Cafe culture pushing up property values in choice Perth suburbs
News.com reports – PERTH’S buzzing foodie scene is having a flow-on effect on property prices, as WA buyers splash out to be close to their eateries of choice.
Analysis of property prices in cafe and restaurant hot spots, such as Leederville, Victoria Park, Bassendean and Maylands, show values have risen as new venues open their doors.
And with Perth’s food scene continuing to grow, buyers are now prepared to pay a premium to live on a street near a cafe strip, agents report.
The Economy of Shopping Small Report, commissioned by American Express, has shown Australian homebuyers were willing to spend almost $30,500 more on a home to live close to a shopping area.
The average increase in the median price for homes close to shopping villages was $178 for each small business available, the report found.
And suburbs with double the number of small businesses had a 10 per cent higher median price when compared with suburbs with a similar population density and distance from the CBD.