A-grade properties tick all the boxes for their prospective buyers, and despite differing price points, the fundamentals underpinning the property’s value are still the same.
Located close to shops, amenities and the local “village”, A-grade properties are found on good streets and never main or arterial roads. Usually, they also had an excellent aspect – north to the rear being the best; and are more resistant to downturns in the market.
Here are three very different quote price range properties we have observed recently that show just how strong today’s market is for A-Grade suburbs:
South Melbourne
- Single fronted Victorian cottage
- In sound condition (renovated circa 2010)
- Two bedrooms
- Small land size 79m2
- Original quote range $850,000 – $900,000
- Quote range revised upwards to $900,000 – $950,000
- On market $935,000
- Sold before the auction for $1.2 million
Flinders
- Holiday home
- Very liveable condition
- Three bedrooms
- Land size 1,011m2
- The original quote was $1.25 to $1.375 million.
- Quote range revised upwards to $1.3 – $1.4 million
- Five bidders
- Sold at auction $1.825 million
Armadale
- Edwardian home in original condition
- Needing total refurbishment
- Rose Street address
- Four bedrooms
- Land size 919m2
- Original quote range was $3.8 – $4.1 million
- Quote range revised upwards to $4.0 million to $4.4 million
- Six bidders
- Declared by the auctioneer on the market at $4.0 million with a vendor bid
- Sold at auction with intense bidding $5.8 million
What’s the common thread here? All three suburbs are A Grade!
They reinforce our message that if you buy in an A-Grade precinct, history will most likely repeat itself, and there will be good competition again when properties like this come up for sale.
At ela Property Advocates, we help you make good decisions and will source, assess and negotiate on your behalf. Call Guy Angwin 0412 022 998 or Geoff Briscoe 0419 740 351 Web: www.elapropertyadvocates.com