After a decade of strong capital growth, the property market has hit a speed bump, causing it to roll into reverse at a pace set by location. But as the smart money knows, one person’s loss is another’s gain and the current environment presents the perfect buying opportunity.

The chairman of Ray White Real Estate, Brian White, says the key to spotting the right deal is understanding how the Australian economy is performing. “I am encouraging people to realise that we are at a lower point in the property cycle, so use that to work to your advantage,” he says.

Price falls have been greatest in parts of the mining-rich states of Queensland and Western Australia. Developers saturated those markets with large high-rise apartment blocks in anticipation that the resources boom would lead to growth – but what many have created is an oversupply in an environment without enough buyers.

However, location isn’t the only key variable. Premium price brackets are under particular strain, too. Consumer conservatism has also put the propensity to spend lavishly for housing on hold. So it’s logical that high-end properties, generally regarded as those worth more than $750,000, have been hard hit.

It’s easy to get carried away when you find your dream property, so here’s how you can stay focused so that you not only get a good deal but also exactly what you desire.

Make a list

Consider creating a list of all the reasons you want to buy and all the features you are seeking: what type of asset, what suburbs, what community attributes and lifestyle. Do you want to renovate, or buy a new place with few maintenance needs?

To ensure that a purchase maintains its value in an unsteady market, property consultant Peter Rogozik and buyers agent Stuart Jones, from Rose & Jones, say that there are several items you should not compromise on:

■ Parking: an offstreet or onsite space is a must if the item is a family home or is in a high-density area with scarce room on the street. Car spaces on a separate title are more prized as they are saleable as separate assets and garages have more value again as storage. “Garages in Sydney’s Potts Point have sold for as much as $250,000,” Jones says.

■ Positioning in the block: buyers don’t like apartments that have poor natural light, generally south facing, or a view of a brick wall. Rogozik says getting this factor right can add thousands of dollars in capital growth to your investment, over a five-year period.

■ Unique features: include ocean or mountain views and original period styling, such as art deco and Victorian.

■ Low density within a block of units: a small, boutique apartment building is preferable to a high-density tower. Jones advises buyers to purchase in blocks with no more than 20 units to keep pace with surrounding sales or to outperform.

■ Second bathroom: necessary if a property has three or more bedrooms, unless one can be added through renovations. Also if buying a two-bedroom unit, choose one with a bathroom between the bedrooms for added privacy. Jones says that two bathrooms are highly desirable, and attract tenants with higher disposable incomes who prize privacy. Alternatively, renovating to add an extra bathroom would require an investment over $10,000 but could add between $40 to $100 per week to the rent.

■ Floor plan: look for a workable and functional design. Easily accessible entrances, good bedroom and kitchen sizes and a central bathroom are all important, especially for families. Also there is more value to be found in two-bedroom units with floorspace over 70 square metres and one-bedroom units with over 50 square metres. Also look for bedrooms that are double rooms, that’s over 12 square metres.

■ Streetscape: other properties nearby need to look good and have appealing architecture. Buying close to an untidy housing commission, for example, can have an impact on value.

■ Title: choose strata title over company title because banks limit their lending to the latter, which narrows your pool of buyers. Properties that are company title also tend to be a lot cheaper because buyers shy away from them.

Plan B

Henry Ruiz, chief product officer at realestate.com.au, adds that you should also have a back-up plan. “If you are certain on a particular area but can’t afford to buy a house, consider an apartment instead,” he says. “These are often more affordable and will still put you in your desired location.”