Melbourne Buyers Agents: Balwyn North

balwyn-north-advocacy-services

Property type: block of land or block with old house
Purpose of the purchase: Knock down and build a new 60sq home for re-sale

Key purchasing criteria
  • 1

    Minimum 600sqm of land

  • 2

    Located in the Balwyn High School Zone

  • 3

    North facing rear

  • 4

    Rectangular block with no caveats/easements in the way

  • 5

    Slope of block less than 3m from front to back

Client Outcome

Key Attributes of selected property
  • Located 1.3km from Balwyn High School and in the zone – this is a highly desirable attribute as Balwyn High consistently ranks as one of the top performing high schools in Victoria and is a huge drawcard for families wanting to send their children to this school, especially Chinese families from overseas

  • North facing rear and outlook to a park – this means that the property is ideally oriented to get as much sun as possible throughout the day, which means the new house will have lots of natural light, highly sought after by buyers

  • Land size 645sqm – a good size block to allow for a big enough backyard for kids to play in or to entertain once the new home is built

  • Rectangular block – regular with no encumbrances – a regular block size is important as it allows for more flexibility with designing a new home, often many buyers in particular Chinese buyers won’t buy a block that is irregular in shape. No encumbrances means there were no caveats or easements on the title that would restrict our client from building a new home

  • Old house suitable for knock down – this is important as it means our client wasn’t paying any extra for the house given they wanted to knock it down and re-build

  • Slope of block less than 3m – important attribute for our client wanting to re-build, the greater the slope generally the higher the cost to build, therefore a smaller slope was ideal given it was a development for re-sale, allowing our client to minimise build costs

Successful Purchase

This property was found after our Melbourne buyers agents searched for 5 months and inspected 12 other properties. The property had to go to auction due to the circumstances of the sale. We used our auction bidding strategies to secure the property for $60,000 less than what was determined to be market value. We also secured a longer settlement and a smaller 5% deposit than the 10% requested by the vendor. This allowed our clients to put down less money upfront and enough time to arrange plans for the new build.