Swimming pools are among the most searched features on OneRoof.co.nz, and are usually high up on buyers’ wish lists no matter the season.
And, according to recent research by CoreLogic, a swimming pool can add to the value of a home - by as much as $400,000 in some suburbs.
Nick Goodall, head of research at CoreLogic, said the property insights firm compared the price of properties with swimming pools and the price of those without in the country’s major six major metros.
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The properties analysed were similar in type, bedroom count and age, with CoreLogic focusing on those suburbs with the greatest number of swimming pools to ensure a decent sample size.
Most of the homes analysed in the research saw value increases of between $45,000 and $167,000, but the research yielded some interesting results.
In Papamoa Beach, Tauranga, swimming pools added more value to newer homes. The price difference for homes built after 2010 was $410,000, while the price difference for homes built a decade earlier was only $140,000.
In Flagstaff, Hamilton, the pool premium for homes built in the 2010s was $160,000, while the premium in nearby Huntingdon for homes built in the 2000s was $140,000.
The pool premium for 1970s-built homes in Sunnyhills, Auckland, was the country’s lowest at $5000. Nineties-built homes in Flagstaff had the next lowest, at $19,000.
CoreLogic head of research Nick Goodall says the premium typically ranged between $45,000 and $167,000. Photo / Supplied
Goodall said the differences were quite wide across the different samples. “[That] will partly reflect that it’s not solely the swimming pool that is the difference between the properties analysed, particularly at the more expensive end where there could be a number of unique characteristics which make the one with the pool stand out.”
Rene McLean, valuer at Property Indepth, said swimming pools tended to be more popular with buyers at the top end of the market. “It’s almost an expectation," he said.
“In a high value area, especially lifestyle blocks, pools should add value close to the cost of them.”
He said the price premium varied according to age and condition of the swimming pool, but he believed there were areas where the value-add would likely come in below the cost of installation.
“In low value areas they may not add any value as the cost to run them may be prohibitive, and so far as investors are concerned, they are a negative. So, you generally cut out the investor buyers if you have one in a low value area.”
The premium that swimming pools add to the price for new homes in Papamoa Beach, Tauranga, is the country's highest. Photo / Getty Images
Larry Ogden, chairman of the board of the NZSPIA, said the cost of inground swimming pools ranged from $35,000 for hybrid concrete pools to $250,000-plus for luxury models. He estimated there were 80,000 to 100,000 pools in New Zealand.
For those building new, incorporating a swimming pool into their house designs would likely save money. Classic Builders building consultant Mark Hooper said adding a pool to the overall building consent would save money and time. “This would ensure the right drains are in place, safety features and plantings from a building perspective,” he said.
“If you know you are wanting a pool at a later stage, you should communicate this to your building company as this would also ensure the space is kept service free, meaning all pipework, cables and services are kept away from the area. Not doing so could limit you at a future stage.”
Not every owner-occupier wants a pool. The reasons often include safety, or maintenance issues. Bayleys Christchurch agent Adam Heazlewood said it wasn’t that long ago that buyers were split between pools being an asset or a hindrance. “It was almost 50/50. But technology has made a big difference because nowadays there are companies like Compass that have self-cleaning pools. They’re more efficient.”
It’s not just pool cleaning technology that has improved in recent years, said Heazlewood. “Pools are pretty much always heated, especially here in Christchurch. They might have a grid-type [solar] system to subsidise their costs, but some of the heat pump systems nowadays are pretty good.”
The vast majority of buyers in the mid to high-end in Christchurch are families, and it was rare to find a family that wasn’t interested in having a pool, he said. In new homes, pools always face north or east/west, unlike older homes where there may only be space to put them on the southern side.
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* This article was created in partnership with Classic Builders
