13-02-2017 – Best Property Investments – Carlton

I’m currently looking for a few clients in Melbourne. 90% of properties seem to be going to auction. They are selling fast, particularly in prime locations. I’m primarily focussing on houses at this particular moment.

I’ve been watching this property at 69 Princes St in Carlton, Victoria over the last few weeks. It’s coming up for auction this Saturday 18/02/2017.

69 Princes St Facade - Carlton

Pricing

I like this property in the under $1m category.

The agents have a price guide of $700k-$750k. I think it’s about 20% under where it will finish up.
In my opinion it will land up around $850k-$900k+/-.

Layout

The layout of the property is long and skinny. Like a stretched sausage dog.

69 Princes St Floor Plan69 Princes St

It has everything a couple or young family would need.

Two bedrooms with sizes of approximately 12m2 and 10m2. Living, kitchen, dining, laundry, bathroom, verandah and car space.

The property has 119m2 of prime Carltonian land.

It was built in 1980 according to records.

Comparable Property

I found a similar property at 83 Princes St which sold for $780k in May 2016. It has a classic facade and delightful interior renovation.

83 Princes St Facade83 Princes St Facade
83 Princes St Floorplan83 Princes St
83 Princes St Interior83 Princes St Interior

However it also sits on 119m2 of land.

69 Princes St needs some elbow grease to get it up to this level.

69 Princes St Kitchen

Investment Potential

Besides an interior renovation. I would see if you could build up a second level to add tremendous value. I would definitely invest some time and effort in beautifying the front and back yards.

69 Princes St Carlton Courtyard

All the bones are there for something special.

Have a great day.

Dean Berman

Update: 23/02/2017 – The agents initial price guide was really close to where it was purchased at for $775k.