Walk Score measures the number of typical consumer destinations within walking distance of a dwelling, with scores ranging from 0 (car dependant) to 100 (most walkable).
Recent overseas studies indicate that properties with above-average levels of walkability command a sale price, and weekly rent, over homes with average levels of walkability.
Brisbane case study
Our study of Brisbane also found a very strong correlation between a suburb’s Walk Score and a property’s investment performance.
Housing markets attach a positive value to living within easy walking distance of public transport, shopping, services, schools and quality open space.
Furthermore, an investment property value premium for walkability seems to be higher in more populous urban areas and in those locations with extensive public transit access, suggesting that the value gains associated with walkability are greatest when people have real alternatives to living without needing to use their car for most commutes.
The average Walk Score for the greater Brisbane area is currently 51 out of 100. It was 49 a few years back.
Our study of some 89,500 private dwellings across 24 Brisbane suburbs, found that places with higher walkability achieved higher prices; grew faster in value; attracted higher rents; had fewer vacancies and less properties listed for resale. Resale listings also sell faster in high Walk Score areas.
According to our work, one point in Walk Score is worth:
- $9,350 more in dwelling value
- 15% lift in annual capital gains
- $5 more per week in rent
- 2% lower vacancy rate
- Five fewer properties up for resale
- 5 less days on the market
You can work out your own Walk Score. Visit www.walkscore.com
Everyone thinks their new development or property is better located than the next. Well, check out Walk Score and make up your own mind.
Until next time,
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