The property was purchased approximately 18 months ago in completely unrenovated condition for around $1.8M. It has since undergone a substantial redevelopment, with only the original façade retained, effectively presenting as a new home. Based on the scale and finish, the construction cost is likely in the vicinity of $1.2M–$1.5M.
The property is clearly being offered as a developer flip, and in the context of current market conditions it remains to be seen whether the developer will ultimately achieve the desired return.
That said, the home itself is very appealing. It offers the scale and accommodation expected by family buyers and is positioned within a quiet and highly desirable pocket of Brunswick East, only a stone’s throw from the Merri Creek parklands. The quality of both the construction and the architectural design appears well executed.
Given the design has utilised much of the 600+ sqm allotment, the necessity of the second living area positioned off the main open-plan zone could be questioned from a functional planning perspective.
Sales at 117 Union St and 63 Donald St are the only real comparables, but they have only achieved $3,388,000 and $3,200,000, respectively. For the vendor to make a quantifiable profit, this home needs to achieve well in excess of $3,300,000
- Great quality finish
- Quiet family location
- Family accomodation
- Small back yard
- Weird spot for 2nd living area
- Removed from Hustle
Buyers Agent
