23-02-2017 – Best Property Investments – Randwick

Today we will jump a few price points over $2m, like our Olympic champion Sally Pearson does to hurdles. An interesting property at 35 Oswald St Randwick. It offers many options, like a well trained comedian. From a renovation to addition and or potential redevelopment.

Oswald St Randwick35 Oswald St

Price Range

The last property to sell in Oswald St with decent land size was in 2015. 18 Oswald St sold for $2.865m on 500m2. Before that 33 Oswald St sold for $2.425m on 413m2 in the same year.

Oswald St KitchenOswald St Kitchen

The price guide for this property is between $2.1m-$2.3m. It’s a tricky one to price due to the potential. However, if I were to make a bet, I would guess it will land up nearer to $2.45m.

Since August last year there has been approximately 20 property sales in Randwick with land over 400m2. The estimated median price from all these 20 properties is around $3.35m. One of the lowest sale prices was 59 St Marks St at $1.885m. It had no parking. Another interesting sale was 50 Oberon St at $2.3m. This property has 3 garages, but also needs a renovation like 35 Oswald St.

Oberon St RandwickOberon St

Marks St RandwickMarks St

Layout

The property has 417m2 of prime land.

There is a huge amount of potential from the layout i.e. potentially building s.t.c.a.

Oswald St GardenOswald St Garden

Investment Potential

The property needs a renovation which would add significant value.

Being only 1.4km walk to Coogee beach this property is in a superb location.

In my opinion if the renovation / potential redevelopment was done to at least a medium level finish this property could easily be worth well above $3m++.

Parking

Unlike many Eastern Suburbs properties, this property has a lockup garage, which adds tremendous value.

All in all a property with superb potential.

Have a nice day!

Dean Berman

Update 07/03/2017: The property landed up at $2.8m.