What's in a postcode?
Posted by Matthew Downey - 3 November 2017
Posted by Matthew Downey - 3 November 2017
In the year to June 30, the median price of a Beach Road Hampton apartment was $1,361,000 compared to its Mentone counterpart clocking in at $525,000.
The six-figure difference isn’t restricted to the sought-after coastal strip, with huge differences recorded in Chapel Street’s South Yarra and St Kilda ends and Toorak, Dandenong and Whitehorse Roads.
‘Given there are quite a few Melbourne roads spanning multiple suburbs, a postcode is now often worth more to the value of a home than a street address,’ says REIV president, Joseph Walton.
And now, which side of the street you purchase on could also have a significant impact.
‘Suburb rezoning in the past decade has resulted in hundreds of thousands of dollars being added to the value of many homes overnight – particularly at the higher end of the market.
‘Buyers value an exclusive suburb address and while there are a number of streets that remain highly sought after, such as St Georges Road in Toorak, it is often the postcode that delivers real value.’
Walton suggests buyers ‘do their research’, particularly those looking in highly desirable streets, as just a couple of blocks could make a huge difference to property prices.
"Given there are quite a few Melbourne roads spanning multiple suburbs, a postcode is now often worth more to the value of a home than a street address"
