There are different factors that affect a street's worth and it is just a matter of finding out what is on that street and doing your own research. But if you want to find this out easily, then read on and you can have a general idea of how this works.
Having a view is worth more.
The first thing is some streets are worth more and the simple explanation is because some have city views and some got views near a river. They will be worth more than ones that are not on the river and suburbs like Chalmers. There may also be ones that are worth more because it has a large city view or a really good local view. Most of the time, I find that it is the local knowledge that gives you an idea, which streets are worth more. And the ones that sell in those streets that are highly sought after by the locals themselves. For example, in Paddington, they may be from Howard Street or Garfield Drive or even Elizabeth Street. So those streets commonly get higher amounts from people that will be buying or transacting up. But there may be parts in Paddington that are more sought after and you get a lot more people there too.
Median house prices matter.
I would highly recommend looking at the median house prices because that can vary. In George Street, the median house prices might be more than or less than your expected price. So just make sure you do your research. While it is mainly the location and the situation of the street that make a huge difference, having a suburb that is near a certain school and that can be considered as a highly desirable street and that is why there is a variant. And like I said, it usually comes from someone that is already in the suburb and knows firsthand that it is a highly desirable street.
Rarity is everything.
You can look at Chalmer for example and Loral Avenue that’s a beautiful street near the river and you may not see many houses transact on streets like that or not many that come on the river that is a large lot. Or you might find that in Howard Street and Paddington that there might not be a large block that comes on the market. These ones are rare properties. And if you’re looking at the long game, you would be doing anything to get that property. Personally, I have to sort of stretch myself years ago to buy a few properties in the same vicinity because I know it’s going to be a long-term benefit to myself. I would definitely look at that strategy and if you can, go that little bit extra to get them because those houses may not come up again.
So there you have it, a few reasons why those streets have houses that are worth more than the others. If you are interested in knowing more about finding the perfect street to get you started just give me a call on 0405 000 219.
BEN WAKELY | 0405 000 219
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