Pools add at least $140K to inner Melbourne home value, research shows

SPASA Victoria

By Alice Richard
Thursday, 23 March, 2017

A swimming pool can add at least $140,000 in value to a house in Melbourne, research conducted by buyer’s advocate Secret Agent has found.

Analysing 10 suburbs in Melbourne’s inner east and south east, Secret Agent found that, on average, a swimming pool added between 10 and 16% to the value of a house. However, this varied between suburbs, from as low as 6% in Camberwell, up to 35% in Hawthorn East.

Houses in Kew were expected to sell for a huge $450,000 more — a premium of about 30%. In contrast, adding a pool to a house in Hawthorn would only add $180,000 (11%) to the value of the property.

The differences in added value can be attributed to factors such as extensive renovations, number of car spaces and school zoning, the study acknowledged.

“A swimming pool can be a wonderful addition and a good investment despite its seemingly high upfront costs, since the lowest expected value it can create is around $140,000,” the study said.

The research looked at the following 10 suburbs: Kew, Hawthorn, Hawthorn East, Toorak, Kooyong, Armadale, Malvern, Glen Iris, Camberwell and Brighton. Only houses with three to five bedrooms were analysed, in order to ascertain a more realistic representation of the value a pool would add to the property.

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