When it comes to buying property, there are so many factors that buyers take into consideration; each person, couple or family has their own list of wants and priorities. Some of these include location, price, style of home, block size, swimming pool, second bathroom, number of bedrooms, local amenities (schools, parks, transport) – just to name a few.

With so many stipulations, it’s often hard to find the dream home that comes with everything one could possibly want. This means buyers are often forced to compromise. The question is… when it comes to buying a home in Australia what is the first thing to go and what is the one thing most buyers won’t negotiate?

Well, according to realestate.com.au’s recent research for the 2014 Housing Affordability Index Sentiment (HASI) the one thing most buyers won’t budge on when it comes to buying property is ‘location’. That’s right, it’s all about location. Furthermore, the 2014 report shows that 44 per cent of those surveyed wouldn’t buy property more than 10 kilometres away from their preferred destination. With one in five also saying they wouldn’t even move five kilometres away from their chosen location.

Hannah Schuhmann, Principal of HS Brisbane Property says in her experience people choose a location for three main reasons; they want a home that is close to where they live, work and grew up. This is certainly the case for second- and third-time home buyers she explains.

However, it’s a little different for first-home owners. While location is still important, for buyers looking to break into the real-estate market the deciding factor is often price and sticking within a budget.

“When buyers come to me in search for a property, the first thing they mention is ‘where’ they want to live. People have an affinity with certain locations and often the most popular ones are those nearest to shops, cafes, night-life and work,” says Schuhmann.

Hannah goes on to say that people (both home owners and those renting) love living near their favourite coffee shop or theatre – when you choose a home for its location it becomes about convenience and lifestyle.

Many successful investors understand that location is key, which is what makes inner-city properties so highly sought-after – regardless of whether you’re a buyer, investor or simply just renting. Hence why buying property in the Brisbane CBD is such a solid long-term investment.

Other important factors that buyers take into consideration when looking at a property’s location is its close proximity to public transport, in particularly railway stations – ease of travel is always important, especially for those commuting to work. In fact, the HASI report indicates that 42 per cent of buyers wouldn’t sacrifice a location with proximity to amenities.

With location and amenities off the cards, what would buyers sacrifice for the right property? Interestingly the HASI report showed that Australians over the age of 24 would first sacrifice a swimming pool (65 per cent), followed by a second bathroom (35 per cent). Next off the list to go were spare rooms or a property that didn’t need renovating (both at 29 per cent).

We’d love to hear your thoughts. When it comes to buying property, what matters most to you? Do you agree with the majority… is it location? Also, what things are you prepared to compromise on?