16 Queens Parade GLEN IRIS

Benefits

Higher positional potential for long term growth
Growth above average metro in last decade
Good rental prospects
Higher risk as newer precinct
Area distance from CBD

Concerns

Below average master bedroom
Mal James
Mal James
0408 107 988
mal@james.net.au

Comments on 16 Queens Parade GLEN IRIS

16 Queens Pde Glen Iris is the real deal – close to the complete package if you are looking for a well-located Inner Melbourne family home that’s brand new but will probably stand the test of time (dating, maintenance, feel) better than many others who are circa $3m now.
 
Position: We have bought in the street before and for a family, the big plusses as we see them are the family atmosphere, sporting grounds, transport (train a bit of a walk), but tram at end of street and coffee shop alternatives close by. It has a lot of family amenities.
 
Property: Yes, it’s built for profit and yes it’s a spec home and yes many are yuk – but 16 Queens is not one of them. It feels well built, has some real bits of class – garage size, double glazed windows?, architectural steps to upper floor and more.
 
Yes, its bedrooms, inc the main are not overly big – but they are ok. Their size is largely determined by block width not a desire to cut cost. Yes, the alfresco cuts out some light (mainly hot western) and yes overall its lacks feeling (that will change when somebody is living there).
 
We can see all this, but its floorplan that has worked for 50 plus years with the only modifications over time relating to size. As well its facade is unlikely to date (see below).
 
Overall for what it is and subject to a building inspection the home feels a tad underrated for the overall plusses it has
 
Price: There is a number of valuation techniques, one way to look at price is land plus building and most would see stacking up in the early $3m, as it does with another valuation technique – the comparables – 62 Queens Pde is about to be bowled over at $2,050,000 for the same land size.
 
My valuation technique for this home and how I like to price a bargain is…
 
- Will you have to move as your family changes? If yes take off 10% or $300,000
 
- Will you have to renovate to meet your needs in future years? If yes take off 20% or $600,000
 
- Will the home date, will the floorplan still be relevant, will it still be attractive to bidders in a decade or more? If a negative answer to any of these, take off another 20% or $600,000.
 
So maybe a home at $3,000,000 all shiny and new is actually only worth only $2,000,000 to you.
 
Of course, if you don’t have to move, don’t have to renovate and the home’s building values don’t depreciate substantially then maybe your $3m new home is worth $3.5m now – even if you pay $3m.
 
So, will this new home date badly and decrease in value substantially?
 
Step one: Go to front of home and walk across the street.
 
Step two: Turn around – look at your new home – now look to the home to the left, built 80 years ago – looks similar to yours doesn’t it and still attractive to family home buyers.
 
Step three: Look right at the home that looks like a box and tell me in a few short years that it hasn’t already dated, and in another decade it will look well passed its use by date.
 
Yes, capital growth is in the land and the % of the purchase price you pay – but unless you live in a tent you also have to pay for a home (building) and some will depreciate a lot and some will hardly lose their value. 
 
16 Queens should hold its value well.
 
One final word on price – yes, the market is easing – but very little for ready to move in gems.


Advice that Matters

James Buy Sell works across Melbourne’s top-end property market to help our clients make smart real estate decisions.

4
Bedroom
3
Bathroom
3
Parkings
645sqm
Land Area
Floor Plan Agent

Sold - 3:00 PM Mar 19 2022

Quote $2,950,000 - $3,150,000

West Facing

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Advice that Matters

James Buy Sell works across Melbourne’s top-end property market to help our clients make smart real estate decisions.