4 reasons why main roads are a no go

In a hot market, it is very easy to start breaking the golden rules when it comes to buying property. One of the biggest mistakes we have seen people make in a rising market is starting to compromise their search and location is usually the first thing people will forgo.

“It’s pretty quiet outside of peak hour!”

“Just look at the size of land we are getting!”

“It’s not that bad, do you know 30% of people live on a main road”

“oh, we got it for such a steal – we’ll make loads of money on it”

On and on it goes, justifying why it was a great buy.

The reality is, property on main roads are definitely the first to take a hit when there is pressure on the market. Here are 4 reasons why you should steer clear of the dreaded Highway –

1.     Risk of over development

Unlike most residential streets, main roads typically have zoning that allows for taller, higher density developments. So the possibility of a tower being built a few doors down is actually likely. 

2.     Marketing issues

Have you ever scrolled through realestate.com.au and seen ‘Burwood Road’, North Road’ or ‘Brunswick Road’ and immediately dismissed the property due to its address? You’re not alone! This is very common, and why it heavily reduces the buyer pool, most people don’t even bother inspecting the property.

3.     Higher vacancy rates

People generally prefer not to live on Toorak Road with trams bustling past at all hours, or on Dandenong Road with the constant hum of traffic. Even if you’re purchasing the property as an investment, your rental will likely take a hit!

4.     Cheaper, Always.

It is common for property on main roads to sell at a discount and have longer days on market. This is often why you see them featured on the statement of information for property on quiet residential streets, because they help with conservative quote range! Typically, you’ll get the same house on a main road for a discount of 10-20% - both for sale and rental!

Usually the panic a buyer feels that leads them to the highway comes down to FOMO and lack of options. If that sounds familiar, you know what to do. With our agent relationships, access to off market property and market knowledge – you will get your foot in the door of more property than you can alone. Call us!

Tabitha