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buying a property main street

Discussion in 'General Property Chat' started by melbournian, 2nd Apr, 2016.

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  1. melbournian

    melbournian Well-Known Member

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    Saw a property listed for sale in a street *not exactly a main street but you had to park in the side streets to enable to get to it. What's the view of purchasing a property like this?

    majority of the suburb had streets like this and it seems many of the properties sold but was around 15% lower than properties on the inner streets.
     
  2. Adele

    Adele Well-Known Member

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    I think the main concern with buying on a Main Street is the noise level.

    I have a property on a main-ish street, I personally like it because of its close proximity to shops ( right in front of it). But I know some people might be concerned with the noise.

    How's the noise level?
     
  3. Scott No Mates

    Scott No Mates Well-Known Member

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    • Price will always be around 15% than the other properties on quieter streets.
    • Upside will come if the property is rezoned to R4 (if close enough to shops)
     
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  4. Adele

    Adele Well-Known Member

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    the rezoning potential is a good point. Hoping that's the case for mine too
     
  5. Ember

    Ember Well-Known Member

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    Main road great if not too noisy, in top spot, buying for 20% less than houses nearby AND the kicker...access is good. Parking is a big deal for tenants, one unit in our family is riverfront with 3 beds. Beautiful, serene, fully renovated apartment in excellent location but with one car park and no street parking. Some years it can be very difficult to rent due to this. Don't underestimate the access issue unless it can be fixed.
     
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  6. A Jeremy

    A Jeremy Active Member

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    Depending on how main the street is, in Queensland DAs can require State authority approval and thus there are additional requirements for the development.

    Jeremy
     
  7. dabbler

    dabbler Well-Known Member

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    I think will follow nearby places % wise, I do think you would need to be able to park a couple of cars on the block though.

    if the price is right.....and suburb is ok....
     
  8. melbournian

    melbournian Well-Known Member

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    I think it u mean in Victoria for residential growth zone where u can build up to 13.5 meters more or less 4 storeys