Some names are streets ahead when it comes to adding value

Aspirational or well-to-do sounding street names can add thousands to the value of properties.

A newly compiled list of the ten most expensive street names in Australia has shown that those with coastal references are a winner with property buyers, while royalty is a bit of a mixed bag.

Names such as Grandview attract higher prices than achieved by properties on Main Road.

Nerida Conisbee, Chief Economist for Ray White Group

Perhaps less predictably, adding the word “the” to a street name seems to be one sure way to raise the median price, according to Nerida Conisbee, Ray White Group’s Chief Economist.

“Like a game of Monopoly, it turns out that some street names command a higher price than others,” she said.

Australia's love of the beach comes up in 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.

Looking at the top 10 most expensive street names, The Esplanade and The Avenue both make the list. The promise of aview 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.

Royalty can go either way.

“Living on Royal Avenue commands a premium but King Road or Queen Street pushes it down, perhaps showing that even by using a royal word as a street name doesn’t necessarily guarantee a push up in pricing,” Ms Conisbee said.

“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.”

The findings complement studies published by the Social Science Research Network that looked at the Sydney property market and found street names with longer words are priced with a 0.6% per cent premium.

Homes with unique street names are sold 1.6 per cent (or $10,835) higher than those with more common names.

The study found words related to popular celebrities or trendy terms may be also attract a premium.

Using Google Trends Search to create a popularity index based on search volume, the study found homes on popular street names transacted at 0.3 per cent higher prices.

So, while it’s clear you can’t name your price, a street name can make a difference.