47 Illawarra is in many ways a great family home if you really don’t want to do anything to it other than cosmetic changes and/or you lead a minimalist lifestyle.
It’s best taken as it is – meaning, due to everything about it from block width to home build, major works will be hard, will look out of character, and won’t add any value. It’s an "accept it or start again" situation, and starting again has some challenges, such as the slope, sit-down from street, and block width characteristics to navigate.
Does this mean I’m ambivalent about this home? No, the opposite; if you are unclear or want major changes, then move on. If you like almost everything about it as is, then it makes sense in many ways.
Position: Scotch Hill – away from significant freeway noise and a short, relatively safe walk to the Glenferrie spine for many schools. Tick.
Property: As discussed above, it’s also reasonable for capital growth if you buy it for land value with a land value to price paid ratio over 75%. The only holdback to someone paying top dollar for a rebuild is the block width, but according to the agent, it’s free of heritage restrictions. The home itself is built to an average standard, so will require some maintenance, like air conditioning and windows (plenty of glass, so there’s heat loss in winter as it's not double-glazed, which wouldn’t make sense anyway due to wall width).
The floorplan largely works for me, although the front entrance rooms will be largely unused in their current format – no downstairs shower for guests using the 4th bedroom – but upstairs works for me.
Price: The quote is $3.3m to $3.5m, which would be only a bit more than a doubling since the GFC – not spectacular, but acceptable. That’s the quote, but what might it go for? There are enough sales, including 24 Illawarra and 80 Robinson, to say the land is around $3m or $5,000 per sqm, and $500k for the home seems reasonable. Reaching $4m is possible with sales at 67 Illawarra and 77 Illawarra, which are on similar land sizes with similarly lower-quality builds at just over $4.1m.
Next steps would be a more detailed look at values and the build quality if you wish to proceed.
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4
Bedroom
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2
Bathroom
|
2
Parkings
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605sqm
Land Area
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| Floor Plan | Agent |
Auction - 5:00 PM Oct 23 2024 |
Quote $3,300,000 - $3,500,000 |
East Facing |
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