Melbourne Buyers Advocate: Richmond

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Property Type: House on its own title
Purpose of the purchase: property investment & base in Melbourne to potentially move in to down the track

Key Criteria
  • 1

    Low maintenance

  • 2

    Location close to Epworth Hospital Richmond

  • 3

    Rentable condition

Client Outcome

Key Attributes of selected property
  • Located 1.2km to Epworth Hospital in Richmond – attractive to property investors as the hospital is an employment hub which attracts doctors, surgeons and nurses etc. looking to live nearby

  • On a small block of approximately 200sqm, not much yard to maintain – this is an attractive attribute for property investors as it means less maintenance and less hassle

  • House was built in 1997 and has been kept in good condition, no renovations needed – a turnkey property is great for property investment in Melbourne because it means an investor can lease it out as soon as the property settles saving time and money

  • No common area, on its own title. Our Melbourne buyers advocates know that this is ideal for investors as it means they don’t have to pay a body corporate fee or common grounds fee for the joint maintenance of the common areas of the property, this saves money

  • Two bedrooms, two bathrooms, ideal for renters – this is an attractive proposition as it will attract a wider portion of the rental market as potentially two couples or young professionals could live in the property and have their own bathroom

  • Off street parking – highly sought after attribute in inner city areas as there is limited street parking and many higher income earners have nice cars that they don’t want to park on the street, making the property more attractive to renters

  • Located 1.8km from Jolimont & Richmond Train Stations, 2km from the MCG, 200m to Bridge Road and 200m to the tram – proximity to amenity makes the position of this property highly desired by renters looking for the lifestyle aspects these amenities bring, plus an added bonus is the solid long term capital growth this attribute brings to the property investor/owner

Successful Purchase

The search time prior to purchase was approximately 8 months. Our Melbourne buyer advocates assessed over 20 properties for our client and inspected 8 properties before buying the right property for the right price. Normally we would try to secure the selected property prior to auction, however in this case it was determined that the vendor wanted too much for the property prior to auction. We successfully purchased the property at auction for less than the buyer was prepared to pay prior to the auction. Within a four week period after settlement the property was leased to a good quality tenant by our property management team.