8-10 Minter Court PARK ORCHARDS

Benefits

Excellent land content as proportion of price
Good rental prospects
Seemingly low additional cash required after purchase
Minimal ongoing outgoings
Lower risk established look

Concerns

Possible overcapitalisation meaning higher risk on resale
Outside normal walking distance to rail
Significant slope issues
Poor kitchen position
Mal James
Mal James
Principal Buyer Advocate
0408 107 988
[email protected]

Comments on 8-10 Minter Court PARK ORCHARDS

This is a very unusual home on many fronts.
 
Position:
In one of the better part of Park Orchards, completely private on 25 acres of bush, very private and yet only 45 minutes to the CBD and a bit longer the airport.
 
If you want to get away from it all and still be close to schools and shops and be able to involve yourself in a wonderful community, then this general area is one of three choices you have – the Peninsula, Daylesford, Romsey and this area. This area is the closest and in many ways the least developed. So the area answers all the questions with the exception of public transport – which is really bus only and therefore can easily change. So car travel is the most common form of transport – however the distances shouldn’t really worry except at peak from a time point of view.
 
The main issue for this level of privacy is isolation.
 
Property:
Land:
The land is big on a number of acres, but small on control. Have not seen the contract yet – but effectively all, except 3 acres, you are seemingly minding for the government. Bushfire, vegetation control, development, even use such as for horses seems to be similar to that of a National park - - NO – except you are paying and responsible for it.
 
Having said that, nobody else will be building there and you do have privacy – public access seems unlikely – but will check when the contract comes in.
 
The property the home is built on does have privacy and does slope – and birdsong will be magnificent at times – HOWEVER – panoramic views are restricted.
 
Building:
Excellent facilities internally and externally. The home feels really well built and the floorplan flows well with good separation between family members – if that is desired – especially in the teenage years. This home would also be good for entertaining and with a court, pool and bushwalking – there are a lot of plusses.
 
Land and Building Interaction:
My questions I have on this property are not in the area of build quality – they relate to practicality for young families. Older families – no real issues except limited transport.
 
Younger families, the kitchen position is not ideal to outside or to the pool in terms of supervision and simple access – it’s up and down. As well, there are limited flat play areas and so you will be in or you will be out at meal prep times. I think these may be an issue for some.
 
Maintenance would be high on this property – roof management, fire management, garden management (if you wish to keep it as is)
 
Price:
Being unusual comes to a lot of guesswork and your property does not become one of simple land and building.
 
How much is the land you seemingly have little control over actually worth to you?
 
Comparables are rare at the asking price?
 
Future resale, recouping costs in a down market – would that be an issue for you?
 
The market has some heat and lifestyle homes have even more heat than pre-pandemic.
 
So this home could be a matter of a test of wills between you and the owner, but also another buyer could completely reconfigure the negotiation and the price.
 
The home itself is big and unusual but of high quality. So how much if anything do you discount off new build cost.
 
Allowing $750,000 for the home and $250,000 for the outbuildings and pool and court and gardens and $2m to $2.5m for the land IF IT WAS ALL USABLE means this home feels $3m to $3.5m but another buyer may say it’s something more.
 
I am in no way anti-this home – just the issues for younger families and around the land I feel needs to be understood.


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4
Bedroom
4
Bathroom
6
Parkings
97,041sqm
Land Area
Floor Plan Agent

Private Sale

Quote $3,500,000 - $3,850,000

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.