Pick of the month – 17 Munro St, Alfredton VIC 3350
This month we are sharing a success story at Ballarat! Secured by my client himself for $390,000, this 3 bedroom, 1 bathroom, 2 garage house sitting on 630sqm block presents excellent future opportunities:
- Location – in the decent and wealthy family-oriented suburb of Alfredton with good schools nearby including Ballarat High & Loreto College.
- Building – Over 50 years old weatherboard house with recent renovations done to the place to freshen up.
- Value Add Potential – the block of land is where the deal shines – subdivideable on the 630sqm block which client will execute down the track
- Yield – currently rented for $350 per week with gross rental return of 4.6% – a decent rental yield in VIC standard.
A strategic addition to any investors portfolio if looking to be able to execute subdivision strategy down the track to manufacture equity! For those who are priced out of Melbourne/Geelong market, you can still secure decent size block of land in “The Rat” for an affordable price with subdivision potential. At this point Ballarat is still attracting a bit of investor activity who wants to capitalize on the regional city infrastructure upgrade including Ballarat Station Precinct Re-development, a new 47.8 million investment to GovHub which when complete, will host an estimated of 1000 Victorian Government employees.
Alfredton is a suburb in the regional city of Ballarat located just 4km west of Ballarat CBD. The Alfredton area is central to Western Ballarat’s growth corridor, an area where suburban development is encouraged by the City of Ballarat & State Government of Victoria. The median house price has been consistently going up for the last 5 years with 2017 & 2018 recording massive increase of 8.97% and 7.47% respectively. The median asking rent has also been trending up in parallel in the last 12 months – from $360/week in 2018 to $395/week in 2019, however not as quickly as how much the price has risen and this can be observed via gross rental return for the area on a downward trend.
Contact us today if you need guidance to find similar investment properties!