Pool Sales Soar As A Record-Breaking Number Of Aussies Commit To Pool Ownership
Splashing Some Cash On A Pool Can Pay Off Dividends
Having some extra money in your back pocket when it comes time to sell is the aim and those that have installed a pool can potentially make up to 20% more profit on their investment. Could this be why an increasing number of Australians are taking the plunge and installing a pool? While swimming pools can be expensive, there’s no denying the copious lifestyle benefits they offer and the possibility of adding value to the sale price of your property is worth further investigation. So, does having a pool in the backyard make your home higher priced? It can but there are a few factors that influence exactly how much extra it will add to the sale price. The area where you live, how old the pool is and the price bracket of your home all contribute to how much or little profit you make from installing a swimming pool. Damian Collins from The Real Estate Institute of WA explains that those residing in expensive suburbs with high-end homes were the ones who would reap the biggest benefits from installing a pool and are more likely to see a 20% return. An average-sized pool starts at approximately $35,000 and for homes valued at around 1 million dollars, a pool could add $100,000 plus to the property. Those who are located in less expensive areas may not get as big of a return as they had hoped as people with smaller budgets looking to buy may not be able to afford the additional cost that the pool adds to the home. Median priced family homes tend to generate a good profit from installing a pool. Mr Collins added that regardless of the resale price, pools are increasingly popular. Many top-selling properties feature appealing aspects such as jets, fountains, views and cabanas.
Those that have installed a pool can potentially make up to 20% more profit on their investment
Coronavirus Sees Pool Sales Surge
When Australia faced its first period of lockdown in March, most people were restricted on what they could and couldn’t do. With so much uncertainty and the prospect of ongoing lockdowns, many took the opportunity to transform their backyard into a space they could enjoy without having to leave their homes. While a lot of industries have slowed, the pool industry has boomed. Barrier Reef Pools National has seen unprecedented enquires and sales both on a national and international scale.
Chief executive of the Swimming Pools and Spas Association, Lindsay McGrath said “applications for new pools isn’t just a South Australian or even an Australian phenomenon at the moment, it’s certainly a worldwide trend.” “Many of our builders are fully booked for the foreseeable future, and there’s a lot of demand at the moment.” The Swimming Pools and Spas Association of Australia said those who are considering a swimming pool for their home should research pool fencing, safety, the ongoing costs and landscaping before making any financial commitments. “They see the pretty pictures and they understand that it’s just the pool, but it’s always a little bit more than that,” he said. The initial cost to install a pool and the ongoing running expenses doesn’t seem to deter people from purchasing a pool and there is no indication of demand slowing anytime soon.
With worldwide travel restrictions in place and more of us spending time at home as a family, thousands of Australians are investing money that would otherwise be spent on international holidays into home improvement and bringing the entertainment and recreation to them. For many, there is no better time to install a pool.
The Must-Have Trend Of 2021: A Swimming Pool
If 2020 has given us any indication of what to expect this year when it comes to home enhancements, its that builders and real estate agents will continue to be ran off their feet while trying to keep up with demand for the most sought after home feature – a swimming pool.
Online tradie website, hipages said there has been a 175% increase in pool-related work compared to years prior as a growing number of people are turning their pool dreams into reality. Australia’s peak body for the swimming pool and spa industry, the Swimming Pools and Spas Association of Australia, said there has been a dramatic increase in pool sales and enquires over the same time seeing a 30% rise in demand.
It’s not only the pool industry noticing the increased interest in pools with top real estate online platform, realestate.com.au, stating that the number of people searching for a home with a pool has risen by 30% over the last six months.