What a lazy $700,000 can buy in North Melbourne: HTW Residential
Residential dwellings in the inner and middle north suburbs such as Brunswick, Coburg, Northcote, Essendon and Preston are generally priced out of the $700,000 budget given that the median house prices in these areas surpass the $1 million mark, according to the July Herron Todd White (HTW) residential report.
The valuation firm took a look at how a budget of $700,000 could be invested in property markets across the nation.
"Consequently, we are required to limit our search to strata properties including units, townhouses and villas," the valuation firm said.
"Moving further out into suburbs such as Glenroy, Fawkner and Reservoir where median house prices are currently closer to the $700,000 mark, we can expect to see a number of two- and three-bedroom dwellings appearing within reach, particularly those in need of renovation," the valuation firm added.
Finally, in the outer north, suburbs including Epping, Wollert and Craigieburn where current median house values are under the $600,000 mark, large homes with higher specifications, sizeable blocks and four or five bedrooms become possible candidates.
A four bedroom house at 12 Creekedge Views, Epping (pictured below) is currently on the market with a price guide of $610,000 to $650,000.
Set on a 375sqm lot, the home comes with living area with open plan kitchen, two bathrooms, and double garage.
It is located within easy access to the Aurora Village Shopping Centre.
"As it appears that the recent health pandemic is having minimal impact on values in the inner north – in part due to the lack of stock and current demand - we would be inclined to invest in these areas as properties are still selling within normal market parameters.
"Given that we are limited to strata properties in these areas with a spend of $700,000, we would suggest a preference towards those that are part of smaller developments such as townhouses rather than large, multi- unit developments," the valuation firm said.
There are a number of two- bedroom, two-bathroom townhouses in Brunswick East that fit the bill perfectly.
A two bedroom townhouse at 4 Edwina Way, Brunswick East (pictured below) has recently been sold for $690,000.
The home comprises two bedrooms, one central bathroom, open plan living/kitchen/dining and northerly balcony.
It is situated a stroll to 96 tram and Balfe Park.
The report suggests investors can expect reasonable returns on strata properties in these areas.
Modern, two- bedroom, two-bathroom apartments can achieve approximately $450 to $500 a week while villa units with two bedrooms and one bathroom achieve approximately $380 to $420 a week.
"We believe that performance in this price sector will remain stable in the short to medium term and given the current state of the market, buyers can and should remain confident."
