This study assessed neighbourhood quality indicators and their implications on property values in two planned areas in Port Harcourt municipality, Nigeria. Neighbourhood indicators were studied in situ without experimental manipulation and at one period in time, i.e. the study adopted a passive-observational research design. The study utilized both secondary and primary data sources. Primary data were collected using face-to-face administration of a largely pre-coded household questionnaire, to a probability sample of 171 respondents, drawn from the two planned areas. Data analysis was based on responses from 171 questionnaires retrieved and the univariate analytical method was adopted. The study found that huge percentage of residents reported a negative rating of neighbourhood quality indicators such as waste collection and disposal, safety of lives and property, fire stations, cleanliness of the neighbourhood, residential planning, government provision of housing for the poor, hospitals/ clinics, recreational areas, maintenance of streets, aesthetic condition, noise level and the neighbourhood condition. Residents rated markets and police stations adequate and noise levels, crime levels and fire hazards low. The availability and adequacy of neighbourhood attributes are keys in enhancing property values and reduce vacancy rates considerably. The study concluded that most residents rated neighbourhood quality indicators inadequate. The study recommended that government should provide more fire stations and hospitals and clinic and residents and the government should improve the neighbourhood and aesthetic conditions in these areas to enhance the neighbourhood quality to achieve environmental sustainability and boost neighbourhood real estate market.