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.
35 Oswald St
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 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.
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 Garden
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++.
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!
Update 07/03/2017: The property landed up at $2.8m.