EXAMPLE PROPERTY PRESENTATION

Your
Property

Here, we take a dive into the nitty-gritty of the property - 35 Young Street, Annandale. We analyse the property itself, its surrounds and the numbers that matter. We also take a look at the comparable sales in the area and how they stack up against the property.

The Numbers

 

3 - Bedroom

2 - Bathroom

1 - Car space

(plus studio)

Size

Internal: TBC

Land: 130m2

​​

Orientation

Front: West

Back: East

Sale Method

Private Treaty (off-market)

Asking Price

$1.9M guide

Vendors Motivation to Sell

Moving suburb

Our Appraisal

Logical: $1.9M - $2M

Emotional: $2M - $2.1M

Target: $1.9M - $2.1M

Distance to Public Transport

Bus Stop: 450m (5-minute walk)

Stanmore Train Station: 900m (13-minute walk)

Distance to Shops

Annandale Village (Booth St Shops): 700m (9-minute walk)

Stanmore Village Shops: 800m (10-minute walk)

Vacancy Rates

4.1% of properties in Annandale are vacant we like this to be under 2%.

 

Auction Clearance Rates
72%

Ratio of Renters to Owner Occupied

44% are renters / 56% are owner-occupied and/or purchasing. We like renters to be under 35%. More owner occupiers generally mean properties are better looked after in the area and there is a greater demand for tenants

The Documents

Contract of Sale

Solicitor Feedback

Building & Pest Report

The Recommendations

 

Insurance

• Landlord Insurance
terrischeer.com.au

Quote No: QTW95090467

Approx. $186/month 

 

Property Managing Agent

Milk Chocolate

 

Tax Depreciation Schedule

bmtqs.com.au

Approx. $750

The Stats

Distance to Airport

Sydney Airport

Car: 8.6km, 14min - 26min, depending on traffic conditions

~41min - 4min walk (270m) to the bus stop, 16min (12-stops) bus to Central Station and 8min train ride (3/4 stops) to the Sydney Airport Station (including estimated waiting time)

 

Flying domestically throughout Australia and international cities

Distance to CBD

Brisbane CBD (Roma St Station)

• 1.6km as the crow flies 

• Car: 8 - 10min in peak hour and 4 - 8min in non-peak hour 

• Public Transport: 15 - 2min (200m) walk to the bus stop, 11min (7 stop) bus ride to Roma St station (including estimated waiting times)    

• Bike: 10min 

• Walk: 27min 

Walking Distance

  • ​Indian Curry Club: 3min (250m)

  • Vintage Cellars Stanmore: 4min (270m)

  • The Cafe Sienna: 4min (300m)

  • Coles: 5min (300m)

  • Annandale Public School: 6min (450m)

  • St Fiacre Catholic Church: 10min (750m)

  • Annandale Galleries: 11min (950m)

1 / 3

Please reload

Our Thoughts

This is unquestionably a very pretty house, in a top location. And at this popular price point, it will likely drive a lot of buyer interest. Combine this with the fact it's in the fastest growing suburb in Sydney*,  and the annual Christmas/New Year property slowdown looming, you can be sure FOMO will also be a factor.

 

The character of the property and the quality of the reno, are the main drawcards here, along with the location. It’s in a great pocket of Annandale, on the high side of a good street and within easy walking distance of light rail, Rozelle Bay, Annandale Village, the Tramsheds and Jubilee Park.

But some of the other fundamental value drivers are lacking. Specifically, there’s no getting past the fact that for a 3-bedroom house, the property is compact. Internally it’s around ~100m2 (excl attic storage) and the combined lounge/dining/kitchen area is a smidge under 35m2. It’s pretty, it’s cosy and it really does benefit from that classy reno – but it’s small. There’s only one bathroom area, whereas realistically for a $1.9 price tag, you would expect two. The block is also small and there is no yard to speak of, rather a small enclosed wooden deck.

The agent (who is known for setting price guides that are usually close to the ultimate selling price) has set a guide of $1.9m, and says he is seeing interest in this range. There will undoubtedly be buyers out there who would be prepared to pay a premium for the location, the character of the home and the reno – the so-called Emotional Range -  so the vendor may well end up selling for something around this price.

 
However, we feel that right now, the logical value of this property, based on comparable sales, is something closer to $1.8- $1.84m.**

Now that you have increased your budget and have opened the search to areas such as Stanmore and Marrickville, you could almost certainly find something bigger and better value, at this price point. 

 

In terms of whether the vendor would be open to an offer prior to the auction, agent feedback is that they would like to wait another week to get a better handle on interest and price before making that call.

Next Steps

  • If you decide you would like to put an offer on this property, then realistically, it would need to be at or close to the price guide of $1.9m. Note that the agent may revise the guide up or down once he has more market feedback. Suggest waiting a week before lodging an offer which gives the agent - and us - a better idea of interest and price.


* Market recovery concentrated in mid to higher-priced areas
 

** Our Valuation

What's Around

Demographic

Housing Commission Heat Map

2% of residents rent from a state or federal housing authority in Paddington. The neighbouring suburbs are similar except for Spring Hill where 39% of residents renting from state of federal housing. 

2% of residents rent from a state or federal housing authority in the block the subject property sits in. The surrounding blocks are 3% and 7%

Comparable Recent Sales 

Here we provide the most recent sales in the area that are no more than 1km from your property and not older than three months. We also provide a rating (superior, equal or inferior) of the comparable property against your property across three categories; market timing, location and overall. Generally speaking, if the property ranks overall inferior, then we can expect your property to be valued higher and vice versa if rated superior. Market timing refers to the strength of the market when the comparable property was purchased compared to now.

1/1

Comparable Recent Renovated 4-Bedroom Sales 

Here we provide the most recent sales in the area that are no more than 1km from your property and not older than three months. We also provide a rating (superior, equal or inferior) of the comparable property against your property across three categories; market timing, location and overall. Generally speaking, if the property ranks overall inferior, then we can expect your property to be valued higher and vice versa if rated superior. Market timing refers to the strength of the market when the comparable property was purchased compared to now.

1/1

GOVERNMENT SCHOOLS CATCHMENT ZONE

Primary: 

Petrie Terrace State School

In the top 95th percentile of QLD schools

NAPLAN results are average when compared with all Australian schools and below average when compared with similar schools

800m, 3min by car 

Prep - Year 6 

Capacity for 234 students

Latest Annual Report

 

Secondary:

Kelvin Grove State College

In the top 98th percentile of QLD schools

NAPLAN results are above and substantially above average when compared with all Australian schools and on par or above average when compared with similar schools

2.2km, 6min by car 

Prep - Year 12 

Capacity for 2,862 students 

Latest Annual Report

* 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.