How to get the best price for your house

How to get the best price for your house

SURE, they’re hilarious but new research has found there’s a very practical reason why you don’t want to be a resident of Wanke Road or Fanny Street.

According to a new study, houses on streets with “embarrassing” names are worth considerably less than properties found on streets with more mundane monikers.

The research was carried out by Victorian high school students alongside staff from the Australian Bureau of Statistics, the University of Sydney and a Melbourne real estate agent.

Students from Geelong’s Sacred Heart College and the school’s head of science, Dr Adam Cole, tracked down 27 Victorian streets with comical names such as Butt Street, Fanny Street, Wanke Road, Beaver Street, Willys Avenue and Grogan Court.

They also found nearby streets with more average names, and studied more than 4500 property sales on those streets over the past half a century.

They found properties on streets with eyebrow-raising names sold for around 20 per cent less than those located on neighbouring streets, which equated to a $140,000 drop in a median-priced Melbourne home.

The students then surveyed hundreds of residents about their feelings towards funny street names, and Dr Cole told ABC Radio Melbourne that one third of respondents would not want to live on one.

“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,” he 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.”

Victorian property director and real estate expert Nicole Jacobs said she was surprised by the research — but said finding a home located on a street with a humorous name could be a great deal for savvy buyers.

“If you find your dream home on a street with a funny name, you’re not going to eliminate it. I certainly wouldn’t eliminate a good home based on the street name, but people are funny,” she said.

“I would say if you find a good home with a funny street name, then it’s a great opportunity to go in and buy. But at the end of the day you have to make sure it’s the right property for you. It’s only a bargain if it’s the right property for you.”

The research was the brainchild of the school’s Bradbury Club, which tackles science, technology, engineering and maths projects.

alexis.carey@news.com.au