How does street scape rank?

As Buyer’s Advocates, we carry a two-part criterion checklist with us every time we assess a property. Our list incorporates “must-haves” and “nice to haves”, and we constantly balance the art and the science that is required to grade a property.

Elements like train station proximity, access to the city/airport/schools, walking distance to cafes/shops are all non-moveable items. We can’t change a location, so getting these points right is integral.

There are some items which aren’t so black and white. The shades of grey need to be considered and weighed up based on other attributes, but there is one physical element that makes an enormous difference to a property’s long term performance.

That is streetscape and neighbourhood desirability.

Yesterday we bid on two beautiful houses, (in neighbouring suburbs) that could arguably have each been best described as each postcode’s premium street.

The first auction was in a quaint and tightly held pocket of Flemington known to the locals as Newmarket. This pretty little patch is bound to the north/east of Racecourse Rd and the train line and has an array of cafes, wine bars and shops for the fortunate locals who can take advantage of the short stroll to their village. The train station dates back to 1860 and sits proudly on Pin Oak Crescent, with quiet oak tree-lined streets peeling off to the north, and a startlingly beautiful array of Victorian and Edwardian terraces for as far as the eye can see on almost every Newmarket street.

Flemington is eclectic, for sure, but Newmarket isn’t.

The absence of blocks of flats, busy streets and trams rattling past is an interesting difference when any visitor finds themselves in this amazing neighbourhood.

Flemington is just 4km from the CBD, and it won’t come as a surprise to anyone when we point out the scarcity of street scapes as quiet and as beautiful as this in Melbourne’s 4km radius. Very few postcodes within 4km of our CBD have such a tranquil and homogenous array of houses that are supported by rail amenity and a gorgeous local shopping strip.

We try hard with most apartment briefs to target street scapes that offer at least a 50% house to apartment ratio. A street like this one below with an abundance of apartment blocks would carry significantly less points on a score card, and while it may not be rejected outright, a street with a higher number of character houses will certainly catch our attention.

Our second auction was in Roxburgh St Ascot Vale. This street is gloriously elevated, yet a short walk to Union St cafes and Ascot Vale Station. The houses are all meticulously presented and showcasing period appeal at every block. Yesterday’s stunning, double-fronted Edwardian beauty stole more than just a few hearts and despite our best attempts, several other bidders felt similarly.

Two young couples fought it out to $120,000 above reserve.

The auctioneer was correct when he spoke about scarcity, desirability and how tightly held this patch has become. The vendors had been in their home for some 36 years and their pride in their home was obvious.

Street scape is hard to measure scientifically, but it is easy to gauge when it comes to measuring demand for an area.

Locals know the best streets and the best pockets. Home owners bid harder and dig deeper for these A-grade streets and in turn, this impacts capital growth prospects favourably.

Street scape is just one of the many measures we apply, but it is a very valuable attribute, particularly in an older, inner, tightly held area.