We all know the old real estate adage ‘location, location, location’ and the careful consideration needed to ensure capital growth. However equally important is the position of a property within that location – an unwise choice can have significant consequences if you need to sell in a soft market.
Homebuyers are often tempted to inspect properties on main roads, especially during periods where the market is rising and there’s reduced stock. It’s not hard to be tempted when priced out of a desired suburb and ‘lo and behold’ a seemingly attractive and affordable option arises
I can understand the thought process – my home country is the United Kingdom. When I initially came to Australia I wouldn’t have blinked twice at the concept of main road living. However finding a property away from a main road in England is much harder to avoid considering the size of the country, and therefore not so detrimental to long-term value.
When I point out all the factors involved in main road living it doesn’t take long to educate a Melbourne-based buyer through the investment and lifestyle pitfalls it represents. Usually the only negative factor they’ve considered is noise and this is clearly the most obvious drawback. Passing traffic, including trucks and public transport, promise a constant filter of background cacophony, which will affect at the very least the outdoor areas around the property. The inside zones can be somewhat protected with double glazing and well designed doors, however in the summer it would be unreasonable to assume windows will be constantly closed, therefore noise won’t be restricted outside.
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