The Details

 

About the property
In a refurbished block of only eight, this fabulous first-floor apartment comes complete with undercover parking space on title and easy access to everything Ascot Vale has to offer. Bathed in natural light, the spacious interior boasts two double bedrooms (both with BIRs), stylish central bathroom with laundry facilities, open-plan lounge/dining area, contemporary-style kitchen and sunny north-facing balcony. Other features include carpets, dishwasher, split system heating/cooling, intercom/secure entry, immaculate garden surrounds and electric-gated driveway. Positioned within a manicured garden block with all local amenities only minutes away including tram, train, Showgrounds Shopping Village, Highpoint Shopping Centre, Flemington Racecourse, Maribyrnong River and only 4kms to CBD.
 
The property was styled for sale; from first appearance it could do with paint and the bathroom could be updated, the kitchen is modern and the living area was a decent size. The balcony (off the lounge) was small due to an air conditioning unit taking up space and would fit 1 chair. Road and tram noise was in the background, but nothing to crazy.
 
We also found out
  • Property is 65sqm
  • All offers close the 5th of April 2016 unless sold prior. All offers will be submitted and will not be disclosed to other buyers unless prior offers have been declined. The Vendor is happy to sell prior to the closing date.  All buyers will be notified that the property will be sold and all final offers will be required within 24 hours
  • 2 bedroom average medium apartment price is $519,000, representing we are buying under the suburb medium
  • 1min walk to tram
  • 1min walk to shops and cafes
  • Flemington racetrack is 5mins away

     

 
About the suburb
  • 1km walk (15min) to the Ascot Vale train station
  • 11mins to Melbourne CBD by train (5 stops)
  • Wide tree lined street in amoungst nice cottage style houses
  • Quiet streets
  • The street was full of cottages that were undergoing renovation and there was a new development going up a couple of blocks down
  • Street and area are seeing strong gentrification
 
Our thoughts
Again, we have gravitated to Ascot Vale as it just represents great buying in a great growth suburb. Purchasing a 2 bedroom apartment under $500k in Ascot Vale is good buying given the location, amenities, transport links and proximity to the city.
 
Although it's not officially an auction, it still needs to be treated like one. Like the last property we bid on in Ascot Vale, the agent had purposely under cooked the asking price to draw more attention. They have done this again with the mild asking price of $420k. Our research leads us to believe it will again fetch in the high 400's and we would strongly recommend having your full budget up our sleeve to get this across the line.
 
Great opportunity to get into the Melbourne property market with a solid and sound investment.
 
Suburb data
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Investment data
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Recent sales data
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The Numbers

 

2 - Bedroom

1 - Bathroom

1 - Car space

 

Sale Price (offers before the 5th April)

Offers over $420,000 

 

Target Purchase Price

$490,000

 

Estimated Rental Return

$380/wk (potential)

 

Rental Yield (based on target price)       

4.03%

 

Outgoings

Water - $144.12/qtr 

Council - $351/qtr

Strata - $587/qtr

 

Renovation Allowance

Not required

 

Other Fee's

Professional: Approx. $1,500 + gst

Stamp Duty: $25,929

 

Milk Chocolate Fee's

• 0.9% on final sale price + gst

• 10% on total renovation costs for Project Management (if any) + gst

 

The Recommendations

 

Inspections

Building & Pest - Approx. $395 + gst 

Strata - Approx. $220 + gst

www.easypathinspections.com.au

 

Leasing Agent

www.mamproperty.com.au

 

Other Considerations

 

Insurance

Full landlord insurance inc. damage, loss of rent, theft, legal and contents

- Approx. $300 p.a

canstar.com.au/landlord-insurance

 

Quantity Surveyor

Tax depreciation report -

Approx. $400 (one off)

www.washingtonbrown.com.au

 

 

What Social Media is saying

about Ascot Vale

PROPERTY 1 - Lets go one better

3/13-15 Munro Street, Ascot Vale