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The ongoing allure of walkability

Ronald ChanSponsored
Finbar Chief Operations Officer Ronald Chan.
Camera IconFinbar Chief Operations Officer Ronald Chan. Credit: The West Australian.

Walkability may not be a term that is immediately familiar to every reader, however, in terms of property and investment, walkability has now been around for some time and is a useful tool for those considering buying an apartment.

The concept of walkability emerged in 2007 when a company in the US established what is known as a walk score – an index that assigns points based on a property’s proximity to local amenities and infrastructure such as shops, restaurants, cafes, schools and public transport.

While walkability is important for those considering the purchase of a freestanding home, it is particularly important for those who may be considering purchasing an apartment.

While other factors will clearly come into play when considering what sort of apartment you buy and where, walkability is a key factor for those opting for the ease of apartment living.

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The connection to local amenities and community infrastructure is particularly important for apartment dwellers and those considering buying an apartment as an investment.

Most real estate agents consider walkability to be just as important a consideration when buying an apartment as they do other factors such as interest rates, strata fees and property defects. Therefore, both owner-occupiers and investors would be wise to assess a property’s walkability before they commit to any potential purchase.

A property’s walkability is also considered by developers when purchasing sites for development, as those with a higher score can attract higher prices and are more popular with buyers, both as a home and an investment.

While apartment dwellers are looking for a property that fits their lifestyle, they are also looking for a community or neighbourhood that can give them what they want minutes from their doorstep.

Witness the growing popularity of suburbs like Mount Lawley, Maylands, Victoria Park and Fremantle – all of which boast a high walkability score and a plethora of pre-existing amenities and infrastructure.

Perth CBD apartments also demand a higher price point and rental return because of their close proximity to a range of amenities and the ability to walk, cycle or bus to work rather than add a lengthy commute to the beginning and end of every workday.

Buyers and renters tend to look for a village feel, where everything is within minutes of your doorstep and you can create a lifestyle that feels connected.

Areas like the Perth CBD and city fringe typically have a higher walk score because they give you very little reason to leave your neighbourhood – you can walk out of your apartment to a park or walking trail, the local supermarket is a walk rather than drive away, and a cafe where the barista knows both your name and your favourite coffee is just a hop, skip and jump away.

For investors looking for both capital growth and a solid rental return, a higher walk score ensures their apartment is attractive to a broad cross-section of renters and is also easier to sell when the time comes.

In a competitive property market, renters may defer purchasing because they can’t afford to buy in an area where they want to live and will therefore look for a property that affords them a better lifestyle closer to where they want to be.

Walkability means both a better lifestyle and a better return on your investment.

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