Recent research from Lendi has revealed nearly half (39.8%) of Australians wouldn’t pay more for a property with a pool, followed by 15.7% who are happy to allow $10,000 in the budget, and 10.8% would stretch to $20,000 more for a house with a pool.
Interestingly, Australians living in Northern Territory, Queensland and Western Australia are happier than those in other states to pay more for a house with a pool, with about 5% more confirming they are happy to pay up to $20,000 more for a house with a pool.
One in seven Australians admitted they would be happy to part with $50,000 or more, with 5.8% responding with valuations upwards of $200,000, which approximately returns the cost of the pool and its installation.
The research also revealed men are happier to pay more for a house with a pool than women, with 44.9% of male respondents who said they would pay up to $20,000 more for a house with a pool compared to 34.6%.
Lendi’s research also uncovered that younger generations are happy to pay extra for a property with a pool, with nearly half (47.7%) in the Generation Y demographic comfortable with spending up to an extra $20,000 compared to 31.6% who were 55 years and older.
Reinforcing that younger people value pools more, less than one in three Generation Y respondents declared a pool added no value to a house, versus more than half of over 55 year olds.
“A home with a pool is often the Australian dream but the investment return should be carefully analysed” said First National Real Estate chief executive, Ray Ellis.
“With this in mind, it’s not entirely surprising that Australians living the cooler parts of the country don’t value pools as highly as those in warmer areas. However, pools remain the centre of family entertainment and fun in the summer months, which is no doubt why we see younger people ascribing more value to homes with pools than older generations.”