15 Walter Street PORT MELBOURNE

Comments on 15 Walter Street PORT MELBOURNE

The 'Bank House' precinct has attracted quite a following in recent times and the distinctive nature of the area may be just one factor to draw initial interest to 15 Walter Street.  With the circa $1 million market very competitive, the decision for buyers to purchase the property may boil down to two key questions. 

1. Does the position work?

2. What about the dollars? 

This is a home that requires major renovation and as such, is rated on the basis of its land characteristics.  Above and beyond that's - it's a matter of entry price PLUS improvements.

It's fair to say this house needs love - lots of it and pretty early in the piece before being habitable.  The kitchen does not appear functional, bathrooms - errr - maybe yes, maybe no?  Paint and lifting of the carpet?  Other works? Is it structurally sound?

Some buyers may choose to do the 'basics' now and extend the home at a future stage.  Timing and extent of works are budget and preference dependent - but with reasonable spaces present, there is at least the option to consider a 'phased' approach to renovation if doing it all at once is infeasible.

In terms of position there are pluses here - close to transport, not too far from shops, cafes and the beach.  Then there is Graham Street nearby and the school - directly opposite.  Orientation is north westerly, and with space thanks to side by side driveways, natural light should be expected to enter the home when the sun is shining.  For some buyers ease of access to the school may be a bonus - others will see the associated traffic and parking situation a turn off.  This may influence the buyer pool - and this is a point that should be considered not just now - but projected into the future when on-selling the home. Investment in works made in the short term may not necessarily 'pay' for themselves until sometime into the future.

Aside from cost - does the home, and coping with renovations, suit your lifestyle until the work can be completed?  The land itself is a good size for the area - and being almost northerly to the rear - and on the right side of the block - gaining better light access to the home should be achievable

Understanding where buyers may see value is the key here as the property offers different options for different buyers, attracting buyers who are stretching just to get in the competitive Bank House market as well as buyers with much bigger budgets ready to commence work straight away.