In the year to June 30, two bathrooms added the greatest value to the sale price of two-bedroom apartments in Stonnington, achieving a median of $920,000 – $312,000 more than homes with only one bathroom.
Two-bedroom units with a second bathroom also fetched considerably more in Hobsons Bay with a median price of $650,000. This was $184,000 higher than the median for two-bedroom units in the municipality with a single bathroom.
For three-bedroom houses, two bathrooms added the most value in Port Phillip, commanding a median house price of $1,830,000 – $252,500 more than three-bedroom homes in the municipality with only one bathroom.
Other areas where two-bathrooms increased the sale price of a typical family home by more than $170,000 include Bayside, Mornington Peninsula, and Moonee Valley.
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.”
Supplied by REIV