26 Seddon St, Ivanhoe VIC 307926 Seddon St, Ivanhoe VIC 3079Price: $1.215m
Bassel is a long-time client who appointed us to secure and project manage this modest project with a mind to recouping capital by selling one portion and retaining the other for long-term capital appreciation.
We know that he loves his big blocks, and we quickly zeroed in on one particular suburb with reasonable cost per square meter and strong demand from owner occupiers. After watching the property pass in at auction with big price expectations, we maintained dialogue with the selling agent so that we were first to know about a significant price adjustment. The vendors were increasingly motivated.
The location is very popular for knock-down rebuilds from owner-occupiers who aren’t adverse to overcapitalising. We knew that a vacant 500m+ block with a big street frontage would sell really well. Council doesn’t like approving vacant subdivisions (they prefer you to build then subdivide) but we know what we’re doing. We defined a new build footprint, ran all services (drainage, electrical, internet, gas, vehicle cross-over), attained a new title, and advised Bassel on a good local agent to sell through.
The vacant block sold for $0.750m and the existing dwelling was revalued afterwards at just over $1m. Funnily, it ended up renting for more per week after losing its massive rear yard.
Bassel had some nice things to say about us afterwards: “My family and I were looking to get into property development in Melbourne in 2015.Andrew his team have helped us complete two successful projects. Andrew is honest, transparent and smart. We have put a lot of faith in him and his team – we haven’t been disappointed”
Idyllic township, rural feel with metro amenities and big future infrastructure
1125m2 sloping corner w/ vegetation
Tidy but dated 3bed/3bath
$1.125m
up to $1.290m
Private Sale, 3 weeks Post-Auction
3 months
$650 /week
3.0% gross
House $0.895m | Unit $0.690m
7.5% p.a. over last 10 years
Diverse, increasingly affluent demographic; regular media hype; big gentrification
Good value post-auction buying; straightforward, profitable subdivision with continual rental income
Retain and rent existing dwelling; subdivide and sell large rear street-facing yard
18 months from purchase to completion
$1.520m inc full subdivision
$1.790m
$0.270m
53%
18%
3.6%
$1.635m
$0.820m
$2.000m
$1.100m
Get the best investments properties, development projects & market insights
“Andrew is pleasure to work with and is great at his job. He is diligent, efficient and communicates in a timely manner. Very professional, trustworthy and importantly has sound judgement regarding property matters. Highly recommended.”
“It has been pleasure working with Andrew. Very experience and knowledgeable in the development space. We were able to secure a suitable development site very shortly after engaging him.”
“Andrew Stone has helped immensely with my first investments and developments in the Melbourne market. He marries a high level of industry expertise with commercial common sense and a practical approach. His understanding of the planning process is second to none and has helped to save money and time.”
“We would like to thank Andrew for his guidance on our journey to purchasing our home. Throughout this process, Andrew had been very patient, receptive and understanding of our needs, and responded to our questions without hesitation or judgement. We couldn't recommend him enough!”
“Every encounter with Andrew, regardless of what assistance I required, was one of honesty, integrity and efficiency. I would highly recommend Andrew and Property Analytics to friends and family without hesitation.”
“We've completed 2 projects with Property Analytics and have been thrilled with the level of expertise and friendliness of the business. We look forward to adding more projects in the future.”
“Property Analytics provides invaluable information on market trends with detailed graphs and information which is brilliant to share with our clients.”
“Walking 'in off the street' one day, I was instantly taken by Andrew's knowledge, enthusiasm and no-nonsense approach to property and development in the Melbourne market. I wouldn't hesitate in recommending Property Analytics.”
“Andrew has proven himself as extremely professional, reliable and acts with the highest integrity. Recommend to anyone looking to make their next move in property.”
“Property Analytics knows the Melbourne real estate market very well. Andrew continually provides us information on emerging trends and important market conditions, and explains statistics in simple language that people can understand.”
03 9497 5429
