After years of popularity among the real estate world in the U.S., walkability has now ventured to Australia – and in a big way. We take the time to explain what it is, how it can impact an investor’s buying decision and why CBD areas are scoring so well.

 What is walkability?

If you are not already familiar with the term ‘walkability’ then allow us to explain. To break it down simply – it measures the ‘ability’ to ‘walk’. In terms of real estate, this is an assessment on how easy it is for residents to get around (AKA the ability part) their neighbourhood on foot (AKA the walking part) in order to get to work, public transport and shops.

 How is walkability measured?

An area or suburb’s walkability is measured using GPS, website addresses and online tools to identify areas whereby more households are close to businesses like cafés and dry cleaners and recreation venues like theatres and gyms. An area is then given a score out of 100.

Which areas do well in the walkability ranks?

It is no surprise that the suburbs which have the best walkability rankings are those with a higher population density and are located close to city centres; these are the ones which are scoring 90 points out of the possible 100. We are predominantly talking CBD areas and inner city suburbs.

 Does a high score translate into better property values?

Absolutely! It is an obvious equation that those areas with higher scores, like the CBD, will naturally translate into better property values, as walkability indicates a location with high residential amenity. And properties in close proximity to amenities will always be sought after because of the huge lifestyle advantages they offer. People will pay top dollar to live closer to work or within walking distance to the shops.

 Should investors pay attention to walkability scores?

 According to Hannah Schuhmann, Principal of HS Brisbane Property (HSBP), walkability is an emerging theme home buyers and investors should certainly be taking note of. She says at HSBP they often see that a tenant’s decision to live in the CBD is driven by lifestyle, and this goes hand-in hand with high walkability scores.

 “Tenants want to be close to everything – work, nightlife, shopping and transport. Areas with high walkability scores makes this possible,” says Schuhmann.

“By being able to walk to work or the shops, means there is less time commuting and stuck in traffic and thus makes it easier and far more enjoyable to get about from day-to-day.”

Hannah also feels it is much easier for investors to attract tenants to a property located where people can easily walk to work and the shops.

 “Take Brisbane for example, our investors love the CBD due to the fact that it is so easy to walk to coffee shops and nightlife, and get to work. This in turn makes properties in the CBD better able to draw in tenants and makes it an attractive investment location for our clients.”

While, walkability is a growing trend here in Australia, the actual thought process behind it is not new at all. We have always known that residents like to live within close proximity to work, amenities and lifestyle facilities. What is new, is the idea of this information being formulated in such a way that one magic number (the walkability score) now tells you everything you need to know about a suburb in terms of its location and ease of access to local facilities. 

 Nearby to major universities, shopping precincts, the Brisbane River and Botanical Gardens, plus on the doorstep to some of Queensland’s finest, award-winning restaurants, bars and cafés - it comes as no surprise that Brisbane’s walkability score ranks up there with the best of them! 

 Investing in areas with high walkability scores, such as Brisbane, is proving more and more popular in Australia. Why not call us on 0419 782 133 and let one of our local agents help you tap into the high ‘walkability’ territory we call Brisbane CBD.