The City of Sydney is looking at series of major initiatives togreen the city, including a major tree planting program which will lead to an increase in residential and commercial real estate property value, according to real estate agents.
The strategies, contained in the City's draft Greening Sydney Plan, would expand Sydney's tree canopy by 50 per cent in the next twenty years.
Another strategic focus of the draft plan is to encourage involvement in community gardens and neighbourhood verge and median strip planting.
Under the Street Tree Master Plan, the City will plant thousands of native and exotic trees to improve the quality of open space and public domain to make our streets more liveable and attractive and to tackle climate change.
Residential property values could rise between as much as ten to 20 per cent in suburbs with fewer trees, where bare streets can be transformed into leafy avenues and sought after, attractive neighbourhoods.
And a tree or park view with plenty of natural light adds around 5 per cent to the rental revenue on office space, according to Ray White's commercial property arm.
"Planting avenues of trees to enhance the character of individual precincts across the city and create green corridors to reduce greenhouse gas emissions,' the City's chief arborist, Karen Sweeney said.
"In doing so we have discovered we will be increasing residential property prices, creating better air quality and cheaper energy bills for householders."
Four Sydney real estate agents agreed with Ms Sweeney.
"I'm a big fan of greener areas and if we can make the point that a property for sale is near a park or in a tree-lined street, we do," Simon Doak of Bresic Whitney said. "From a buying perspective, people warm to leafy surroundings." Ray White agent, Anthony Flood, said he "loves a tree" and a restful shaded avenue, as long as views were retained and the trees did not shed excessive berries or slippery fruit.
Laing & Simmons' Leanne Pilkington said making a street attractive with planting was "much easier to sell" as long as the trees did not damage footpaths or interfere with drains.
Agent Dennis Gousetis, of Laing and Simmons at Rosebery, a suburb with fewer trees than some of its neighbours, said a well-planted leafy street could add between 10 per cent and 20 per cent to the value of a house.
"Any street is good with trees," he said, "it creates more interest among buyers and definitely adds value."
He said the City's plan to add more trees to Rosebery's streetscape would be of great benefit. "I can only see that as a plus," he said.
According to John Skufris, director of Ray White's commercial division, office space with a park view in Sydney's CBD is at a premium.
"You pay more for the side of office buildings with a view of Hyde Park or Wynyard park," he said.
"Any view of trees with natural light is always sought after and attracts a higher rental. It's the good part of 5 per cent higher.
"And I'm told there is correlation between the level of natural light and productivity."
Mr Skufris offered the comparison between two properties he handles at104 Bathurst Street, Sydney. The property which looked out onto a rear lightwell rented for $320 per square metre, compared with the office which had plenty of natural light and a view of Hyde Park, went for $400m2.
The City's Tree Management Team has proposed a selection from 69 different tree species to suit the soil and landscape conditions of individual streets and remain sympathetic to the existing trees and local character.
"Selection of species can be made to reinforce the distinct character of each street, although species that are renowned for vigorous root systems which cause pavement uplift will be avoided," Karen Sweeney said.
"Also trees with large of heavy seed pods, excessive leaf drop, or fleshy fruit and flowers which cause slip hazards will be avoided.
"Expanding the City's tree canopy will create more people friendly spaces for City residents and the 600,000 people who travel daily to the City."
A United States study by National Mortgage and the U.S. Forest Service showed the prices of residential properties in streets with mature canopies were higher than comparable streets without trees.
Other economic benefits provided by trees (Kathleen Wolf, University ofWashington, 2009) showed rental rates were 7 per cent higher for commercial property having quality landscape and that tenants would spend up to 12 per cent more on rentals in central business districts with large trees.
A draft of the Greening Sydney Plan is about to go before Council to vote on its release for public viewing on the City's website, with hard copies available at the One Stop Shop at Town Hall, the Watershed Centre, King Street, Newtown and all Neighbourhood Services Centres, for further community consultation.
ENDS
Further inquiries:
John Skufris
Ray White Commercial Director (Office Leasing)
Mb: 0414 969 221
Email: jskufris@raywhite.coM