114 Green Street IVANHOE

Comments on 114 Green Street IVANHOE

A flat north facing parcel of land, this opportunity should afford buyers the scope to create a home that will be comfortable for some time (STCA).

Redevelopment is most likely the aim for most who are interested in the home, as the house has had its day, although it may be possible to rent in while plans are drawn up.

A careful eye should be cast over the rehabilitation centre to the rear to work out what may happen there in terms of re-development or change of use - this may affect value and demand should a change of circumstances happen there. Also, the overlooking from the west neighbour and the potential for the eastern neighbour should be taken into consideration when planning a build and thinking of lifestyle.

In terms of position, this pocket has seen some development in the form of townhouses and newer houses over time, and may not be considered 'A' grade Ivanhoe, although it should afford an opportunity to enter the suburb while not competing with buyers looking to achieve $2 million dollar plus outcomes.

Capitalisation should be a key consideration for this property in terms of price - there are no $2m dollar sales in the immediate vicinity, so any plans for building should be costed with a view to the end result; if capital growth in the medium and short term are important. If buyers love this position and are prepared to spend the money to build the home that they want and the overall package is reaching the upper $1m - $2m price bracket then a longer term view should be adopted to try to reduce risk. As a 15 - 20 year option this makes more sense than a 5-7 year option in terms of the potential for this location.

We have rated this property for land characteristics only.