Conservation areas - premium or discount?

Generally would you pay a premium or discount for a property within a conservation area? How much % and why? For context, I'm thinking of Sydney but interested to know if different cities / regions have different perspectives.

Conservation area pros: streetscape consistency protection
Cons: restricted in development style / utilisation maximisation in knockdown rebuilds, no SEPP things like granny flats, no DA granny flats either I bet, can't reno without a DA, cost of works cost more because tradies might get fined, etc.

 

Looking at Haberfield under Innerwest Council, no knockdown & rebuilds, GFs are permissible, no second storey additions. Area trades at a premium generally - any pre-conservation affected houses trade at a discount. Large >600m² blocks. Solar panels not facing the street.Very few (older) units in the suburb - Westconnex demolished all of the 1960's-70's units on Wattle St.

You can't f@rt in the area without a DA.

Skip across Parramatta Rd to Ashfield or Summer Hill - totally different conditions (& demographic).

Otherwise suss out Five Dock which has no conservation controls.

 

I would pay a premium to live in a heritage area.
Pros : want have a hideous mcmansion built next door to you. Lots of nice gardens and low fences , no colorbond.

This is why haberfield is a beautiful suburb still to this day.

Wish we still built houses and designed suburbs like this.

 

@lightbulbmoment but who'd want to live there? You can't get anything decent for less than $2 big ones.

 

or maybe, Wareemba, Abbotsford, or Russell Lea. ???

 

Interesting... I would've guessed non conservation areas command a premium, all else equal (i.e. controlling for suburb, distance to infrastructure, 'busy-ness' of street etc). Like imagine you're on the fringe of the conservation area, and 2 doors down onwards is conservation area but you're allowed to build a 380sqm monstrosity under CDC. Feels good.

Are the premiums observed reflective of the location of the conservation areas itself? generally the conservation areas are the better-located parts of the suburb, closer to the town centre / train station etc.

 

The whole of Haberfield is a conservation area. Until the light rail opened the east side of Haberfield was significantly cheaper, bit any more.