Fall in love with Melbourne auction bargain

 Fall in love with Melbourne auction bargain

A Melbourne unit is attracting “squillions” of single girls, hoping not to break hearts but to break into the property market.

It’s rare to find a Melbourne unit for just $400,000-$440,000, but this semi-detached, two-bedroom abode at 2/15 Nathan Street, Ferntree Gully is heading to auction shortly with that very price guide.

With two-bedroom units in the leafy suburb having a median price of $677,000, according to realestate.com.au, it’s hardly surprising that there has been plenty of interest in the weatherboard unit.

Harcourt Dandenong sales agent, Glenn Williams, says numerous people have come through at inspections but the most interest has come from single ladies without a ring on their finger.

“As a two-bedroom unit, there hasn’t been a lot of families but we’ve had a squillion single ladies through,” he says. “There are lots of young ladies trying to get into the property market, and this place is a great way to start. We’ve also had a lot of investors looking at the potential of the block and what they can do with the property.”

The property is advertised as the “perfect low risk beginning to a million-dollar portfolio. Currently leased at 1412pcm (per calendar month), this place offers a yield of approximately 3.5 per cent, which is better than the bank.”

Glenn admits the property’s interior does need some work but it won’t take much to bring it up to scratch. He says the home also boasts a location “looking back into the hills, plus views, and the size of the block of land (352sqm) is absolutely massive.”

“The two units are attached through the laundry but there is the opportunity there to break that part off and build out the back where there’s plenty of room,” Glenn says. “It would be an easy renovation.”

However, Glenn adds that while the block is large, there is a council covenant on it, and only two dwellings can be built on the block.

“But that doesn’t mean it’s going be the case in the future,” he says. “And whether it’s for an investor or someone who chooses to live there, for most people it’s going to be fine.”

Glenn ends by describing Ferntree Gully, a leafy suburb at the foothills of the Dandenong Ranges and 40km south-east of the CBD, as a “really nice neck of the woods.”

“It’s far enough (from the city) to feel like you’re on a holiday, but close enough to get into the city when you need to,” he says.

2/15 Nathan Street, Ferntree Gully, was originally going to auction on Saturday, February 13, with a price range of $400,000-$440,000.
However, due to Victoria’s COVID-19 lockdown this weekend, these auction dates have now been delayed with further details still unknown at the time of writing this article.

Address

2/15 Nathan Street, Ferntree Gully, Vic 3156

Agent

Glenn Williams
0433 708 271
Chris Zhang
0434 627 345
Harcourts Dandenong

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