Property of the fortnight – 70 Nanworen Cres, Bell Park VIC 3215
Our pick of the week this week is 70 Nanworen Cres, Bell Park VIC 3215. Sold 2 months ago for $435K, this 3 bedroom, 1 bathroom 2 garage house sitting on 559sqm block offers excellent value in a suburb where median price sits at $460K:
1. Location – situated at Bell Park, a very decent Geelong residential suburb and close to Bell Park North Primary school and minutes to Geelong CBD.
2. Building – Brick Veneer house with inside fully renovated.
3. Value Add Potential – Little value add as most of the renovation work has been done. Bathroom could do with an update later on – only being freshen up at this point
4. Yield – rental appraisal approx. $350 per week so about 4.2% gross rental return.
A nice little steal at Bell Park with no work required! Good for interstate investors just want something that can be rented out from day 1 without having to chip in additional cash plus without sacrificing yield too much! Suburb demographics is good so this would be a decent player for CG.
Having said that this property is definitely not perfect. While the house has been renovated the location of the property could be prone to some train noise given it’s not that far from the train line. Also it’s not within walking distance to amenities, so will be car dependent.
Bell Park is a suburb situated 3km north west of Geelong CBD and about 70km to Melbourne CBD. House median price currently sits at $480K and has been consistently trending up since 2012. Geared towards pure residential area, with close proximity to Geelong CBD and an affordable entry price it soon become popular destination for owner occupiers alike. Statistics shows that 41% are fully owned, 31.3% are being purchased and only 27% are being rented so contains a high owner to renter ratio. Vacancy rate has also been rapidly trending down since 2016 with the most recent figure sitting at 1.3% (Aug 2019) continuing to push rent higher in the Geelong area.
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