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  1. #1
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    Default House valuation impact?

    Regular hubber undercover here as I am divulging some personal information.

    There is a development going on next door to our property, a new housing estate. The area used to be inaccessible scrub land (private property). There will be 13 more houses on our street and another estate within a few hundred metres from our property. The part of the development that is directly next to our house is going to be a park with a reasoably impressive playground, bbq area, bike and walkways. What impact will this have on our house and land value?

  2. #2
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    I think it is too hard to say without knowing your location.

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    Totally agree with BRV - I've had developments that have had positive and negative effects on property values, it depends on the location , demand, access, facilities, transport and other type of dwellings around - are you in suburbia ?

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    I'm in suberbia, about 14 kms from the CBD. It's an older suberb. Not a flash suberb at all but not the worst. The suberb has 'gentrified' a little during the years we have lived here - as in lots of older houses have big rennovations, the local retail area has had a new development and face lift and we now have a couple of cafes, restaurants and shops close by (about 2kms).

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    Some people won't want to live beside a park because it can be noisy and a bit of a security issue. Other people love it because they have kids or like the green outlook. But if the development is going to be on what is currently scrub, it might 'clean up' the area and present the area well.

    As its been said, hard to say without more info.


 

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