2 Lalla Street KEW

Comments on 2 Lalla Street KEW

2 Lalla Street Kew is all about the building – it's an ornate, very well built (subject to building inspection) version of what we call a Balwyn formula type home (Mock European façade, with big spaces over 3 levels with a lift, high finishes and built for the Asian or Aussie Asian market). That formula has been very successful since the end of the nineties (2009) and has led to a significant increase in prices in Balwyn, North Balwyn, Canterbury, Kew and even Toorak. There is an argument to be made with reduced OS demand (30,000 to 5,000 drop in FIRB approvals last 4 years) that this formula may not be as strong in the next decade - but this is of course conjecture.
 
With this home being a decade old it is one of the earlier versions and unlike many we now see – truly is a quality build – however, it also has a common characteristic for the builders' formula of smaller land (also south rear / poor for natural light) in a cheaper street (when compared to neighbour values) - which is not ideal for land value growth.
 
Wow, Mal sounds like you don’t like this home.
 
Not true. I think this home is of very high quality – however that is the focus – it's all about the home and if you are all about the home – then this is a worthy one of consideration.
 
However, if you are about the $ characteristics of growth then this home is problematic on 3 fronts. It’s well above the average for the street/area in price, it has low land content compared to asking price and they are asking a lot when looking at market comparables.
 
So Mal, you don’t like it?
 
Not true. I really like this home and let’s go through what I really like about this home.
 
Firstly, it is ten years old and it has dated a lot better than many other homes built at the same time. It is built to a very high quality – you can tell that by it still maintains its straight lines and corners – for the most part, the finishes are still looking good and the flow works for me. I particularly like the garage – that format does allow for a large number to get in and out easily. Upstairs and downstairs key bedrooms for separation and the whilst there is little grass the outdoor entertaining areas work well are connected to inside well and supervision of the pool is good from the kitchen
 
To the surrounding areas – some distance from the train (mmmm) but close to the tram – good access to public and private schools – parks and playing field and not too far from coffee.
 
In summary, for us it has great home characteristics versus not so great money characteristics – it’s feelings and goals, that will determine your final decision on 2 Lalla.