The Economy of Shopping Small Report, released by American Express, found 47% of potential home owners are willing to pay extra to purchase a property located near small businesses.


The study found Australians will invest, on average, an extra 4.4% of $30,486, to purchase a home that is located near a local shopping village, and each nearby small business delivers on average an extra $164 to the median house price.


The same study found 60% of Australians believe small businesses boost the standard of living in their local community and 62% say small businesses improve a community’s aesthetics.


Median house prices from a community with the average number of small businesses (750) are likely to be 10% higher than one with 375 small businesses.