BY BYRON FREEBORN, RAINE & HORNE WYNNUM
How has a view of any kind – particularly of the water – become a dominant factor and a highly sought-after checklist item when it comes to quality of life?
In this article, I’ll touch on the economic factors attached to a view and explore how much a great view adds to a property’s worth (a deep question), how much value and happiness it brings, and does that happiness last (a very subjective question). Is a view tied to social prestige, or is there a deeper, ancient calling to be close to the water; is it a security element, i.e. keeping an eye out on the horizon for invading armada?
Let’s start by applying Maslow’s hierarchy of needs, which states that humans have a rung of needs that starts with covering the basic needs of food, shelter etc.
As long as we have a roof over our heads, we are OK; at this stage, no water view is OK.
Then we move on to safety and security – location becomes important and is likely one of the biggest cogs in the property market engine. People are seeking a healthy, safe environment that offers employment and affordability. This applies to Wynnum/Manly in particular, as we have employment hubs in relatively close reach, while our area supports a relaxed, affordable lifestyle. This would help explain Brisbane’s increased and continuing demand throughout the 2021 boom and the ever-increasing improvements in variable conditions of the last 12 months.
On the third rung, we seek love and a sense of belonging. Wynnum and Manly have a strong sense of community connection, encapsulating friendships fostered by local organisations, from fitness and sporting clubs to community groups such as Rotary.
The fourth rung includes confidence, achievement, and the need to be a unique individual. This is where purchasing a home, building, or renovating is an opportunity to express individual personality and taste in the architecture, internally and externally. The location of a home – the street and suburb – gives the owner an opportunity for unique expression from an architectural perspective, which is also influenced by the home’s view and aspect.
Last but not least, we have the highest point of the pyramid: self-actualisation, creativity, experiencing purpose, meaning and inner potential. This can be relevant to waking up and opening the curtains (or most likely, they have already automatically opened as the sun strikes its sensors), looking out to the vastness of the open ocean (or, in our case Moreton Bay and the islands beyond). Our love of water is ancient; a calm sense of tranquillity comes with a water vista. It’s also entertaining. Water changes and moves in subtle and dramatic ways daily and even hourly.
This being said, what dollar value is incorporated in a view? It’s a big broad question, so any attempt to answer this “kahuna” of a question will be subjective and a best guess, but we’ll try! One arbitrary percentage is an approximate 30-40% increase for great views, based on data, first-hand experience and casting the question across to colleagues in the real estate industry. Examples include recent land sales on the west side of Tingal Road versus the water view-positioned side. Sales on the west side of Tingal Road are approximately $700,000s, increasing up to the circa $1m+ mark for blocks with a water view position.
The desire will likely always be strong for a location that’s either near a major CBD or the water – in our case here in Wynnum/Manly, we have both.
