Yes, it’s true, many buyers love a view! But how much does a view add to the value of a property?
Pricing a view is not an exact science and as more and more properties are constructed in an area, the chances of finding a great view are becoming increasingly difficult. Consequently, properties with a view now command a range of premiums and these are likely to rise further in the future (projectadvice.com.au).
In my experience acreage properties with a view in the 4213 area code generally achieve around $100,000 more than similar properties with no view. For example, an acreage block normally sells for around $500,000. If it has good views it may achieve $600,000. Similarly, consider a property that is worth around $1 million; if it has a great outlook it may end up selling for around $1.1 million.
Obviously there are many factors that affect the value of a property and views are very subjective. A view may be worth more to one person than another. There are also many different types of views: coastal, hinterland, ocean, harbour, river, lake, bush… the list goes on. A partial view is not worth as much as an obstructed view, or one that may be lost when due to natural growth or future development.
Additionally, not every buyer wants a view! One disadvantage of having a view is often the land is sloping. A buyer may pay a premium for a useable block of land with no view because, to them, having useable land for their children to play is a higher priority. A sloping block with a view is often more expensive to build on due to the earthworks, retaining walls or screw piers that may be required.
If you want to find out how much your ‘view’ is worth, feel free to call or email me.
LJ Hooker Mudgeeraba
0413 723 288