Form guide wrap: Investors stay on the sidelines
All three of the properties Property Observer focused on last Friday were passed in at auction.
South Australia
6 Stephen Street, Mount Barker, South Australia, 5251
A local landmark, this four-bedroom, two-bathroom house is known to residents in the area as "Stephen's house". Originally a stone cottage built around 1900, the property has been seamlessly updated and extended throughout the years and now has plenty of space. It is only 20 minutes by public transport to Adelaide CBD. The house has a rental potential of $550 to $600 per week. The house was passed in at auction on Saturday, June 25. It is being marketed by First National Pope Nitschke agent Ally Woolcock, with price expectations of $560,000 plus before the auction. Woolcock says the vendors are now saying price on application for the property.
Victoria
4/ 43 St Vigeons Road, Reservoir, Victoria, 3073
This one-bedroom unit has a tenant on a secure lease until the end of 2011, making it a good purchase for investors. average rent in the area for units is $300 per week. The property has a private courtyard, landscaped gardens and timber floorboards, and it is within walking distance of Leslie Reserver, Banff Street shops and Reservoir Views Primary. The unit was passed in at auction on Saturday, June 25. It is being sold by Ray White Reservoir agent John Catanzariti, who said price expectations were about $270,000 plus before auction, but now says the owners are hoping to secure about $315,000 plus.
New South Wales
76 Rawson Road, Guildford, NSW, 2161
This renovated, three-bedroom house faces north and is light and airy. It would be a good property for an investor, with rents in the area about $400 per week. The bathroom and kitchen have been updated, and a large back yard means it should be easy to find families to rent it. The house was passed in at auction on Saturday, June 25. It is being sold by Ray White Granville agents George Jammal and Gassan Mahfoud, who gave a pre-auction price guide of about $380,000 plus. Now Mahfoud says the owners hope for $429,000 plus.
