Does installing a pool add value to a property?
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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.
This article provides general information which is current as at the time of production. The information contained in this communication does not constitute advice and should not be relied upon as such as it does not take into account your personal circumstances or needs. Professional advice should be sought prior to any action being taken in reliance on any of the information.