On sale since October 2018, is this 4-bedroom, 1 bathroom home sitting on 603 sqm of flat coastal land in Dromana, approximately 70km south of Melbourne CBD, in the Mornington Peninsula shire.
Sitting on two levels, the first floor offers open plan kitchen and dining with large windows, a sizeable living area with neutral tiles and plenty of natural light, and a laundry and second toilet.
Upstairs you will find 4 bedrooms all with new robes, polished timber floors and an updated family bathroom. Also upstairs is an extensive deck with views of Arthurs Seat to the left and Mount Martha Point to the right.
Outside is a 10m alfresco deck, large garage complete with roller door, built-in barbeque area and a garden full of beautiful, decade old fruit trees including citrus, stone fruit, olives, walnut and avocado, producing abundant supplies of fruit year round. There is also a 5000 lt water tank with pump that services the laundry sink and the garden hoses.
Initially on sale for $595,000 to $635,000 in October 2018, the price has been reduced to $540,000 to $560,000. The agent says urgent action is required so it must be sold. It last sold in 2004 for $220,000.
SQM’s Valuation tool estimates this house to be worth around $560,000 to $580,000. Asking prices for houses have decreased 1.3% over the month, after a 3 year increase of 21.3%.
The home is in a popular sea-side location providing a Peninsula lifestyle of beach, shops, hotel and cafes. It is also nearby to many world class wineries, golf courses, Peninsula Hot Springs and ocean beaches.
Move right in or renovate further, this property makes an ideal holiday home, a permanent residence or an investment property, with potential rental return of approximately $438 to $460 per week. Rents have increased 1.4% over the month for houses in the postcode, after a huge 3 year increase of 24.0%. Gross Rental Yield is 3.05%. Currently vacancy rates sits at 3.5%.
Keep monitoring this market and other areas by accessing free property data at SQM’s website. Also consider the Property Valuation product for more in-depth data and property price estimator.