While it’s a known fact that bathrooms and kitchens sell homes, new REIV data shows a second bathroom can add six figures to the sale price in a number of regional municipalities!
In the year to June 30, two bathrooms added the greatest value to the sale price of three-bedroom homes in the Colac-Otway Shire, achieving a median of $522,000 which was $247,000 more than homes with only one bathroom.
So saddle up country plumbers and builders – it’s your time to shine!
Three-bedroom houses with a second bathroom also fetched considerably more in the nearby Shire of Moyne, down Warrnambool way, with a median price of $392,500. This was $154,650 higher than the median for three-bedroom homes in the municipality with a single bathroom.
And it’s safe to say that the situation would be the same across South Gippsland and Bass Coast.
A difference of more than $150,000 was also evident in Swan Hill with typical family homes with two bathrooms commanding a median price of $375,000, compared to a median of $223,000 for one bathroom.
Vendors with a second bathroom in the Alpine and Latrobe municipalities also achieved significantly higher sale prices with medians of $380,000 and $310,000 respectively –$128,000 more than similar sized properties with only one bathroom.
Buyers were also willing to pay more for the convenience of a second bathroom in the Southern Grampians with a median price of $305,000 for three-bedroom homes. This was $128,000 more than family homes with a single bathroom.
Macedon Ranges and Mount Alexander also recorded higher sale prices for family homes with two bathrooms with medians of $563,750 and $499,500. This was a difference of $118,750 and $116,500 respectively.
More than $100,000 added in Bass Coast
Other municipalities where two bathrooms added more than $100,000 to the sale price of three-bedroom homes include Greater Shepparton, which recorded a median price of $286,070; Horsham, with a median of $302,500; Moira, with a median of $355,000; Wellington, with a median of $332,500; and Bass Coast, with a median of $385,000.
Meanwhile, a second bathroom was worth $96,500 to family homes in Greater Geelong, $77,500 in the City of Ballarat and $68,750 in Greater Bendigo.
For more information on median house prices by town or region, visit reiv.com.au.
Contributed by Joseph Walton, President, REIV.