We have just released our latest Secret Agent report!
There are various types of open space and not all of them are equal in terms of the value they provide. If you had to choose out of being close to Carlton cemetery versus Royal Park, which is only on the other side, most would choose Royal Park. Similarly, most would prefer to be next door to a vacant block full of neatly manicured plants compared to just a vacant block of land. Other than the obvious aesthetic differences, what else could make Royal Park more attractive to the cemetery?
Secret Agent has been pondering this question this month and has hypothesised that it is the wildlife and biodiversity that makes some of our open spaces within Melbourne so special. The more biodiversity, the more connected to nature we feel and the more we are willing to pay for property to be nearby this. It sounds like a far fetched idea but we are not the first to have thought of this. In fact it has been studied quantitatively in America.
This month, Secret Agent discusses wildlife and the potential impact it may have on property value.