Do you think the value of property would increase if a suburb name changed it’s name?
East Ryde in Sydney is proposed to have it’s name changed to increase property values. The proposal is with the council as the residence believe the suburb name of East Ryde devalues property values. One of the names proposed is Belair.
I’m not convinced that changing the name of a suburb would instantly increase property values, but then it might. Does anyone know if this type of action been done before with results?
Cheers
GeoffBI think property prices have alot to do with perception. Therefore, if you give a suburb a more favourable name then it would increase the prices. Where would you prefer to live in Redfern or Alexandria?
Originally posted by GeoffBeck:Do you think the value of property would increase if a suburb name changed it’s name?
East Ryde in Sydney is proposed to have it’s name changed to increase property values. The proposal is with the council as the residence believe the suburb name of East Ryde devalues property values. One of the names proposed is Belair.
I’m not convinced that changing the name of a suburb would instantly increase property values, but then it might. Does anyone know if this type of action been done before with results?
Cheers
GeoffBGeoff,
Nelson ridge is 5 mins drive from me. compare the prices there to greystanes and you will see the HUGE price difference. same location, different name
Yes, but….. Belair?
It’s a little different but in the mid-90’s Bellavista (north west syd) opened up. It was proposed that the suburb of Crestwood next door should also be called Bellavista.
The Crestwood residents complained and it never eventuated. A huge missed opportunity as prices in Bellavista have shot through the roof, with many well over $1million.
I don’t think a name change alone will make a significant difference. It needs to be backed up by infrastructure or some sort of improvement to the area.
Property value would not increase just because the name of the suburb changed.
Just look at Kellyville and Kellyville Ridge. Two different council areas next door to each other with about a $30,000 difference in land values. It’s still Kellyville.And Bella Vista has a ‘rich’ side and a ‘poor’ side. It wouldn’t matter if Crestwood was called Bella Vista. Values would remain the same.
You could call East Ryde ‘Mosman Heights’, it wouldn’t make a difference, except to your mailman.
A properties value is determined by its proximity to the city centre.What if Mount Druitt changed its name to Malibu? Well I guess there would be plenty of cheap properties in Malibu then hey?
my question is, whats wrong with the name Ryde????? I lived in ryde and owned property there, I sold it after one year (in June 06) for $50K more than I bought it for. Ryde will have nothing but good capital gains memories for me!
they should be wanting to keep the name! (except its not really east of ryde, its really east of north ryde). maybe a name change to Nor-East Ryde?
Belair doesn’t sound particulary atractive to me…
But I hear that was the story with Beverly Hills…
Not sure they reached the price they expected when they names the subburb. But they say it get betterCheers,
Hi Geoff
I grew up in East Ryde and my parents still live their and attended the meeting that ended up decided to stay with current name.
I think the case of East Ryde it will make very little difference to valuations. Why? I do not think much will change in East Ryde (All houses, no units, no ability to DA a sub-division or create duplexes)
I think this is a good thing for future growth, as this is why is such a sort after address in the Ryde area. Out of all the Rydes as you would know, it has a high if not the highest UCV per sqm in the areas for residently property.
The Bella Vista example is a good one but cannot be compared to what may happen in East Ryde, as it has developement opportunities around it that have impacted the value.
East Ryde surroundings as now well developed and is one of the more central areas in Sydney. Its quite easy to go North, South or West or to the CBD given its location.
Its also predominantly owner occupiers and hous proud people. I have notice some have decided to demolish and build given the like the location, but obviously are looking for larger homes, given most built in the early 60’s with three bedder with a garage or car port. Some are also referbing as another option.
THis is all good for future valuations as the market starts to stabilise. I’d be surprised if East Ryde has been majorly effected by the recent down turn given the demand for homes in the areas.
BTW are you any relation to James? Went to Malvina with him.
Cheers
SImon C
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