Walkability Scores Highly for Property Values
Gone are the days when choosing a property to buy or rent was simply based on how many bedrooms it had and whether you liked the area it was in. Now many of those looking at property also want to know the ‘walk score’ of their chosen house or apartment.
With people, particularly in metropolitan and suburban areas, wanting to be less-reliant on cars and other motorised forms of transport, walking is seen as the most environmentally-friendly and healthiest option, not to mention often a safe alternative.
Walk scores are now being included with many real estate agent’s listings- the higher the score out of 100, the more closer the property is to trains, buses, shops, schools and restaurants.
The US-based website Walk Score ranks the properties and suburbs and Australian properties are currently ranked according to distance from restaurants, coffee shops, grocery stores, shopping centres, schools, parks, etc.
Property Observer’s Larry Schlesinger quotes Herron Todd’s Michael McNamara who said a walkable address could potentially add 20 per cent to a property’s price, with walk scores expected to be used more in the future.
Again, the more potentially sustainable and environmentally-friendly a property is, is adding to property values.
He said walkability was becoming a much greater factor because NSW, Queensland and Victorian state governments are not investing in public infrastructure such as new high-speed train lines.
To use Walk Score, users can type in an address and the website gives the ranking and walking distance from amenities and services.