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Residential Real Estate Purchase Decisions in Australia: Is it More Than Location?

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Author Info

  • Thanakon Ratchatakulpat

    ()
    (TCC Capital Land Limited)

  • Peter Miller

    ()
    (Southern Cross University)

  • Teresa Marchant

    ()
    (Southern Cross University)

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    Abstract

    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.

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    File URL: http://www.umac.mo/fba/irer/papers/past/vol12n3_pdf/04_Residential_purchase_decisions.pdf
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    Bibliographic Info

    Article provided by Asian Real Estate Society in its journal International Real Estate Review.

    Volume (Year): 12 (2009)
    Issue (Month): 3 ()
    Pages: 273-294

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    Handle: RePEc:ire:issued:v:12:n:03:2009:p:273-294

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    Postal: Asia Real Estate Society, 51 Monroe Street, Plaza E-6, Rockville, MD 20850, USA
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    Web page: http://www.asres.org/

    Order Information:
    Postal: Asian Real Estate Society, 51 Monroe Street, Plaza E-6, Rockville, MD 20850, USA
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    Web: http://www.asres.org/

    Related research

    Keywords: Purchase; Investment; Australia; Residential; Buyer preferences;

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    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Elizabeth Hemphill, 2007. "Factors Affecting Real Estate Broker Selection: What Really Counts?," International Real Estate Review, Asian Real Estate Society, vol. 10(1), pages 1-25.
    2. Webster, Cynthia, 1997. "Effects of researcher presence and appeal on response quality in hand-delivered, self-administered surveys," Journal of Business Research, Elsevier, vol. 38(2), pages 105-114, February.
    3. Abelson, Peter W., 1979. "Property prices and the value of amenities," Journal of Environmental Economics and Management, Elsevier, vol. 6(1), pages 11-28, March.
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