Subdividing this property in half is as straightforward as you’ll come across, with an ideal slope, services available, house that can be
removed and numbers that work. Our research indicates approximately $141k equity gain is possible. We expect some competition so ideally
you’ll need to be as clean as possible. Buyers at $870k should call Justin on 0410511535.
This block of townhouses is the true definition of a cold
listing.... initially listed for slightly too much money just before the
pandemic, it didn’t sell. Then during the pandemic in 2020 this is exactly the
type of property people were worried about, with uncertainty around
unemployment, the ability to attract and keep tenants, and those same tenants
receiving some leniencies, not to mention concerns about the market. No wonder
it went cold! Fast forward a few years with the height of the pandemic behind
us, the property market having gone through a huge growth phase (and units and townhouses
still going now), unemployment at all time lows and the rental market booming,
this is exactly the type of property you should be buying to hold! The result is we believe this rpoperty is worth between 15 and 20% more than we are hoping to buy it for and market rent should sit at over 5% gross. Buyers at
around $3.25 to 3.3m should read on.
An Eye for the Future
This is a nice large lowset home that could suit a family or land banker, as below the home is 800m2 of subdividable land. It doesn’t work
to subdivide now but what we particularly like is the large and liveable home will make it easy to hold, and generally speaking the value of
large houses on land vastly outstrips their land value, but not in this case. The house contains 5 bedrooms, two bathrooms and multiple
living areas. It is a super quiet street in an outer suburb location popular with family buyers and a short walk to plentiful of parkland
and a long walk or short drive to a heap of shopping. This would suit an owner occupier or could rent for $800-850pw, making it suitable as
an investment with that land banking for future subdivision twist. Market research tells us it is worth $1.2m but we want to get it for
under $1.15m, ideally $1.125m. Interested buyers should call Justin on 0410511535.
Cherry on Top
We’re the first to admit the numbers don’t work for this site, but it is still terrific buying when you take all things into consideration.
Firstly, as far as we can tell, the price we’re hoping to pay for this will make it one of the most affordable house sales in the suburb in
the last 12 months for a non main road, non flood affected house on 400m2 of land or greater. Secondly, it is on more than 400m2, much more
at 565m2 approx. Thirdly, it is a reasonable sized character filled home that is not only liveable now (though dated), but it *may* be
possible to create dual living out of it to increase the rents. Fourthly it is in a terrific suburb with great connections to buses, trains,
shops and services, making it attractive for tenants. And finally, and this is the big one – the cherry on top – it is zoned MR. Not only is
it one of the more affordable properties in the suburb, with a liveable house, but it also comes with a fabulous zone. Buyers at around
$950k should call Justin on 0410511535.