3 Felix Street SURREY HILLS

Benefits

Higher positional potential for long term growth
Growth above average metro in last decade
Excellent land content as proportion of price
Area distance from CBD
Within normal walking distance to rail

Concerns

Poor rental prospects
Requiring significant additional cash to purchase price
Mal James
Mal James
Principal Buyer Advocate
0408 107 988
mal@james.net.au

Comments on 3 Felix Street SURREY HILLS

Property: A blank canvas of 1000 square metres, plus in Surrey Hills with potential sweeping views from the second storey (?? and STCA), north side of the street, sitting proud and a side laneway.

Position: It's less than 10 minutes walk through Suffolk Gardens to the shops and railway station. Maling road is turn the car on and you're almost there, plus you are in some sort-after school zones public and private.

Price: A ha! That's where is gets interesting on two fronts.

The price the winning buyer pays and the price he/she could have paid - in other words value to you, versus price the agent's strategy gets.

So to value: Some big sales in Wandsworth put land at north of $2,500 per sq metre and some sales in Essex Rd south of $2,000 per sqm. So that gives you an initial range of $2,000,000 to $2,600,000 as the popularity of the area is in between these two - but leaning towards Wandsworth $ wise.

Strategy: The agent has chosen to sell this through an "expressions of interest" campaign - with both blocks on offer. That's interesting. Why?

The hoped for combined sale price would make it the second most expensive sale in Surrey Hills, with just down the road at 35-37, north of $5m, topping the list - similar combined land size by the way - lot better home on it though.

Plus the top block on Kent - to the rear of Felix, has murmurings of impending overlays making development problematic.

So its wise to separate the blocks and more than likely the best for the seller, will be two buyers with 3 Felix the easiest the sell and the demand the greatest.

Strategy and price become intertwined - at $2.5m plus a $1.5m build you are looking for a record sale price on completion to not be overcapitalising - I think that $combination reduces the demand dramatically and so if thats you - then better to play early than latter when the agent stories become a more established.  For most $4m completed buyers why not buy in Canterbury?

At $2m plus a $1m build that makes a lot more sense - especially with the views, side laneway, orientation and blank canvas start - you are going to get $3m plus buyers pushing into you hard and those buyers will be local and overseas (re strengthening market - see James Market News click here)

So therefore you have two choices at the multiple interest level north of $2m - wait and see the whites of the eyes of your competition - which you probably won't anyway, due to the process - or go hard, go early take some calculated risks on initial offer price and lead the pack.


Be with James

Would you like to talk to us about finding or negotiating on your next home?
We buy 100 homes for our clients every year.
We buy Inner East and Bayside over $2m.

0
Bedroom
0
Bathroom
0
Parkings
1,078sqm
Land Area
Floor Plan Agent

Private Sale

Quote $2,000,000

North Facing

Full James Rating Sheet

Be with James

Would you like to talk to us about finding or negotiating on your next home?
We buy 100 homes for our clients every year.
We buy Inner East and Bayside over $2m.