A swimming pool is more than a great way to beat the heat. A pool is also a lasting investment in your property.
Australia boasts 1.2 million household swimming pools; the world’s highest per capita rate of pool ownership. An overwhelming majority of homeowners believe pools add value to their property and now the figures are in to prove this really is the case.
A study on the impact of pools on house values in Melbourne’s inner east suggests that pools can greatly push up values. The report, by buyers’ advocates Secret Agent, looked at three to five-bedroom houses sold between 2010 and 2013.
The report states that “swimming pools can add anywhere from $97,118 (6.61 per cent) in Camberwell to $530,017 (33.27 per cent) in Kew to the value of a house”.
Property valuer and adviser David McCrae, of McCrae Property says “Typically a 3-metre or 2.5-metre-wide by 7 or 8-metre lap pool costs $50,000 or $60,000 to build. If you put that in the right place, it can easily add $100,000 to the property”.
This increase in value is due to a swimming pool’s aesthetic charm and recreational appeal, both important qualities to potential buyers. Swimming pools are a lifestyle thing and lifestyle is what buyers are seeking.
There is no doubt that a pool’s value is much more complex than dollars and cents. Australians love to live the warmer months around their pools – especially those families with kids – so the pool can become a focal point of a property and the outdoor living space can be just as important as the indoor living space.
SPASA Victoria CEO Brendan Watkins states “We have always known that investing in a pool is a great lifestyle choice but here is the proof that it is also a good financial decision. Families consider their outdoor living spaces to be as important as indoor. We are an outdoors nation and we love to entertain around the BBQ and pool in summer. It’s all about living a healthy lifestyle in the sun”
“Overall, it can be concluded that for the right property and location, a pool can be a wonderful addition, as well as a way to add value to one’s residence” according to the Secret Agent report.
It’s interesting to note that Andrew Wilson, senior economist at Fairfax-owned Australian Property Monitors says the number of building approvals for pools is on the rise – leading to an optimistic outlook for the future of the pool & spa industry and the health & wealth of future pool owners.
For a copy of the report titled ‘Take a Dive’ by Secret Agent visit www.secretagent.com.au
Media enquiries: Rowena Cooke : 03 9501 2040
For Comment: Brendan Watkins, CEO