Green Is Good: Prices Higher in Sydney’s Leafy Suburbs
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Green Is Good: Prices Higher in Sydney’s Leafy Suburbs

New data suggests a correlation between greenspace and housing prices.

By Terry Christodoulou
Fri, Apr 23, 2021Grey Clock 2 min

Sometimes the grass is, in fact, greener.

The value of parks, trees and backyards is bolstering property prices in a number of “green suburbs” in Sydney according to data from Corelogic.

It comes as the post-COVID-19 world shifts towards a renewed focus on healthy, urban living with many cities nationally increasing parkland, cycle lanes and more.

Greenspace refers to public or private land that is completely or partly covered with grass, trees, shrubs or other vegetation. In Sydney, that looks like parks, community gardens, cemeteries, school yards, playground and vacant lots.

New findings from Corelogic suggest that there has been a direct increase in housing value premiums in suburbs across Sydney where the average of green or open space is higher.

Highest proportion of public greenspace

Average house sale price 2019 Average unit sale price 2019 Average % public greenspace
Heathcote – Waterfall $912,937 $622,500 80.50%
Berowra – Brooklyn – Cowan $1,007,297 $738,500 78.10%
Terrey Hills – Duffys Forest $2,185,206 $585,000 75.00%
Asquith – mount Colah $1,065,767 $660,995 66.30%
Menai – Lucas Heights – Woronora $998,368 $738,072 64.10%
Bayview – Elanora Heights $1,871,173 $1,718,333 57.80%
Woronora Heights $1,095,702 $976,250 57.40%
Turramurra $1,924,818 $993,229 57.00%
Helensburgh $941,500 $726,368 56.20%
Manly Vale – Allamie Heights $1,795,322 $722,182 52.70%

^Source: Corelogic

“Our case study has revealed a positive correlation between housing values and greenspace,” Corelogic head of research Tim Lawless said.

“As Australia’s climate change strategies and domestic policy evolve over the years ahead, the market’s readiness to value ‘greenness’ as a tangible property feature may strengthen.”

“In areas where greenspace was scarce, such as the Eastern Suburbs and Inner City, private greenspace had a far stronger relationship with price,” Lawless added.

However, when compared to European cities, the correlation between greenspace and housing prices was low due to Sydney’s larger volume of greenspace.

For example, Sydney currently has 46% public greenspace while Amsterdam has 13% and London 33%.

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By Kanebridge News
Thu, Aug 11, 2022 < 1 min

New research from Knight Frank’s International Waterfront Index shows waterfront properties are costing more than double their inland counterparts in Sydney while in Melbourne waterside properties attract a 40% premium.

Australia’s coastline attracts some of the highest waterfront premiums in the world with Sydney topping the index — an average premium of 121% — compared to an equivalent home set away from the water.

Auckland ranked second on the list of 17 international locations — a premium of 76%. The list saw Gold Coast (71%), Perth (69%) and the Cap d’Antibes (59%) on the French Riviera round out the top 5.

Australia continued to feature prominently in the research with Brisbane’s waterfront premium coming in at 55%, with Melbourne also in the top 10 at 39%.

According to Knight Frank Australia’s head of residential research, Michelle Ciesielski, there has always been strong appetite for Sydney’s waterfront homes.

Australia’s luxury residential market has advanced, it lacks the depth of prestige markets in more established global cities said Cieselski.

“As a result, our Australian cities can achieve a significantly higher premium on the waterfront compared to a similar property inland without access to, or a view of, water,” she said.

“Also, Australia is known for its balmy outdoor lifestyle, so many buyers in this super-prime space are willing to pay a premium to secure the ideal position along the waterfront.”

The data also suggests that beachfront homes were most desirable, commanding a premium of 63% compared to harbour locations fetching 62% premium and coastal homes with a 40% premium.