Property valuation experts say that the growing number of street artworks appearing on inner city homes, inspired by the likes of celebrated English graffiti artist Banksy, have boosted property prices due to the increased foot traffic and interest the murals generate.
Greville Pabst, director of property valuers WBP Group, said the main benefits of street art were that it made residents feel better about their suburbs and warded off crude tagging from vandals.
“It improves suburbs from a cultural perspective and drives traffic to individual properties. In that way, it’s an attribute of the property — and attributes add value,” Mr Pabst said. “It also discourages unwanted graffiti, which improves the homes. (Vandals) rarely tag walls with art.”
Early local and international signs suggested the impact on values was significant, Mr Pabst added.
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