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Shane Kempton, Chief Operations Officer for Professionals in Western Australia and the Northern Territory said that there has been a significant jump in properties listed for sale on main roads over the past two years.
“Properties in less desirable locations such as main roads tend to take much longer to sell and are penalized the hardest in terms of selling price when the property market softens.
“This is because homebuyers in the real estate market generally favour buying a home in a cul del sac or quiet street without carefully considering other locations in a suburb.
“For example, in a mid-ranged suburb homebuyers will pay up to $50,000 more for a property in a quiet street compared to a similar home on a more busier road.
“This example is true of many suburbs where homes on busier roads are unfairly penalised because of the obsession to live in a cul del sac.
“Astute homebuyers now have an opportunity to purchase into high growth more expensive suburbs by purchasing a property on a more busier road.
“In some suburbs in Australia, some of these properties offer the opportunity of subdivision which means that a homebuyers can sell the property on the front of the road and build a new home at the rear of the property.
“A good example of this trend is Canning Highway in South Perth where astute homebuyers have competitively purchased federation homes on large blocks and subdivided the blocks. These astute homebuyers have therefore bought a property in a blue chip suburb with considerable profit rather than buying a similarly priced home in a lower growth suburb in a cul del sac.
“In addition, first home buyers have the opportunity of buying older style units on busier roads. These types of units are now relatively affordable and offer the opportunity for high rates of capital growth during the coming years typically because of their close proximity to a city centre or river.
“Over a period of time, the gap between houses on busier roads and cul del sacs will decline as the housing market becomes more mature, as per the trend in Sydney and Melbourne.” he said.