Why is it essential?
The Internet is no longer used exclusively for accessing work emails.
It is increasingly becoming an important tool for recreational and life activities. The Internet is used for watching TV, streaming movies and music, reading or watching the news, speaking in real-time with relatives and friends who are abroad or in another state, accessing telemedicine in distant areas, making holiday reservations, uploading photos, online shopping and many more.
And through the Internet, we hunt the next property we rent or purchase.
For this reason, high-speed broadband connectivity, similar to water, transport or electricity, is fast becoming an important part of infrastructure.
Ups and Downs
Being connected is a must, that’s why access – or lack of it – to fast and reliable Internet connection could influence dwelling values.
Good Internet speed is often taken for granted in major cities. However, it is not the case in regional and rural areas.
Are you considering working from a dream location? Expect it to be a sluggish and annoying business if you are dealing with slow connection. And the arrival of the National Broadband Network (NBN) is eagerly anticipated by many communities as it promises to deliver a big difference in Internet speed.
Outside Australia, the link between Internet speed and home prices is very much verified and confirmed. However, at home the evidence is not as strong.
According to a survey carried out in the UK in 2012 (which is old news in the tech world), home buyers ranked a fast broadband connection higher than local amenities and off-street parking when mulling a new property. Properties with slow Internet connection can be up to 20 per cent compared to those with decent speeds, and can break deals in house sales, UK property experts say. Internet speed often comes ahead of electricity, gas or other utilities in the must-haves list of home buyers or renters.
It’s the same situation in the USA. In a recent study, the fastest type of Broadband, fiber-optic connections can add up to $5,437 to the value of a $175,000 property.
Don't think it doesn't happen here in Newcastle. t inspections, more and more buyers are enquiring if the property has access to the NBN and if not when is it coming?
Fast, dependable and cheap Internet service could drive economic growth in many forms, not just dwelling values. It also has the potential to trigger improvements in local communities and economies, businesses and create new opportunities. This is the reason for the investment in the NBN by the Government.
However, it is too early to tell if the NBN has had, or will have, a palpable effect on national property values in Newcastle. Experts believe that the jury is still out on that issue, and the shift from fibre-to-the-premises to fibre-to-the-node schemes will probably also bring an effect.
As we become more and more dependent on Internet access in our daily lives, we wait and see what the impact is of very fast - or very poor - connectivity to the attractiveness of properties.
In the meantime ask Annette about how to get connected and register early for the NBN at your property. http://savewithannette.acndirect.com