A good view can increase the value of a property by 50 to 60 per cent, real estate expert Gavin Hegney says

South Perth or Kings Park? Beach or Hills? Fremantle harbour or the city-to-hills-to-beach panorama from Doubleview? Opinion differs as to what constitutes Perth’s best view, but a good one can add millions to the value of a property. Analysis by property valuations expert Gavin Hegney shows a good view can add 50 to 60 per cent to the value of a home compared to a similar and neighbouring property without a picturesque outlook. His research is based partly on analysis of two apartment sales in the same complex at Leighton Beach, two blocks of land in Peppermint Grove and two family homes in the Perth Hills. But the market was usually slow to price in Perth’s changing views, with some suburbs undervaluing the picturesque scenes and sweeping landscapes on offer for several years or even decades. Leading the list of undervalued suburbs at present is Doubleview, which as the name suggests, can overlook both the beach and the city. Mr Hegney said some specific homes would be valued as much as $500,000 more were they in another major city. “In any other capital city in Australia or in the world, the views on offer in some parts of Doubleview would be valued much, much more,” he said. He said the beauty of some of the hillier vantage points in Doubleview was that it offered day-time views to the nearby ocean in one direction as well as night-time views to the city skyline in the other. “We tend to value day views more than night views, but night views are what we use most of the time because we work during the day,” he said. “Some people buy near the coast for the views, but when they come home from work they are left staring into darkness.” Mr Hegney said East Fremantle was also relatively undervalued given its unique and sweeping outlook across the harbour, lined with ships and cranes, as well as the river and sometimes the beach too. He said the market had also failed to properly price in some stunning views in parts of Yokine and Joondanna, the hillier parts of Kardinya, well as some waterfront parts of Ascot, Ashfield and Bassendean. But he said while a good outlook helped properties appreciate more quickly than those without one, it was not as important as location. It was a lesson he learned when he bought his first home in Scarborough, choosing a home that was walking distance to the beach over one selling for the same price, but further away and with a view of the ocean. Within five years, his well-located home was worth about one third more than the other one. But he warned, while home-owners may pay a premium for their outlook, they did not legally own it. There was usually nothing they could do if someone built in front of them and wiped millions from value from their home. “When you buy a property, you have to consider, do you own the view, or are you borrowing it?” he said. It was also important to note that an incredible view need not cost a fortune. A small one-bedroom apartment at Elizabeth Quay recently sold for $650,000 with stunning views over the water and city skyline which was almost identical to the outlook from bigger apartments worth millions. Mr Hegney said there were also some bargains in old apartment complexes in South Perth, with the property’s values held up primarily by the outlook. “It pays to invest in some views,” he said.