The value of green suburbs on house prices
REIV analysis shows that greener areas with higher tree density is associated with higher median house prices. A suburb with tree coverage 50 per cent higher than the average for Melbourne sees an increase on their median house prices of $237,000. Two of Melbourne’s greenest suburbs had a median house price of over $2.5m in the most recent June quarter with Balwyn and Canterbury ranking seventh and eighth respectively for tree density.
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