What buyers will pay more for in a new home
Sat, Feb 11 2012 11:24
MOST Aussies want real grass in their backyard and are prepared to shell out an extra $75,000 for a lawn, according to a national survey of real estate agents.
The poll of agents by Turf Australia found in Sydney, where the average house costs $440,000, a lawn could add $83,000 to the price.
Meanwhile in Melbourne, buyers could pay almost $80,000 more on an average $420,000 home for a real patch of green.
Nationally, a lawn could add 18 per cent, or just over $75,000 in value on the average $420,000 home, the survey found.
The survey of 114 agents, conducted between November and January for the body representing the turf industry, found Victorian lawns add 19 per cent of value to a home, ahead of NSW at 16 per cent, Queensland and South Australia, both 12 per cent, and Western Australia, 8 per cent.
A third of agents said buyers believe a lawn adds to the look and feel of a home while almost three quarters say buyers want a safe playing area for the kids.
But the benefit of having your own green turf is also seen by young couples and those wanting to upsize.
Most buyers also want a backyard to be at least a third of the size of their property, the survey said.
LJ Hooker chief executive Janusz Hooker said house hunters factor in having a lawn or backyard as part of their budget.
"A townhouse or larger suburban home with an area of grass is still important in 2012," Mr Hooker said.
"For sellers, the key is to put some time into making the lawn look well cared for and perfect for the new owners. That's how they'll capitalise on the added value a lawn can offer."
A third of house hunters have a decent sized backyard in their list of top three requirements, along with a quiet street and more than one bedroom, according to agents.
Landscaper and TV personality Jody Rigby said the survey shows most buyers feel their backyard should be real grass.
"New types of grass are not as thirsty as many believe, and of course, all have environmental benefits," she said.
"It's the Australian way of life to grow up running around in the backyard and it's not as hard as many think to keep a lawn looking beautiful and green, despite the kids' wear and tear."
Read more: http://www.news.com.au/money/property/what-buyers-will-pay-more-for-in-a-new-home/story-e6frfmd0-1226268739194#ixzz1m6QYzmCN