95 & 95A Westbury St, Balaclava
55 Farm St
In this section, we take a dive into the nitty-gritty of your property. We analyse the property itself, its surrounds and the numbers that matter. We also take a look at the comparable sales in the area and how they stack up against your property.
4 - Bedroom
1 - Bathroom
3 - Car space
Total Space - 579m2
Internal - 148m2
Position - North (Front) / South (Rear)
Agent Price Range
$1,200,000 - $1,300,000
Milk Chocolate Valuation
Logical Price: $1,280,000 - $1,350,000
Emotional Price: $1,350,000 - $1,450,000
Price Range: $1,280,000 - $1,450,000
$650/wk (Before) / $880/wk (After)
12 - 16 weeks + + 26 weeks for design and permit approval
To sum this up in one sentence, it's a character filled home in a quiet street in a fantastic suburb with plenty of potential. The property presents really well and the recent external lift (painting and general landscaping) provides a fantastic picture on approach. High ornate ceilings and wide hallways provide that timely reminder that this property is filled with character.
We particularly like this property because it provides you with that flexibility to lease out in its current condition with the view to renovate down the track. Alternatively, you could renovate immediately and then lease the property out to create equity and increase your yields. With a long-term view on this one, we don't believe you can go wrong. Below we list our renovation considerations and on the figures spreadsheet, the 2nd tab itemises the renovation spend.
Renovation Considerations (See cost breakdown on figures spreadsheet - 2nd tab)
• 2nd storey extension with masterbed, WIR, ensuite, living and balcony (60m2)
• Carpet all bedrooms
• Internal paint throughout
• New kitchen
• New bathroom
• Renovate laundry
• Build new carport to the side of the property
• Knock down rear studio and create an outdoor entertaining area with deck and pergola
• Connect the outdoor entertaining area with the inside by installing bi-folds
• Update current WC
• New wardrobe cabinetry in all existing bedrooms
• Landscaping front and back
This really depends on your emotional attachment to the property and your feelings towards living in this when you return. If you rinse this analysis with an owner occupier lens then it's a beautiful character filled property with amazing potential to create a home for your family. From an investment POV, the rental yield is incredibly low, however, this is normal across all of Melbourne at the moment (and Sydney too). But as you indicated you are looking for a negatively geared property, so this might not be as big an issue for you. A long term look at this property presents a great investment in our opinion.
If you wanted to proceed with this purchase, we would recommend first undertaking a building & pest report. We would then like to review the contract with your solicitor and ensure everything stacks up. Given the auction is in a weeks time, and although the agent said they'd consider offers prior, I would hold out until the auction. The agent will most likely use any offers prior as fuel to generate more interest come auction day. We can work together on a max bid price prior and I will attend the auction on your behalf to bid.
CoreLogic Property Report
3/4 Bedroom Sales Comps
* Milk Chocolate price data used on this website is sourced and relies upon information supplied by a number of external sources (including governmental authorities). This data is supplied on the basis that while Milk Chocolate believes all the information provided will be correct at the time of writing, it does not warrant its accuracy or completeness and to the full extent allowed by law excludes liability in contract, tort or otherwise, for any loss or damage sustained by you, or by any other person or body corporate arising from or in connection with the supply or use of the whole or any part of the information on this website through any cause whatsoever and limits any liability it may have to the amount paid to the external sources for the supply of such information.