1.The School Jock

18 Wallace Street, Maidstone

The Details    

 

About the property
This property presents great opportunity to get into the rising Melbourne market in a great suburb with an even better apartment. It's only 18 months old and still smells brand new - kept in great condition from the previous tennant.
 
It's a New York style loft apartment; bedroom, bathroom (seperate entry from bedroom) and laundry downstairs with kitchen, study, living and sliding by-folds opening out to balcony upstairs. It faces North and because of this, it has great natural light in the afternoon, coming in from the balcony to the living space.
 
Great storage throughout the apartment with a large wardrobe in the bedroom, additional storage cupboard underneath the staircase and there's a 'cage' for each apartment underneath the building where larger items such as bikes, kayaks etc can be stored.
 
Interestingly,  the apartment can't be seen from the street - as you enter between two shop fronts. 
 
What we also found out
  • They would be happy to do a long settlement in order to allow enough time to find a new tennant
  • Passed in at auction for $380k, owner wanted $410k, but has agreed to drop the asking to $399k
  • Total size is 83sqm.

Our thoughts
​This is a sit and forget type scenario. Once you have your tennant in the property, you won't have to worry about a thing. The property is in great condition and there doesn't seem to be any areas for concern. It is priced slightly higher than other properties similar in the area, it also does not have any parking. But from driving around the area and streets, there is ample street parking. For a tennant working in the CBD, there isn't a need for a car until the weekends anyway.
 
We are in the formidable position that it recently passed in at auction, hence handing the power to the buyer. We think $380k is a good starting point and wouldn't see a problem settling on $390k.
 
If you like this property we need to move quickly. We have the contract of sale along with the section 32 which you should get in front of your solicitor. We would also recommend to do a strata check as a minimum on the property and the building and pest if you require that level of comfort.
 
Suburb specific data
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Investment data
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RP Data Report
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Related News Articles 
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The Numbers

 

3 - Bedroom

1 - Bathroom

1 - Car space

 

For Sale Price/Auction

$620,000 + (As advertisied - Auction)

Auction August 20, 2016

 

Our Target Purchase Price

$690,000

This property is going to auction so there are many influencing factors outside of our hands. This is the price that we believe is the true value based on our market analisys.

 

Estimated Rental Return

$420/wk  

 

Gross Rental Yield (target price) 

3.16%

 

Outgoings

Water - $XXX /qtr

Council - $XXX /qtr

Strata - $XXX /qtr

Investment Cash Flow (per month) 

Your rent received = $1,820

Your mortgage = $3,014
Your outgoings = $XXX

BALANCE = $XXXX

Zoning

General Residential Zone (GRZ1)

 

This means: Maximum height restrictions that allow a maximum of 2-3 storey developments only

Opportunity: You can look to add an additional level to the dwelling. Potentially adding 1-2 bedrooms that would increase the value of your property

 

Renovation Allowance

Not required at this stage

 

Other Fee's

Professional: Approx. $1,500 + gst

Stamp Duty: $35,780 (based on target price)

 

Milk Chocolate Fee's

• 0.9% on final sale price + gst ($6,210 + gst based on target price)

 

The Recommendations

 

Inspections

Building & Pest - Approx. $450 (one off) 

www.easypathinspections.com.au

 

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

 

Leasing Agent

www.mamproperty.com.au

Jas Stephens Real Estate - Yarraville

The Documents

 

Contract of Sale

Click here

Title Search

Click here

 

18th of June

    21 Holland Ct,       Maidstone 

VIC 3012

$656,000

Comparable Sold Properties

Current

4 Burns St,

Maidstone 

VIC 3012

$490/wk

Insurance ratings

Distance to CBD

9.8km from the Melbourne CBD

Population

The population in 2006 was 6,050. Recent data from the 2011 Census suggest the population is now 7,750

Medium Property Price

The medium price for 3 bedroom houses in Maidstone is $653,000 

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The Stats

Locality

Comparable properties for rent

Infrastructure Snapshot

 

  • A $4.6 million investment in cycle ways and footpaths across our City will make wandering the local neighbourhoods by foot or pedal even more enjoyable

  • $8 million to improve Council-owned roads across the City, making them safer and easier to drive on

  • $970,000 for the renewal of nine reserves and open spaces, with two popular parks made even more appealing on sunny days, with Skinner Reserve receiving shade tree planning and a shade sail for McNish Reserve

  • Renewal works at the Kingsville Kinder and Brenbeal, Angliss, Kingsville and Saltwater Children’s Centres, to give our young residents the best care they can get in the crucial first years of life.

  • $100k for Crossing Renewals will also make it safer for children and families to get to and from care centres and schools

  • $250,000 for cleansing and an exciting Laneway Activation Project in Footscray, as we continue support and promote the vibrancy and tourism appeal of this cultural hub

  • Support for community-driven events such as the Seddon and Yarraville Festivals, along with supporting the New Little Music Festival and Australia Day favourite, the Stony Creek Music Festival

  • Upgrades to many local sporting clubs to pavilions and club rooms, and new public exercise equipment for North Braybrook – as we remain dedicated to an active and healthy community

  • $500,000 will provide further planting of trees in streets, boulevards, and parks, as we continue to green our City.

 

 

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* 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.