How much should I pay to live near a park?
WHEN it comes to apartment living, there are two common turnoffs: small internal footprints with limited living space and uninspiring outlooks onto neighbouring unit blocks.
Introduce a park or green space into the equation and an apartment suddenly has a whole lot more appeal.
Agents commonly list proximity to a park as a selling feature.
It can be the neighbourhood swing set or a much larger reserve, sports field or public garden.
Parks provide an outdoor playing space for the kids, a place to exercise and an opportunity for nature to break up the built environment.
On the downside, you might have to contend with noise from park activities, night-time lighting and a lack of street parking during events, as well as possible security issues.
Chris Gray, founder and chief executive of property investment consultancy Empire, says the positives of living by a park far outweigh the negatives, but warns investors not to pay too high a premium for a leafy outlook.
He says a five per cent to 10% mark-up for a property neighbouring a park or with park views is all he would accommodate, given any green space is subject to possible rezoning in the future.
"Having that aspect should be taken as a bonus and you shouldn't necessarily pay a lot extra for it," he says.
"But if you're going to live in an apartment and you can get views and easy access to a green space, why wouldn't you go for it?"