Australia National University finds parks, playgrounds within 300m add $32,000 to house value
Playgrounds offer more than fun and fitness — they’re financially beneficial as well. A new study has found exactly how much a playground near your house can add to its value.
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Playgrounds offer more than fun and fitness — they’re financially beneficial as well, a new study has found.
Australian National University researcher Robert Breunig found having a park with play equipment within 300m and a second green open space nearby adds about $20,000 to the value of an average property.
When only houses in Melbourne’s north were analysed, the effect grew to more than $30,000.
Dr Breunig and his team calculated that 300m was a distance where parents could comfortably walk with a small child or pram.
“Playgrounds constitute an essential part of urban livelihood in Australia. A nearby playground allows young children to engage in healthy physical activities that are not otherwise available to them at home,” Dr Breunig said.
“In addition, playgrounds facilitate social interaction. Informal gatherings at the local playground are not limited to children but are also available to parents and other carers. Altogether, playgrounds contribute to improving the living standard of the neighbouring residents. This is particularly true for parents with young children and limited access to financial resources,” he said in Landscape and Urban Planning journal.
The analysis comes as most councils in Melbourne have an aspiration that every property should be within 500 metres of a local playground.
Jaclyn Cremona lives with sons Ashton, 12, and Leon, 10, opposite a playground in Woodlea’s Aintree estate, where every home is within 200m of a park.
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“It was a coincidence that we are directly opposite the park but it is absolutely awesome,” Ms Cremona said.
“A lot of people in the estate do buy because it has so many parks.
“It’s attractive — it is definitely a selling point.
“My youngest one visits park five times a week. It is great because I don’t have to be at there with them, I can just look out my window.
“It also keeps them off electronics — it is a win-win.”