Impact of suburb name change on the value

Discussion in 'Investment Strategy' started by mpty, 21st Nov, 2019.

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  1. mpty

    mpty Active Member

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    G'day. It appears that GNB may approve new suburb names for some areas of the North West Sydney suburb named Schofields. Tallawong is one of the new names proposed. One would think that it is a favourable development for properies within the Tallawong boundary because it is named after an existing metro station and there is potential for faster commute to the metro station once interior roads are completed.

    Property experts, any thoughts on the impact on buyer psychology, bank valuations, smaller suburbs limiting the supply of properties etc.
     
  2. Trainee

    Trainee Well-Known Member

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    Bit farfetched.
     
  3. wylie

    wylie Moderator Staff Member

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    I actually think suburb name change could have a decent impact. There are suburbs that people will not touch because they come with a bad reputation. Change the name and that can mean the suburb no longer automatically is a "no" like would be the case now.

    Certainly, if the name change also comes with a gentrification or change of crime in that area (for example) it helps. If nothing else has changed, then I guess the new name may not help.
     
  4. Depreciator

    Depreciator Moderator

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    Names matter. In Sydney, there are properties marketed as being in Newtown, when I suspect many are in Enmore. Similarly, there have long been Redfern properties marketed as being in Surry Hills or Darlington. There would be lots of similar examples in the outer west and south west.
     
  5. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    There's a suburb in Canberra called "Downer" - it's been going up in value for a while now :)

    Cheers

    Jamie
     
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  6. Stoffo

    Stoffo Well-Known Member

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    A large chunk of Lucas Heights was rezoned to Barden Ridge
    I had no idea when looking to buy in Barden Ridge that the only nuclear facility in Aus was so close :confused:
     
  7. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    Names do matter.
    I recall part of Burwood and Glen Iris in Melbourne had their boundaries changed and some of Burwood became Glen Iris. It was a boon for those as Glen Iris had a much better reputation

    Getting a brand new name could be interesting. My username is Westminster and that is the suburb I first developed in. It was part of a suburb called Balga but when they put a highway through it they named one side of the of the highway Westminster and the other side remained Balga. Splitting them up benefitted Westminster
     
  8. John_BridgeToBricks

    John_BridgeToBricks Buyer's Agent Business Member

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    Names matter. Think about the values in Boronia Park when it got renamed Hunters Hill.
     
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  9. balwoges

    balwoges Well-Known Member

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    Warrawee was the preferred address rather than Turramurra when I was a working girl ... :D
     
  10. Paul@PAS

    [email protected] Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    In these new expanding areas between box hill / rouse hill and Marsden Park there will be a number of new suburbs. What isnt evident is what they will look like in 3, 5 or 15 years. Driving along the main road past The Ponds out to Ikea the other day it struck me that The Ponds is a well developed area with nice larger homes nicely landscpaed, water fountains etc with SUVs in driveways and double garages etc. . It has nearby land released with many (!!) blocks of chicken coop units and further back are streets of cookie cutter small dwellings by independent buiders without throught or regard for landscaping (flood detention basins !) and narrow streetscape devoid of trees with far less desirable sizes and spaces and open space etc. I can see this becoming the "bad side of the tracks"

    It could be called Tallawong Heights but it wont improve it.

    Shalvey, Wilmott & Claymore were created years ago as new suburbs for families and opportunities....Thats what the media said. In reality it became a circuit of suburbs that was lined with housing commission homes and social issue remain to this day.

    LOL - I just googled claymore and the first search result was Dan Murphys. The second was Ivan Milats house at Eagle Vale. :eek:

    Check this media : We’re for Sydney | Daily Telegraph
     
  11. The Y-man

    The Y-man Moderator Staff Member

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    Not quite a name change - it was a wholesale change of postcode boundary changes.
    Impact was as you describe - Some lucky Burwood people suddenly owned houses in Glen Iris and Camberwell (even better!) overnight.

    The Y-man
     

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