How inner-city terrace width makes a world of difference
The width of a terrace can make for huge variations in sale prices achieved.
The common terrace sits with a frontage of 4.5 metres to 5.1 metres. Suburbs such as Carlton, North Melbourne and South Melbourne are cramped with terraces of this size.
As the convergence of inner-city living continues to accelerate, many buyers are faced with the prospect of buying a single-fronted terrace, as the premium paid for double-fronted homes is often just too great.
We are noticing the slightly larger terrace, with a common frontage of between 5.5 metres to 6.5 metres is a hotly contested accommodation bracket.
The differences in prices paid is not a value for the extra land being purchased, but for the privilege of being able to find that type of property in the first place.
Price per square metre can increase by up to $750 per square metre for land that allows for that extra width. The homes sitting on these wider blocks also generally have a grander feel to them and strong bones for going up and out with renovations.
(Both properties need work, and the position is an excellent comparison.)
Paul Osborne is the founder of Melbourne buyers' agency Secret Agent.
