Working in the unit market, particularly in the CBD or waterfront, I am often asked “what difference does a view make to price? How much more should you pay for a 10th floor apartment as opposed to a 6th floor?”
To the first question, the answer can be “plenty”. Comparing like for like internally or across competing unit complexes, the point of difference between one unit or another will often come down to the view – and when you’re living in a much tighter space than someone on their quarter acre block, what you look out on takes a much higher priority than it might otherwise.
Setting aside ground floor units, which can often compensate in some ways with either easier access or the availability of private courtyards or other additional amenity, a higher position in a building is likely to attract greater value for a combination of exclusivity (perceived or otherwise) and a greater aspect to enjoy, particularly in apartments with great natural light and in positions with views to more than one side.
Looking locally, the right view versus the wrong view (or a lesser one) can mean at least 10s of thousands, and occasionally hundreds depending on the position. Given the majority of our CBD towers top out under 12 stories, you might find that only a few levels in a given building enjoy an uninterrupted (or less filtered) view of the surrounding area, esplanade or other water feature. With a greater degree of rarity, comes a higher premium for those few units that do capture a real aspect.
In an Esplanade fronting building on the other hand, you might find that a greater number of levels enjoy a similar view above the treeline and without buildings in the way, so suddenly levels 5 and up might be the winners, rather than just 9 and 10. Looking back on projects we have priced over time, you might more generally differentiate each level by $25,000 or $50,000 but there’s definitely a jump as you pass the treeline.
Beyond plain height, you’ll often find a change of apartment mix as you go up, with higher levels less likely to incorporate 1 bedrooms which hit an earlier price ceiling. Where developers opt against a penthouse style product, you might also find the same unit floorplans suddenly have a bit higher ceilings, a higher level of general finish and maybe some fancier appliances – all adding to the value equation.
For those looking for a unit where the view is important, its one space that I always suggest – see the view for yourself (or live on video) where you can. To make sure what you see IS what you get.