Hi everyone. I am a very new member, I only discovered this site the other day whilst Googling (although now I think about it I have seen the forum recommended before on other platforms), and it looks great. Very active with lots of helpful posts. I have a question about units/ townhouses on main roads. I have done a search of the forum and google and see that there are pros and cons to it but the sense I have is generally the cons outweigh the pros. This is a unit/ townhouse I like the look of. I have been looking at lots of houses around this area and it has what I think is a really good layout, right size for us (family of 4) and makes good use of space. There are two drive ways, the main one is sharing the common land but this is where you could turn around and come out head first. It is on what I would say is a quieter part of this main road, only one lane each way here, 60km zone and not in a spot where traffic ever stops, it’s on a flat spot in the middle of two hills. The yard also looks to be set back a bit from the main road when I look at a street view. It's a 2 minute walk to a bus stop that takes you to the train station. The thing is our plan would be to live in this house for a while and then rent it out (while we rent elsewhere - probably for a long time). I think it looks like a good rental due to its 4 bedrooms and low maintenance. But I just wouldn’t want to get a house with a view to rent it out in the future if every time we went to rent it out we had a long period of vacancy because people weren’t interested in living on a main road. The reality is we probably won’t be seriously looking at buying this house because as much as I like it we’re probably not ready, but I am interested to know what others think if a house such as this would appeal to renters? I guess everyone is different, but looking for some different view points from people experienced/ interested in property. I understand you're not going to get as much in rent for a comparable house that's not on the main road. Thanks for reading
It looks gorgeous, though I feel funny seeing the cat locked away in the picture. I feel like if you're renting a place with multiple rooms you may be a family, so i guess things like school vicinity would be more important? Its not a highway so I don't see it as being too bad, though of course parking would be annoying, trying to slow down to turn in and stuff. I usually am more wary for highways as they're typically louder, have trucks going through it (see if this main road is a truck/bus way) and I notice the bigger trucks going fast in a highway makes the ground shake a little which sometimes makes me wonder if it creates cracks in the wall over time. Maybe if you had kids you wouldn't want them in the front yard, but the backyard is large enough for them to somewhat play. Not too sure if there's much that would bother me regarding main road.
Thanks for the reply trustnoone. I know, poor cat! Yeah regarding a backyard, for me personally, if there is room for a trampoline and to be able to kick a ball then that's fine. Although there is no room for that AND an outdoor table...you can't have it all though, and around this area the backyards are getting smaller and smaller, this seems quite large to the newer townhouses coming on the market. I will watch this one closely and see what happens, I think I just have to start watching everything in this area I'm interested in intently...which I am but not a whole lot is happening right now with lockdowns still in place!
You'd be surprised how many renters will not even bother to look at the ad for a property on a major road. We owned a back unit on Warrigal Rd Cheltenham (4 lanes) and people were scared off by the address alone. The Y-man
This. I've got to say, I would never rent a place on a main road. I think the market rent you could get would have to be a bit cheaper to reflect this.
If there was a shortage of rental stock I would think about it, bearing in mind such a property would always rent for less and sell for less, but at the moment with more rental stock than renters I would not buy ...
You may buy it cheap and still overpay. And then have to give up more in a tough market where you may give up less in a boom market - But buyers will always be reserved about traffic and noise. One benefit / detriment can be compulsory acquisition for widening. If they widen and move closer it may harm values with little compensation as such. But if they buy you out it could even be a tax concessional sale. (ie CGT wont apply !). Big gamble. The vibration, noise and dust alone would mean high maintenance costs Personally I wouldnt look at any property within 1.5km of a main road. I used to live 1km from Pennant Hills Road and it was noisy 40 years ago. Much worse now. Noisy when it rains, when its foggy and in the dead of night. Ambulance, police, fire sirens. A traffic jam or accident and local street fill and are blocked. Pennant Hills Road is about to get a bypass to a tunnel (trucks compulsory) and I still wouldnt live nearby.
Have a drive around main roads. You see units, townhouses houses etc on main roads. Believe it or not people live on main roads. Not ideal but if the price is right etc then no probs. And these properties appreciate in value as well. So I say yep. If the price is right then a property on a main road is OK in my books.
We sold an apartment under a gov acquisition program - was great - they even give you stamp duty concessions (basically only pay stamp on the price diff between you selling price and new purchase from memory) for your next purchase. Offered top price too. The Y-man
Had an IP we used to live in near Pennant Hills Rd....well, 500m away or so. It was so quiet at night we'd freak out if we heard something.
Personal experience. I used to rent the back until at 700 Canterbury Road at Surrey Hills Melbourne. If you look at google map, it has a narrow driveway leading to the end unit. I have to reverse out, trying to drive straight, backward and out to a four lane main road. I learn very quickly the only way to get out is to go and press the pedestrian button to stop the traffic. It worked.
Here's my personal take, and it seems to be an uncommon one: I apply all the same principles for an IP that I do for an PPOR. If I don't want to live in it, why would anyone else? And when it comes time to sell, why would I want to limit my pool of buyers to investors only? And secretly I've always relished the thought that I have the freedom to pick and choose to live in any one of my IP's if I ever wanted to, even though realistically it ain't ever going to happen. Although I openly admit that this isn't the most academically sensible approach. If the numbers add up, they add up. Simple as that. But we all have our strategies and this is mine.
I agree with this wholeheartedly. However, I am also aware that some people have really bizarre tastes when it comes to places they want to live.... The Y-man
Your take is much more sophisticated than you give yourself credit for. Put another way, you are buying IP's with owner occupier appeal. Very wise.
Properties on main roads usually will grow at the same pace as other properties in the same area. However they main experience higher vacancy rate, poorer quality tenant and difficulty of selling. I wouldn't consider it unless it offers very steep discount. I lived in a timber house on a main road before. I got used to the noise to some extent. However, I would never want to live in that type of property any more. The noise affects your sleep and mood.