A recent study of house values in Melbourne’s inner east has come back with the welcome news that the addition of a swimming pool can increase the home’s sale price by up to a third.
An earlier survey by PoolWerx came back with the findings that 90 per cent of pool owners believed a swimming pool added value to their property.
This latest report by buyers’ advocate Secret Agent has confirmed those findings, suggesting that a swimming pool can greatly increase the value of a property – even by as much as half a million dollars.
Secret Agent looked at three-, four- and five-bedroom houses sold between 2010 and 2013.
The report says 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, recreational appeal and improved lifestyle potential.
SPASA Victoria has picked up the report and ran a media campaign to get the word out. CEO Brendan Watkins says that they always knew that investing in a pool was a great lifestyle choice, but this report provides proof that it is also a good financial decision.
“Families consider their outdoor living spaces to be as important as indoor,” he says. “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.”
The report concludes that for the right property and location, a pool can be a wonderful addition as well as a way to add value to a residence.