REIV: Melb’s greenest suburbs command a $237,000 premium

Median house prices in Melbourne’s 50 leafiest suburbs are $237,000 higher than less green areas, a new Real Estate Institute of Victoria report shows. Melbourne homeowners living in a leafy suburb are $237,000 better off than their counterparts in less green areas, a new report has logged. While it’s not unexpected for tree-filled suburbs to command increased property prices, a Real Estate Institute of Victoria study has confirmed the difference could cost up to six figures when it comes time to sell or put down roots. Be-leaf it or not, the REIV’s chief executive Tony Balazs said that suburbs offering substantial greenery and good access to parks correlated with a “surprisingly notable difference” in typical house values. RELATED: Future Victoria: Rooftop ‘sponge cities’ to fight floods, slash bills Sustainable home upgrades saving Australians billions in cost-of-living crisis Millions of Aussie homes at risk of LA-style firestorm, experts warn He noted many suburbs with fewer trees than their neighbouring areas had significantly lower median prices. The REIV analysis found median house prices were $237k higher in suburbs with 50 per cent more tree coverage than Melbourne’s avera...