How to add $30,000 to your home
WANT to add $30,000 to the value of your home? Simply build it near a group of small businesses.
The Economy of Shopping Small Report shows a cluster of locally-owned retailers can add an average 4.4% - $30,486 - to Australia's median house price.
The report, commissioned by American Express, shows 47% of new home buyers are willing to pay a premium to buy a property near a local village or small businesses. The survey of 1000 consumers and 700 businesses also found 62% believed small businesses improved the aesthetics of the area, 60% thought they boosted the standard of living and 58% stated they provided community support in donations.
Council of Small Businesses Australia CEO Peter Strong said there was no doubt small businesses were valuable resources.
"They add a really good vibe throughout a community," Mr Strong said. "The difference between small and big (business) is because we're human beings, we're individuals, we're people, that becomes a real selling point and a real reason why people want to keep going to small businesses."
American Express's Melanie Cochrane said the research revealed small businesses were vital to our region.
"It's the human side of small businesses which sets them apart from their large counterparts and it's for this reason we need to fuel consumers' passion for our country's small business owners," Ms Cochrane said.