Living on a lovely street obviously has its benefits. A great location and a beautiful streetscape are reason enough to choose your address carefully, but when you consider your home as an investment, selecting a desirable street is a no-brainer.
“Obviously when you purchase a property you want it to hold its value or increase its value,” Peter Blackshaw Gungahlin agent Luke McAuliffe says.
“Finding a good house on a good street with other quality homes will add value to your property.”
There’s no shortage of choices in Canberra, with all of the city’s regions boasting plenty of sought-after streets. Whether you’re after a quiet, family-friendly cul-de-sac in Gungahlin, a leafy street lined with heritage cottages in the inner north or a bustling modern precinct filled with quality apartments, the territory has more than its share of inviting streetscapes.
“Everyone’s idea of what makes a great street or the best street really comes down to personal preferences, circumstances and needs covering a very wide range of factors,” Maria Selleck Properties principal Maria Selleck says.
“But the biggest single factor is unquestionably the lifestyle that properties in their chosen street can help facilitate.”
Ms Selleck says lifestyle factors include the street’s proximity to amenities, appeal of the neighbourhood, street trees and the streetscape.
For large blocks of land and treelined streets, LJ Hooker Manuka principal Stephen Thompson says you can’t go past the inner south. He says some of Canberra’s best streets are situated in Red Hill and counts Vancouver Street, Wickham Street and Torres Street as the top streets in the capital.
“They’re quiet, private and some of the largest blocks in Canberra,” he says.
He says there’s a level of prestige associated with these streets that makes them so appealing to buyers, but most importantly, there’s the security of buying in such well-regarded streets.
“People look at it from the view of capital appreciation,” he says.
Mugga Way, located in Forrest and Red Hill has earned its reputation as the golden mile and is Canberra’s most expensive street. House prices have steadily increased in recent years with a handful of multimillion-dollar sales secured in 2013 and 2014, including 149 Mugga Way, which sold for $3.4 million in September.
But a great street doesn’t have to comprise expensive properties. Luton Tuggeranong director Christine Bassingthwaighte says regardless of the price range, it’s important that the homes are well presented.
“It’s the quality of the homes,” Ms Bassingthwaighte says.
“They don’t have to be big homes but if you drive through a street that everyone loves living in, it has a good appeal.”
Elders Real Estate Belconnen agent Andrew Lonsdale agrees that a well-presented street makes a huge difference when selling homes. He says buyers are also looking for a good location close to amenities and friendly neighbours.
“A lot of people that I deal with are families coming from out of Canberra,” he says.
“They’re looking for homes close to good schools.”
Mr Lonsdale says neighbours who look out for each other and provide a sense of community are important factors for buyers, particularly for those who are from out of town. He says some of the best streets he has sold on have neighbours visit the open homes to tell him how much they love living there and how friendly it is.
While leafy suburban streets might spring to mind when considering street appeal, there are also plenty of options close to the action of the inner city. With apartment living gaining popularity, Mr Lonsdale says there are some great streets in the centre of Canberra that will suit a range of buyers.
Those who desire cafes and culture at their doorstep will feel right at home on Edinburgh Avenue or Marcus Clarke Street in NewActon. Others will love the peace and quiet of Turner’s Watson Street with its community gardens, low-rise buildings and abundance of greenery.
Whether it’s a house or an apartment you’re on the market for, consider the lifestyle your new street can offer and keep in mind that a wise choice will be rewarded in the future.
“The future value of the property will also depend on what happens in that street,” Independent Property Group Woden and Weston Creek agent Jonathan Charles says.
“As properties get renovated it will enable the street to grow and bring the value of your property up with it.”