Today’s property feature is a property that sold in Mount Waverley a few weeks ago. I hereby introduce you to
5 Bengal Crescent Mount Waverley VIC 3149
This property sold on the 30th of July recently for $1,665,000 which in my opinion was an excellent buy. If COVID did not happen, this property could have sold close to $2M!
So what were some of the property features that made this property interesting for me?
The street location and where it sits within Mount Waverley is the biggest drawcard. Bengal Crescent is a nice quiet tree lined street and is not connected to any main roads. Therefore, you can expect peace and quiet all through the day. It is also located very close to the Damper Creek Reserve which adds to the serenity of the property.
It is walking distance to the ever popular Mount Waverley Secondary College and a 5 minute drive to the station. It’s a short drive to the prestigious Mount Scopus Memorial College if a private education is on the cards. The combination of being in close proximity to such excellent schools is highly sought after and often has a price premium attached to the sale price in Melbourne. It is not uncommon to have price premiums of several hundred thousands of dollars to buy property zoned to popular public schools.
Next, the block size is slightly bigger than your standard quarter acre block at 1,164 square metres. Properties in Mount Waverley with such large block sizes for sale are rare.
There are no properties that sold this year that I would claim is directly comparable to this property which makes it difficult to price. There were other properties that sold with similar block sizes but were in my opinion located in inferior streets as compared to this property. They were either too close to the freeway or on a main road. This makes the property less desirable and will often sell for less.
There was a property 27 Swayfield Road Mount Waverley which sold in October 2019 which I would consider its direct comparison. It is located on the next street and this property sold for $1,805,500. Similar amount of bedrooms and similar block size too. This is almost a difference of 8%!
The property has an excellent floor plan with all the bedrooms at the entrance followed by laundry, kitchen and lastly living/dining area. This flow is very desirable and meets the current demand for large family homes. A kitchen and bathroom renovation is all it would take to bring this property up to date. All the bedrooms are good sized bedrooms too. The north facing backyard is another plus. This would mean all day sunlight for all the main living areas of the property.
The pool is a nice touch but the fence needs updating. The only thing I can fault this property is not having a double car garage!
I believe a decent cosmetic renovation to the kitchen, bathrooms and outdoor area will add serious value to the property. When the market gets back to more normal levels and renovations done, it will sell for over $2M in a few years for sure! However, one to definitely keep if you can. Will this property double in 10 to 15 years? Guess we will continue to keep tabs on this property.
What did you think of this property feature? Please feel free to leave comments below. Thank you !
Money Melbourne 