12 Gillman Street MALVERN EAST

Comments on 12 Gillman Street MALVERN EAST

12 Gillman is one of those homes that attracted me on Price. This is the least of the three P's (Price, Property and Position) that I like to be attracted on but at the Price they are talking, Gillman can work as a good buy. When I say Price, I don't mean cheaper than a year ago - everything is cheaper than a year ago. I mean cheaper than others around, cheaper as it has the potential to improve and cheaper due to this position.

So this home is an A-Grader at a cheaper Price.

It's Positional Characteristics are Gascoigne fringe, close to schools, transport and shops and in good times, it is in an area where homes will go for a lot more thereby bringing Gillman up in value by attachment and rarity.

It's Property Characteristics are big land relative to Price.

Land - The home sits forward so land is bigger for what it is - giving a good size back yard, although if you push the home out a little at the rear, you will need to shave some more dirt off the back to get the levels right. It's also big land in that it has width relatively to other double fronted period homes. Therefore, an ensuite and lightwell can be worked in and there is room for a garage or carport (STCA) although I can't see the permission coming from council due to heritage, setbacks and streetlines - having said that, at this price level (relative to area) garages are not common.

Building - There is little to like about the floorplan in terms of flow as it currently sits. Bathroom downstairs is not in an ideal position and the rear living areas really don't work - cramped. Upstairs as a master retreat does work - but overall the quality of the renovation is poor in terms of imagination and its design.

However, I still like the feel and the potential.

It's Price Characteristics are cheap to comparables and potential to renovate relatively inexpensively eg 500K and have a brand new feeling home.

So as far as the building goes, here's three options:

Option One: Basic living as is - and it works but it's basic

Option Two: Renovate on the cheap by moving the kitchen next to the rear bathroom and open up and push out the current meals and kitchen area into a big living space - bringing light and proportions in. An ensuite on the outside straddling the current bedrooms or family/living area is an additional option.

Option Three: Cut off the back and put on a two-level box (living and kitchen downstairs and two bedrooms and bathroom or master, ensuite and extra space upstairs plus ensuite straddling as suggested above

Option one, two or three will make money with growth if done well as the capitalisation works.

Overall, 12 Gillman is an ugly duckling, but she is still a duckling and they have potential to grow into beautiful birds with some smart management.