The Simple Tip That Will Help You Find A Cheaper House
Sometimes we have a specific dream of what our future house will look like: A beautiful garden, large bedrooms, spacious entertaining area, but most importantly, it's all about location, location, location.
But in today's economy, our dream home can sometimes be seriously out of reach with most of us struggling to afford a house deposit for an apartment in our suburb of choice.
Well luckily, we have heard of a simple tip that could help you find the most affordable houses without having to compromise on the area.
According to a study conducted by a group of high school students from Sacred Heart College in Geelong, houses will have a lower purchase price if they are located on a street with a silly, obscure or slightly inappropriate name.
And it's not just by a miniscule margin. Apparently the prices on streets with names like Butt Street, Wanke Road and Fanny Street (yep these are actual places in Victoria) are significantly lower than houses on nearby streets.
"We looked at them [the streets] on Google Maps and found two adjacent streets with relatively normal names," said Dr Adam Cole, the school's head of science.
Dr Cole and his students also worked with staff from the Australian Bureau of Statistics, the University of Sydney and a Melbourne real estate agent to analyse the sales of houses over the past 47 years.
The results of their study showed that house prices on streets with whacky names were 20 per cent lower than properties on streets with normal names.
And the reason why? Apparently most prospective buyers are turned off a property when they are located on streets with names like Beaver Street, Willys Avenue or Grogan Court. (Who named these places?!)
"We think that there is a proportion of people that would not be comfortable living in those streets, so they don't complete for those properties and that would drive prices down," said Dr Cole.
But their loss is our gain! That is if you're not one of the people who mind living on one of these streets. Really, we think it's more funny than anything. Imagine the giggles that would ensue after being asked for your address at somewhere like the doctor's office and having to say "Uh 33 Blueball Avenue"...
So if you're on the hunt for the perfect household but are looking for a cheaper option, keep your eyes peeled for streets in the real estate window like Spanker Lane, Booger Branch Road or Seaman Avenue.