For Australians in Queensland, Western Australia and the Top End, it has been confirmed that prospective buyers are very happy to pay more for a home with a pool than those in the ‘colder’ southern states. In fact, 5% have confirmed they’d even be happy to pay up to $20,000 more for a house with a pool compared to those in the southern states, according to First National Palm Beach principal, David Hamilton.
Interestingly, the recent research from Lendi revealed 39.8% wouldn’t pay more for a pool followed by 15.7% prepared to pay $10,000 more for a house with a pool, and 10.8% were happy to allow an extra $20,000.
Nearly one in seven said they’d be happy to pay $50,000 or more with 5.8% responding with valuations upwards of $200,000, approximately returning the cost of the pool and its installation.
The research also revealed men are happier to pay more for a house with a pool than women, with 44.9% of male respondents who said they would pay up to $20,000 more for a house with a pool compared to 34.6%.
Lendi’s research also uncovered that younger generations are happy to pay extra for a property with a pool with nearly half (47.7%) in the Generation Y demographic comfortable with spending up to an extra $20,000 compared to 31.6% who were 55 years and older.
Reinforcing that younger people value pools more, less than one in three Generation Y respondents declared a pool added no value to a house, versus more than half of over 55 year olds.
“A home with a pool is often the Australian dream and many would say a necessity in the warmer parts of Australia” said David Hamilton.
“The running costs are not the issue in Queensland, Western Australia and the Top End. What is important is the convenience, safety and the joy of having this wonderful entertainment area in your own back yard”.
Research sourced via https://www.lendi.com.au/do-pools-add-value-to-your-home/