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?"

Topics:  apartment opinon property real estate

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