81 Spray Street ELWOOD

Comments on 81 Spray Street ELWOOD

This property oozes potential.  It is comfortable as is in the shorter term, but it is in a fairly raw condition and most buyers are likely to want to renovate and extend in the future. The land size affords flexibility, something usually difficult to find in Elwood where many of the blocks have a smaller land content. That could make it appealing to families wanting to stay in the area but who have outgrown their smaller homes. Indeed, this property could motivate not just the active buyers, but also the passive local buyers just waiting for the right property to capture their attention. That said, more money will need to be injected into the property on top of the purchase price and a renovation (STCA), depending on the size, may take 6 - 24 months to complete. Position is very convenient, only one street back from the Ormond Road shops, restaurants and cafes. However, the street itself is a bit eclectic when it comes to house style, with a mix of older style apartments, period homes and new townhouses in the immediate precinct. Buyer concerns may also include the older Tudor-style apartments on the rear boundary from Ormond Esplanade. However, they are low-rise and some good landscape screening may improve this. The most recent 'larger' land sale in Elwood was just around the corner at 64 Goldsmith Street, on 506sqm, for $1,200,000 (or $2,371sqm). However, that was also opposite the school, which may have impacted price and interest.