Grandview…The Esplanade…The Avenue…some street names just have a nice ring to them. And according to Ray White Chief Economist Nerida Conisbee, they command a higher price tag as a result.
Ms Conisbee and the Ray White team recently conducted research on the street names with the highest median house prices over the past 12 months, along with those that are the lowest.
“If you are living on Grandview, you would assume, rightly as it turns out, that your home is more expensive than if you were living on Main Road,” she said.
“Like a game of Monopoly, it turns out that some street names command a higher price than others.”
So which names are more likely to result in a higher return?
“Adding the word ‘the’ to a street name seems to be one sure way to raise the median price,” Ms Conisbee revealed.
“Looking at the top 10 most expensive street names, The Esplanade and The Avenue both make the list.
“The promise of a view is also a way to get prices up – Grandview and Seaview provide on average around a 60 per cent premium to Australia’s median house price.”
Australia’s love of the beach is also reflected in the streets with higher median house prices, with Beach and Ocean making the top list.
“Conversely, while a nearby train line or a major road network is convenient, living on Railway Road pushes down the median. Similarly, Main Road is also on the most affordable list,” Ms Conisbee said.
You might think a touch of the regal would instantly up the price tag a little, but according the Ray White research, royalty can actually go either way.
“Living on Royal Avenue commands a premium but King Road or Queen Street pushes it down,” she said.
“It perhaps shows that even by using a royal word as a street name doesn’t necessarily guarantee a push up in pricing.”
Finally, women’s names show a distinct difference between more flowery names compared to those that are more practical.
Florence Street gives a premium to the Australian median of 40 per cent, while Alice Street is 30 per cent below.