Does a swimming pool give a home a competitive edge in Australia’s highly saturated housing market?
Lendi, the Sydney-based home loan platform, surveyed more than 1,000 Aussies online to find out if respondents would pay more for a house with a pool.
The most popular response? No, respondents would not pay an additional amount for a house with a pool (39.8%). The second most popular reply was to pay $10,000 more for a house with a pool (15.7%), followed by $20,000 (10.8%).
Nearly one in seven said they’d pay $50,000 or more, with 5.8% responding with valuations north of $200,000. “This would approximately return the cost of the pool and its installation,” Lendi said.
Overall, men placed more value on a swimming pool than women, with 44.9% of male respondents saying they would pay up to $20,000 for a house with a pool, compared to only 34.6% of female respondents.
Not surprisingly, younger respondents were more likely to pay extra for a house with a pool. Nearly half (47.7%) of respondents close to the Gen Y age group said they would pay up to $20,000. Meanwhile, 41.1% of Gen X respondents answered in this price bracket, and 31.6% of respondents over the age of 55 answered in this price bracket.
Those living in states and territories with a warmer climate valued homes with a pool a little more. When combining respondents from Queensland, Western Australia, and the Northern Territory, about 5% said they’d pay up to $20,000 for a house with a pool compared to the combined respondents of the southern states.
“In some circumstances, [installing a pool] could add value to the right buyer but it’s highly recommended to research the local market and seek financial advice,” Lendi concluded.
Related Stories:
Reno Investor Of The Year: Sally Lewis
7 Unexpected Expenses Investors Must Prepare For
