28 Russell Street CAMBERWELL

Comments on 28 Russell Street CAMBERWELL

28 Russell Street the 3P’s
 
To be read in conjunction with James Home Ratings private client video
 
Position: The world – Australia – Melbourne – Camberwell – Tara Estate – Russell. That’s the pedigree or provenance for location. One of the best streets in the top precinct (heritage protections from flats) in a great suburb in the best city in the best country in the world.
 
Close to all things needed with many options, including great schools and the park is 75 metres away and full of picnics on the day I was visiting this home.
 
If I had to pick a fault I would say Camberwell has little nightlife.
 
Property: The home is good without being great – façade, entrance, garaging, floorplan, ensuite, slope (on a reno) are all annoying little points taking away from the perfection of the location – but plantings to manage the facade, rear garaging, major reno at some point (its voluntary the home is quite ok to rent and live-in as is), gentle terracing rear to the garden are all workable solutions to the little niggles mentioned.
 
The home currently has a nice feel – a clean feel, a happy feel, please do not think it is less than average – it is not. It’s a good home, without being great, but a family could make it a great home in this location by just moving in – or they could spend a little or a lot – hopefully that makes sense.
 
Price: Next door is your base at $3.71m a month ago – same land size or $4,800 per sqm. 107 Rowell supports that at $4,400 a sqm also last month and I prefer this location. 24 Derby is a quality location similar to Rowell and also sold at close to $4,400 in June.
 
So, the land is just below the quote with a home in need of reno. 28 is better than the 3 above examples as far as livability – so what is the premium? It feels $4m is the focal point and therefore quality of location, strength of the current market and individual circumstances of competing buyers will determine how far past 4 the final amount ends up.