5 Things influencing house prices

2016-03-10 06:00

When it comes to property prices, many of us assume we know the factors that contribute to the value of those sky-high listings.A recent study revealed five quirky things influencing house prices:

1. Name of a road

The top five most expensive streets in South Africa aren’t streets at all. In fact, addresses with the word ‘Street’ in them are quite rare on the luxury property chart-toppers. ‘Road’ features the most often on the most expensive address list, with ‘Avenue’ taking second place.

2. House with a name

A house with a name is often perceived as a house with a history, or a unique and individual personality. Buyers like to feel that they’re getting something that no-one else can, and a name is one way to encourage that impression.

3. Water views

While we all know that a picture-perfect outlook adds a hefty whack to any listing price, did you know that water views almost always outweigh landscapes, both here and overseas?

4. Odd house numbers

Low house numbers are popular because they often indicate a smaller, more exclusive street, while the preference for odd numbers is most likely weighted by the popularity of house number one - the first on the street.

5. Attractions of a neighbourhood

  • The existence of a local farmers’ market and the quality of supermarkets serving the area are positive. It’s all about our natural, human desire to feel special - whether it’s for logical reasons or because it triggers a subconscious reaction in us - buyers will respond positively.

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