Living by the Park
Never before have we longed so much to get outdoors and away from our isolation, to breathe fresh air and enjoy the sun. Apartment and home living just doesn’t cut it alone and those valuable park views only entice you to want what is within easy reach. Unfortunately, unless we are exercising it has proved to be impossible and our popular beaches and beautiful coastal walkways are closed due to the swelling demand, making physical distancing unachievable.
How valuable has the local park become as a result and not just because of the views? Access or park adjacency as we call it in the Living by the Park Knight Frank report, examines the premiums paid in five of the global cities. Those selected were London, New York, Hong Kong, Singapore and Sydney. The report found the average premiums for real estate with park views across these markets is 34% and 18% for park adjacency compared to real estate in the area that’s further away.
I use my local park for about an hour each and every morning regardless of the weather (Sunday excluded when I cycle around Sydney). I’m well equipped for the worst weather conditions and I still enjoy those, although often alone. On the better mornings I say hello to other locals who have a similar fitness regime. As I do my three kilometre walk, stretches and exercises I often summon my best work ideas. I am grateful for the forward thinking of the town planner who sanctioned that the area would have dedicated green space, centrally located for local home owners and visitors to enjoy.
Imagine the difficulties today of finding a raw 4.8 hectare site and dedicating it to the lucky neighbouring residents. That would be a cool AUD$192 million where I live, providing the land was rezoned for large homes on big blocks and you would double and triple that with more modern densities. So you can see the inherent value in the original master planning and that’s not taking into consideration the capital improvements and the time taken to establish trees and gardens which frame and create the movement within the open parkland.
According to the Knight Frank 2020 Wealth Report, 80% of ultra-high-net-worth individuals or their advisors who took part in The Attitudes Survey now prioritise their time and money on personal wellness. And in the Living by the Park report, 50% of them consider access to greenspace when purchasing residential property. So it seems the demand for park living will only get stronger.
Sydney is featured in the Living by the Park report, but you will also read about other international cities and the importance proximity to parkland plays in those societies. It might be a big world but it’s surprising how commonly we think and value property.
Enjoy the report even if it reinforces what you already felt about park living.