Melbourne Buyers Advocate: Fawkner

property-investment-melbourne-t1-7-minona-st-fawkner

Property type: House with land
Purpose of purchase: Investment property

Key purchasing criteria
  • 1

    Within 20km of Melbourne CBD

  • 2

    Good transport links to the city

  • 3

    Potential to subdivide block and build rear unit

  • 4

    Rentable condition

  • 5

    Capital growth

  • 6

    Minimum 3 bedrooms

Client Outcome

Key attributes of selected property
  • Located 13km from Melbourne CBD well within 20km radius – a key attribute for the purpose of capital growth for our investor client, historically inner and middle ring suburbs have a stronger rate of capital growth given they are closer to the city and amenity. Our Melbourne buyer advocates know that this means a better return for our client in the long run.

  • Located 1.1km from Gowrie train station and 1 block from bus stop – highly desirable attribute as proximity to transport improves capital growth potential and is desirable for renters who look for ease of access to their work

  • Block size of 680sqm with potential to subdivide – an important attribute as this will allow our client to add value to the property through building an additional unit at the rear – a good way to make a return on your investment sooner

  • 3 bedroom brick house in rentable condition – this will allow our client to rent the property out straight away and not waste time and money having to renovate prior to finding a tenant

  • 300m to local shops – this attribute makes the property more desirable for renters knowing the local shops are very close and easy to access

Successful Purchase

The search time for this client was 3 months. They were a first home buyer and wanted to secure a property prior to Christmas. Our Melbourne buyer advocates had assessed over 30 properties in different suburbs, and we inspected 6 properties in Reservoir and Heidelberg West combined prior to purchasing the right property in Fawkner. The selected property was scheduled to go to auction early in the following year, however we arranged with the listing agent to inspect the property prior to the auction campaign. We ended up securing the property on Christmas Eve for our client prior to auction. We have achieved a rental return of 4.56% which is very strong for Melbourne.