Although often controversial, we’re well aware of the health and environmental benefits that come from having accessible bike lanes and now they’re also proving a boon for real estate
Having a cycle lane outside your home is good for your wallet and your health, with research showing cycle lanes boost the value of your property.
Cycleways can take away some onstreet parking but in cities around the world, they are gradually being embraced and their economic values to homeowners and businesses is becoming evident.
Real estate agents believe cycleways can boost the value of your home as more people embrace green and eco-friendly initiatives, particularly when cycleways are coupled with garages in homes with one Sydney home owner claiming it had given his home a boost of $100,000. He had a garage out the back and a cycleway at the front.
More research is being called for into the economic impacts of cycleways in Australia, which would demonstrate how valuable these alternate commuter pathways are to communities as well as real estate developers. Just as cities like Copenhagen and Portland in Oregon have increased the rate of cyclist commuters, more investment in cycleways in Australia is likely to have a similar impact.
Research can show the correlation between a healthy investment in a city’s cycling infrastructure and a healthy city economy which could increase the uptake of cycling as a common mode of commuting throughout all Australian cities.
Environmentally-aware and investment-savvy real estate developers won’t be complaining.