Why you don't want to live in a street with an "embarrassing" name
We’re all aware of how things like access to public transport and amenities, noise congestion and the view can affect the price of property. But did you know, something the name of the street your house is on, can also affect its price?
Particularly if you live somewhere like Wanke Road or Fanny Street.
A new study carried out by Victorian high school students in conjunction with staff from the Australian Bureau of Statistic, the University of Sydney and a Melbourne real estate agent, suggest houses on streets with names that might be considered “embarrassing”, are worth considerably less than those on streets with more mundane names.
Students from Geelong’s Sacred Heart College ran the ledger over houses in 27 Victorian streets with names like Butt Street, Beaver Street, Willys Avenue and Grogan Court.
They compared the prices of houses on these street to those on nearby street with more average name, studying 4,500 properties over the last 50 years, and found that on average, those on streets with the “embarrassing” names were worth 20 per cent less on average. This works out to be $140,000 on a median price Melbourne home.
Dr Adam Cole, the school’s head of science, told ABC Radio Melbourne one third of the residents surveyed would not want to live on a street with an “embarrassing” name.
“We think that there is a proportion of people that would not be comfortable living in those streets, so they don’t compete for those properties and that would drive prices down,” he said.
“We think it’s probably got to do with a proportion of people being embarrassed by the address when they have to give it out.”
Victorian property director and real estate expert Nicole Jacobs told News.com.au she was surprised by the research, but says would-be home buyers should take advantage of the lower prices as an opportunity to snag a bargain.
“If you find your dream home on a street with a funny name, you’re not going to eliminate it. I certainly wouldn’t eliminate a good home based on the street name, but people are funny,” she said.
“I would say if you find a good home with a funny street name, then it’s a great opportunity to go in and buy. But at the end of the day you have to make sure it’s the right property for you. It’s only a bargain if it’s the right property for you.”
What are your thoughts? Would you live on a street with a dodgy name?