It turns out that the answer to the question “What’s in a name?” Is “a lot”! Especially when it comes to your home.
In this article, Robina Group looks at new research revealing that homes on streets with names that are perceived as funny are worth, on average, 20 per cent less.
New research shows us the streets people want to live on
As part of a science project, two Geelong school girls analysed house sales for 27 streets over 47 years and discovered that homes on streets with comical, offensive or embarrassing names are worth 20 per cent less than homes on nearby streets with normal names.
They surveyed hundreds of people about how they felt about certain street names and found that around thirty percent of people don’t want to live on a street with a ‘funny name’.
On the flip side, other data shows that homes in streets with upmarket, unusual or exclusive sounding names are seen as more desirable.
A recent American study reveals another pattern: streets with common names are the least valuable and that homes in “lanes”, “ways”, “places” and “courts”, often found in more established neighbourhoods, are preferred over plainer ‘streets’ and ‘roads’.
In the UK, researchers have revealed that homes in streets containing “King” are higher in value than “Queen” and those in “Prince” are worth more than “Princess”. An obvious bias at play!
No matter where you look, street names are significant and play a big part in how we decide where we want to live.
Street names increase appeal for buyers
Among the highest priced Robina properties sold in January are homes in streets with names that evoke nature; Applegum Court, Evergreen View and Pinehurst Place to name a few. These street names are all in keeping with the area’s parkland outlook and vision for a balanced place with plenty of open green space.
And our local home owners are reaping the benefits.
Robina Group Residential Sales Manager Azura Griffen, now in her 16th year of selling homes in Robina, says that buyers build strong connections with their street names.
“It’s all part of the charm that we create for our communities and our buyers respond positively to names that are pleasant sounding and that evoke a feeling of serenity.”
Street names to inspire thriving communities
Robina Group gives a great deal of attention to creating appealing street names for our communities, applying themes that elevate perceptions and create a strong sense of place for residents.
We’ve referenced famous urban upmarket locations for our CityVillage precinct: Manhattan Avenue, Brooklyn Crescent, York Street, Parnell Boulevard, Surrey Lane and Fairlight Avenue. These are in keeping with the urban feel of the development and its proximity to cafes, shopping and city life.
Robina’s Botanique Terrace Homes community was given a botanical street name theme, reflective of the floral project name: Florabella Drive, Evergreen View, Daisy Lane, Botanique Terrace, Summer Lane and Poppy Lane.
The street names for Vue Terrace Homes are a fusion of the community name and some of the native trees that will form its street-scape. We’ve created unique, pleasant sounding names reflective of the environment: Vue Parade, Maple Lane, GreenVue Boulevard, Lilly Lane, BellaVue Street, Foxtail Lane, NorthVue Lane and RendeVue Lane.
Properties on these streets offer buyers opportunities for home ownership with the promise of strong growth as well as liveability and lifestyle appeal.
Investing in a great street name
Whether you plan to live in your property or it’s an investment, it’s worth thinking long term and choosing to buy in a street name with a great name.
You may not care so much, but future residents will be willing to pay more when the time comes.
