least importance are the affluence and quality of the area, water, views and roads, and features, such as a pool or air-conditioning. Therefore, location is important in the sense of neighbourhood and community, rather than prestige. Affordability should receive more attention in the literature and real estate marketing. Different market segments consider a number of factors when purchasing residential property. Since the factors vary according to the purpose (live in or investment) and the property type (house or unit), these variables provide a basis for identifying market segments. Agents can use the findings to better understand buyers. Researchers can further analyse buyer considerations and property characteristics to condense a large number of factors into a small number of coherent dimensions. The study may be limited by its focus on a geographical section of the Australian real estate market and some difficulties in identifying and operationalising property characteristics.
Journal article
Residential real estate purchase decisions in Australia: is it more than location?
International Real Estate Review, Vol.12(3), pp.273-294
2009
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Abstract
Details
- Title
- Residential real estate purchase decisions in Australia: is it more than location?
- Creators
- Thanakon Ratchatakulpat - TCC Capital Land LtdPeter Miller - Southern Cross UniversityTeresa Marchant - Southern Cross University
- Publication Details
- International Real Estate Review, Vol.12(3), pp.273-294
- Identifiers
- 1087; 991012820560602368
- Academic Unit
- Faculty of Business, Law and Arts; School of Business and Tourism
- Resource Type
- Journal article