Question: I keep hearing about “walk score” in relation to property. What is it and does it matter?
Answer: Walk Score is becoming increasingly significant in terms of property value. Firstly, Walk Score is a measure of a community’s walkability. That is, how easy it is to walk from your home to key amenities – shops, parks, schools, work. Population density and block length are also taken into account. Walk Score ranks properties on a scale of 1 to 100 with a high Walk Score estimated to add between $30,000 to $50,000 to a property’s value.
While the proximity of key facilities has always been important to homeowners and renters, it’s becoming even more important in 2020 due to a few factors. People are increasingly less inclined to own a car, given congestion, the expense of maintenance (approximately $6k annually) and a growth in rideshare options. Rather than a big house and backyard, the Australian dream has transformed: Millenials and Baby Boomers want smaller properties with the convenience of cinemas, restaurants and public transport nearby.
When you look at your next investment property, Walk Score may be relevant, depending on your property investment strategy and your chosen location. If you are investing in the inner suburbs, tenants will expect to be close to amenities, so Walk Score is important. In outer suburbs, people don’t necessarily expect to be able to walk to all key facilities, in which case Walk Score is less important.
If you don’t have time to rigorously analyse a property, speak to AllianceCorp – we are experts in successful property investment.