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The Name Of Your Street Affects Your House Value

CBC

The median price of a home in the U.S. is approximately $200,000. In many other Western countries the median price could be double or triple that amount!

A group of high school girls at Sacred Heart College Geelong, located in Victoria, Australia, discovered something fascinating when analyzing house sales on city streets over the past 47 years.

They teamed up with staff from the Australian Bureau of Statistics, the University of Sydney, and a Melbourne real estate agent to identify a strange trend that's been going on for decades.

A science project that first involved looking at the names of streets on Google Maps and analyzing more than 4,500 property sales changed they way they viewed the housing market.

The results were rather...silly.

They discovered that property prices in streets with silly names like Wanke Road, Fanny Street, and Willys Avenue were 20% lower than properties that had normal names.

Residents may be able to save approximately $140,000 by purchasing these silly-named streets!

To better understand why this has been happening, they surveyed more than 300 adults to find out their attitudes towards streets with silly names.

"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," Adam Cole, the school's head of science, 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."

The research project also found that residents care more about street names if they live in the capital's city suburbs.

Let us know the name of your street in the comments! Would you live on a street that has a silly name?

[Source: ABC News]