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Second bathrooms add six-figure bonus to property sales
The Real Estate Institute of Victoria (REIV) have found that a second bathroom makes a six-figure difference in property sale prices.
Victorian municipality, Stonnington, saw the greatest value added to sale prices of two-bathroom homes, making $312,000 more than homes with only one bathroom, with a median sale price of $920,000.
Port Phillip also saw the greatest difference for three-bedroom houses with two bathrooms, achieving a median sale price of $1,830,000 – $252,500 more than one bathroom homes.
In a statement released today, REIV President Joseph Walton said second bathrooms were highly sought after by buyers, particularly in premium bayside and inner city areas.
“The number – and quality – of bathrooms is a key consideration for buyers, especially those with families.
“Buyers are often willing to pay a premium for the convenience of two bathrooms, rather than purchase with the intent to renovate.
“Buyer demand for multiple bathrooms is having a marked impact on price growth for most property types.
“Investors are also realising the value of having a second bathroom when listing properties for lease, with these homes delivering solid rental returns.
“Second bathrooms are popular with a wide range of prospective tenants, whether they be families or those moving into a shared situation.
“Given homes with added amenities are highly desirable, many new properties are now being built to cater to the growing demand for two bathrooms,” said Mr Walton.
Two-bedroom units – 1 versus 2 bathrooms
Municipality | 1 bathroom median | 2 bathroom median | Difference |
Stonnington | $608,000 | $920,000 | $312,000 |
Hobsons Bay | $466,000 | $650,000 | $184,000 |
Melton | $239,500 | $400,000 | $160,500 |
Mornington | $415,255 | $550,000 | $134,745 |
Boroondara | $646,000 | $775,000 | $129,000 |
Port Phillip | $600,000 | $725,000 | $125,000 |
Melbourne | $541,000 | $660,000 | $119,000 |
Yarra | $636,000 | $750,000 | $114,000 |
Maribyrnong | $425,000 | $531,500 | $106,500 |
Bayside | $727,000 | $824,000 | $97,000 |
Maroondah | $475,000 | $555,000 | $80,000 |
Glen Eira | $580,000 | $652,000 | $72,000 |
Brimbank | $343,000 | $413,000 | $70,000 |
Moonee Valley | $490,000 | $560,000 | $70,000 |
Yarra Ranges | $412,000 | $478,475 | $66,475 |
Three-bedroom houses – 1 versus 2 bathrooms
Municipality | 1 bathroom median price | 2 bathroom median price | Difference |
Port Phillip | $1,577,500 | $1,830,000 | $252,500 |
Stonnington | $1,687,000 | $1,925,500 | $238,500 |
Bayside | $1,378,000 | $1,590,000 | $212,000 |
Mornington | $508,000 | $686,000 | $178,000 |
Moonee Valley | $960,000 | $1,135,000 | $175,000 |
Hobsons Bay | $825,000 | $962,500 | $137,500 |
Melton | $310,000 | $445,000 | $135,000 |
Darebin | $886,500 | $1,020,500 | $134,000 |
Boroondara | $1,703,000 | $1,825,000 | $122,000 |
Melbourne | $1,340,000 | $1,457,500 | $117,500 |
Glen Eira | $1,293,000 | $1,400,000 | $107,000 |
Yarra Ranges | $531,000 | $620,000 | $89,000 |
Moreland | $830,500 | $915,000 | $84,500 |
Yarra | $1,421,000 | $1,492,500 | $71,500 |
Nillumbik | $682,550 | $751,000 | $68,450 |
Disclaimer
This article is over two years old, last updated on September 11, 2017. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent home loans articles.
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