The appeal of living near parks and open green space is rising in popularity in the post-COVID housing market as buyers seek low maintenance living within walking distance to nature.
Such properties also hold appeal amongst buyers for their resale values. According to a recent Urbis report, park front properties in inner and middle suburbs also achieve an average capital growth of 9.6 per cent per annum, outperforming other homes in the same neighbourhood by 4.6 per cent.
Urbis’ report found that in the post covid setting, the value of green open space was growing in response to people adapting to working and staying home longer, and a focus on wellbeing. It was another factor fuelling the need for considered development of providing a combination of convenience, proximity and connectivity combined with nature-backed wellness, the report said.
AVID Property Group (AVID) Project Director Danny Boubli said demand remained strong for park- front homes and town homes within AVID’s Victorian residential communities. AVID is a national property developer, actively selling land in five communities across Melbourne.
“Properties facing parks tend to sell fast as savvy buyers want easy access to beautiful greenspaces without the maintenance that comes with a large garden of their own,” Mr Boubli said.
“Buyers also acknowledge these blocks are a good investment and will perform well at resale.”
AVID communities are built with greenspaces at the forefront of their considered masterplan designs and Mr Boubli cited AVID’s Bloomdale development at Diggers Rest as an example.
“Approximately 13 per cent of blocks at Bloomdale have park or reserve frontage, which is about 212 blocks,” Mr Boubli said.
“The remainder are close to green spaces which means all residents have access to beautiful communal reserves, wetlands, nature playgrounds and parks, quite literally on their doorstep.
“It is our strategic design priority at AVID to focus on “community first” – providing residents with opportunities to lead healthy, active lifestyles within their own neighbourhoods.
“In real terms, this means offering land or house and land packages within walking distance to green spaces, parks and paths. Our communities are also close to schools, public transport, retail and medical services.”
As housing densifies in suburbs on the city fringe, Mr Boubli suggests homes that offer park frontage or located within an easy walking distance from greenspaces will become more lucrative.
Bloomdale is located in Melbourne’s western growth corridor of Melton, which has seen population growth of 37,690 since 2016, according to recent census data.
While Mr Boubli believes it is important to cater for this growth, he says meeting the housing demand shouldn’t be at the expense of accessible greenspaces.
“Through careful planning and consultation, all AVID communities are designed to ensure each home is within walking distance of outdoor amenity.”
Bloomdale currently offers seven hectares of greenspaces for residents to enjoy, with the $1 million Floré Neighbourhood Park now open and a future park located in Stage 39 still to come within the next couple of years.
Floré Neighbourhood Park features designated nature-based play zones, a timber and rope agility course, an exploration maze and 3.5-metre-high slide and tower, BBQ area, and an open grass area with soccer goals and a 350-metre exercise park around its perimeter, and more.
Neighbouring AVID community Carolina at Deanside is undergoing construction of a $1.7 million Grand Linear Reserve, which forms a 1-kilometre-long green corridor through the middle of the development.
Mr Boubli said a greenspace of this magnitude is unique to the area and is one of the main motivating factors for purchasers to buy land at Carolina.