Home hunters can expect to fork out up to $800,000 more for a home with a view in Australia, and that’s only tipped to rise as they become more scarce.
When it comes to adding value to a home, it turns out a nice vista could increase the sale price by up to 80 per cent, according to independent property advisory Matusik Property Insights.
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Director Michael Matusik said one of the things that was often misjudged when it came to pricing a property was factoring in how much a view was worth.
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This five-bedroom house with water views at 53 The Corso, Isle of Capri, sold in December for $5.52m.
The view from the property at 53 The Corso, Isle of Capri.
He and his colleagues have undertaken a study, which has found certain types of views add different values to properties.
“Our work identified the different views available and then we looked at how much they can increase a dwelling’s value,” Mr Matusik said.
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“Our investigation was also based on an identical new dwelling built in the same area (but with differing views) with a base price of $1m.”
Matusik Property Insights director Michael Matusik.
Mr Matusik said the chances of finding a property with a great view were becoming increasingly difficult, as more and more properties were constructed in an area.
“Properties with a view command a range of premiums now, and these bonuses are likely to rise further in the future,” he said.
FIVE DIFFERENT TYPES OF VIEWS
1. PARK VIEW
This type of view means the home is usually located at ground level — the same level as many of the other properties around you — but you have the advantage of having a view that allows you to see a large, non-residential space, like a park.
This four-bedroom house with park views at 37 Arnold St, Holland Park, recently sold for $1.68m.
Mr Matusik believes such a view can increase a property’s sale price by between three and five per cent, meaning the new sale price for a $1m home could increase by $50,000.
In Melbourne, a two-bedroom house across from a park at 112 Park St, Abbotsford, recently changed hands for $1.575m.
And in Brisbane, a four-bedroom house with park views at 37 Arnold St, Holland Park, recently sold for $1.68m.
This two-bedroom house across from a park at 112 Park St, Abbotsford, recently changed hands for $1.575m.
2. CITY GLIMPSES
This type of view usually refers to the outlook from the rooftop and is usually partially obstructed.
So, you may be able to almost see over all of the other properties around you, but there may be a few buildings that partially obstruct your view.
Mr Matusik said that generally, the more elevated the home, the more value a view can bring to it.
This five-bedroom house with city glimpses at 22 Taabinga St, Wavell Heights, sold in November for $2.7m.
The city glimpses from 22 Taabinga St, Wavell Heights.
He predicts this type of view can bring in an additional six per cent to eight per cent to a home, lifting the potential sales price of a $1m home by $80,000.
A five-bedroom house with city glimpses at 22 Taabinga St, in Brisbane’s Wavell Heights, sold in November for $2.7m.
In Melbourne, a four-bedroom house with some views of the city at 252-254 Bellair St, Kensington, sold this year for $1.743m.
This four-bedroom house with some views of the city at 252-254 Bellair St, Kensington, sold this year for $1.743m.
3. DECENT VIEW
An unobstructed view from a medium elevation.
This category is primarily reserved for homes that reside on the top of a small hill, according to Michael Matusik.
“This particular view can see areas all around a home without any obstructions, but aren’t high enough to see far beyond the house’s small community,” Mr Matusik said.
This five-bedroom, two-storey house overlooking mountains and parkland at 13 Skyline Cres, Carindale, recently sold for $2.888m.
The view from 13 Skyline Cres, Carindale.
“Having an open area will always command more money than if you can only see a few houses down, so this type of view has the potential to add between nine per cent and 12 per cent to the value of your home.”
That means a $1m home could be sold for around $120,000 more.
A five-bedroom, two-storey house overlooking mountains and parkland at 13 Skyline Cres, Carindale, in Brisbane recently sold for $2.888m.
4. PANORAMIC VIEW
Classified as an unobstructed view from a high elevation, this type of view can add between 15 and 25 per cent to a property’s value — that’s an extra $250,000 on top of a typical $1m home.
It is better than the previous view in that it allows the resident to be able to see a wide vista from the comfort of their own home, which can add significant value.
“Our estimates here have a wide range because much depends on what you see,” Mr Matusik said.
A five-bedroom house boasting panoramic views at 46 Ellington St, Tarragindi, recently fetched $3.75m.
The view from 46 Ellington St, Tarragindi.
In Sydney, a four-bedroom house offering 360 degree views at 28A Towns Rd, Vaucluse, sold in November for circa $9.5m.
In Brisbane, a five-bedroom house boasting panoramic views at 46 Ellington St, Tarragindi, recently fetched $3.75m.
This four-bedroom house offering 360 degree views at 28A Towns Rd, Vaucluse, sold in November for circa $9.5m.
5. WATER VIEW
The ultimate in views, Mr Matusik’s research suggests an obstructed water view could add between 30 per cent and 80 per cent to a home’s sale price, meaning a $1m house could be worth $1.8m with a water view.
“The biggest attraction of a view continues to be a large body of water, with the higher premiums being given to salt water,” Mr Matusik said.
“Also, at the upper end of the premium range, the water view needs to be unobstructed and the more rooms it can be seen from, the better.
This six-bedroom house with northerly harbour views at 96 Victoria Rd, Bellevue Hill, fetched a whopping $42m.
“Depending on the body of water, the residence can increase in value up to 80 per cent.”
In Adelaide, a four-bedroom house with ocean views at 2 Arafura Court, Hallett Cove, fetched $1.65m in November.
In Sydney, a six-bedroom house with northerly harbour views at 96 Victoria Rd, Bellevue Hill, fetched a whopping $42m.
This four-bedroom house with ocean views at 2 Arafura Court, Hallett Cove, fetched $1.65m in November.
And a five-bedroom house with water views at 53 The Corso, Isle of Capri, on Queensland’s Gold Coast sold in December for $5.52m.
