The Little Charmer

1/37 Hampton Parade, West Footscray

1/11

The Numbers

 

3 - Bedroom

1 - Bathroom

1 - Car space

 

Auction

$580,000 + (Price guide)

Auction; September 10, 2016

Our Target Purchase Price

$640,000

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

$460/wk  

 

Gross Rental Yield (target price) 

3.73%

 

Outgoings

Water - $315 / qtr (approx.)

Council - $460 /qtr (approx.)

Investment Cash Flow (per month) 

Your rent received = $1,993

Your mortgage = $2,570*
Your outgoings = $258 (approx.)

BALANCE = -$835/month

*Based on your CBA pre-approval dated 9th of June

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 (based on current values of 4 bedroom homes in West Footscray).

 

Renovation Allowance

Not required at this stage

 

Other Fee's

Professional: Approx. $1,750 

Stamp Duty: $35,173.60 (based on target price).

 

Milk Chocolate Fee's

• 0.9% on final sale price + gst ($5,760 + gst based on target price).

Total Outlay

Purchase Price = $640,000

Settlement Misc. Estimate = $1,500

Stamp Duty = $35,173.60

Professional Fee's = $1,750

Milk Chocolate = $5,760

Milk Chocolate Incidentals = $1,500

= $685,683  

 

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. $300p.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

The Stats

Distance to CBD

9.5km from the Melbourne CBD.

Population

The population in 2006 was 9,776. Recent data from the 2011 Census suggest the population is now 10,222.

Medium Property Price

The medium price for 3 bedroom houses in West Footscray is $712,000.

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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 cleaning 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.

 

 

The Details    

 

About the property
This is a quaint little bungalow home in West Footscray that is situated close to transport links and schools. It's less than 10km to the CBD and ticks all the boxes for an investment property. We believe this particular property would attract a young professional family.
From the images and discussions with the agent, the property presents well and is in a condoition that no further work is required (subject to a site visit). 
37 Hampton Parade has been sub-divided into two, and there is a neighbouring property to the rear of this property (2/37 Hampton Parade). Both properties are detached. Although the backyard is small/non-existant, the front yard/area provides ample space for children to play. 
The home is full of character and provides that nice point of difference that is always good when purchasing property. 
 
Agent Advertising Details:
• Deep front gardens provide an alluring introduction
• Welcoming entry foyer leads to immaculate living
• Exquisite period detailing in living zone and main bedroom 
• Pristine bathroom attends two further bedrooms 
• Modern kitchen and dining at the heart of the home 
• Dining flows to lush courtyard from glass double doors
• Central laundry, powder room, ducted heating & cooling 
• Fine period details incl. leadlight windows and picture rails 
• Walk to Tottenham Station and leafy local parklands 

Your Brief Specifics
• 1.5km from the train station - This property is 1.2km from Tottenham Train Station (15 minute walk)
• Land size 400sqm block / 120sqm house - Although the land size (302sqm) is smaller than your              request, the internal living area is approximately 135sqm. In West Footscray, properties with land        size above 400sqm are generally seeking above $700k. 
• 10% capital growth / 5% rental yield - We note that the last three years West Footscray has recorded    25.48% capital growth (average 8.49% per year). The capital growth is 6.15% for the last 12                      months. There is no way to guarantee that the property you buy will increase in value, but in order      to increase your chances, we have carried out detailed research on the property and West Footscray    in general. We estimate that the rental yield will be below your ideal 5%. Overall Melbourne yields        are low in comparison to other markets. We believe as demand catches up with supply in                        Melbourne (following suit in Sydney), that demand for housing will grow and rental yields will                increase. This property is in great condition and presents an opportunity to attract higher rent and      quality tenants. 

Our thoughts
The numbers stack up and this property offers a great opportunity to get into the Melbourne market in a great area. Given the auction is not to ​September 10, we would recommend a site visit next week and if the property still ticks the boxes a formal offer can be made to the agent prior to auction. The offer would be made subject to building and pest to ensure you are covered if anything negative arisies from these reports. If the offer is rejected and they still wish to take this to auction, we would still recommend bidding at the auction if we feel our target price is achievable. We would get a better understanding of this after the formal written offer is presented to the agent.
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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Comparable Sold Properties

5th of May

        36 Dempster St,          West Footscray 

VIC 3012

$651,500

Comparable Properties for Rent

Current

2 Waratah St,

West Footscray 

VIC 3012

$400/wk

Locality

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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.