Worldwide research indicates that residential property values are enhanced by at least 5% when the property is located in a well treed street. Some USA research puts the improved value as high as 20% in some cities.
|A well-treed section of Drouin|
Brisbane and Perth are two Australian cities where recent research supports this finding.
Real estate agents have recognized the value of a good tree in a front garden at about $5,000 for a suburban property and earlier work had estimated that a tree-lined nature strip added 30% to properties.
Perth-based research found that a broad-leafed tree located on a street verge in front of a home increases the median property price by about $16,889.
The economic value of greenspace case study, put together by Brisbane City Council, found “leafy streets, with 50 per cent or more tree cover, added up to $29,000 (5.4 percent) above the median house sale price”.
|Princes Way west|
A recent discussion with the principal of a large and well established real estate agency in Drouin confirms these sorts of findings – "Homes in leafy streets realize higher values and are easier to sell".
With 'hard' figures now available, I wonder will the day come when the removal of a tree or trees from a street might precipitate legal action by residents for compensation for loss of property value!