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Market Wrap

Is walkability the next big must-have in property?

With petrol prices rising to a decade high – $1.59 a litre in Victoria - and officially becoming one of the biggest costs for families, the issue of ‘walkability’ should be considered when assessing a property.

What is walkability?

The ‘walkability’ of a suburb is determined by how friendly an area is to walking, taking into account proximity to public transport or shops.

The good news? New data from the Domain Healthy Melbourne study this week shows that the city is full of suburbs with a high level of walkability.

Locations that are within eight kilometres of the CBD, have nearby green spaces and a reputable café culture, tend to yield the best results.

Why consider walkability for Melbourne property?

If ditching the car and being able to take on more of your day on foot and public transport is high on the priority list, for both the impact on your wallet and the health and wellbeing benefits, perhaps a move to a more walkable suburb could be on the cards for you.

Investors would be mindful to look at the walkability of suburbs too, should the price of petrol continue to increase, more and more people may be looking to cut out cars from their lives.

Market Wrap