As I gradually melt like a thick slice of smoked camembert cheese on a piece of lightly toasted sourdough. I continue to search the market. Looking for the best property investments I can find. I came across this little beauty a few days ago and thought it worthy.
This would be a pick in the $1m-$1.5m range. I think it’s a property with huge potential at 85 Station St, Newtown.
It’s going to auction with a price guide of $1m-$1.07m.
I think the agents are a little conservative with the price guide figures. Probably in the range of 30%+/- under where it will end up. In my opinion it will likely sell nearer to the $1.4m range.
The layout of the property somewhat reminds me of 31 Oxford St which sold for $1.525m in November 2016. Except for the second bedroom on level two.31 Oxford St Floorplan 85 Station St Newtown Floorplan
This property currently has 2 beds, 1 bath, 1 car space.
It is sitting on 139m2 of quality Newtown land.
Personally I would see if you could get approval to go up another level. If you can, there’s a chance this property may go above the $1.5m range.
Even if you can’t go up, the property has to be totally renovated or re-built.
The parking spot takes up about 25% of the garden at the back, which has both positives and negatives. In my opinion more a positive than a negative for having a parking spot. Particularly in the local Newtown area. Parking spots are incredibly valuable due to their scarcity in the suburb. But a small negative as it takes away some of the precious garden. The garden and parking spot are a golden gem with this property if correctly designed.
Have a great day!
Update 23/02/2017: The property sold for $1.272m. This price places the property between where the agents priced the property at and my prediction.