When it comes to a home, bigger is always better, right?
Well, not always new data shows homeowners insight into where they can get the most value for their homes and where buyers might be able to get an extra bedroom for the same price as a smaller home.
According to data from realestate.com.au, which looked at suburbs with at least 10 sales per bedroom type – one to two bedroom units, two to three bedroom units, two to three bedroom houses and three to four bedroom houses – buyers will get the most bang for their buck when purchasing a three bedroom home in Aldinga Beach in the 12 months to July.
Here, the average price for a three-bedroom home over the past 12 months was $810,000, $55,000 or 6.36 percent less than the average price for two-bedroom homes – $865,000.
A three-bedroom house was also 0.91 per cent and 0.76 per cent cheaper than a two-bedroom house in Whyalla Norrie and Coober Pedy respectively.
Four-bedroom homes were also $500, or 0.06 per cent, cheaper in Port Willunga, while in Clearview the average price for a three- and four-bedroom home is exactly the same at $900,000.
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Real estate agent Baldeep Dang in front of a four-bedroom home he is selling in Clearview. Image Mark Brake
Ray White agent Baldeep Dang, who sells in Clearview, said it was worth shopping around.
“Here in Clearview, you can definitely get a four-bedroom home for the same price as a three-bedroom home, just on a slightly smaller lot,” he said.
“For a four-bedroom house you get fantastic value for money, especially given its proximity to the city.”
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He said many consider a guest room a must to accommodate a home office, and he has seen an increase in the number of multigenerational families buying together.
“There’s a lot of that happening,” he said.
If you’re looking to increase the value of your home, the best way to maximize your return is to add a fourth bedroom to a home in North Adelaide.
Here, the average price for a three-bedroom home is $1.5725 million, while the average price for a four-bedroom home is 100.32 percent or $1.5775 million more.
Four-bedroom Walkerville homes cost 98.75 per cent more than three-bedroom homes, while three-bedroom homes in Glenelg fetch 98.33 per cent more than their equivalent two-bedroom homes.
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Megan Lieu, senior economic analyst at Realestate.com.au. Image: Included.
Megan Lieu, senior economic analyst at Realestate.com.au, said three-bedroom homes were the most sought-after homes across the country.
“There is a very clear trend that an extra bedroom increases the value of a home,” she said.
“Therefore, houses with more bedrooms tend to be more expensive.”
“We are still finding that demand for three-bedroom homes is higher than four-bedroom homes and I have done some research into the increase in searches for granny flats, which could indicate an increase in multi-generational living.
“But that’s not really reflected in the data, and I think affordability in general plays a big role in whether people are looking for larger homes because they tend to cost more.”
Ms Lieu said it was important to consider that larger homes also tended to be on larger lots, which could affect the value.
– with Tim McIntyre
