If it is Old World charm you’re looking for, this 3 bedroom house with a 1-bedroom, self-contained Granny flat, could be a good buy. It is currently selling for $838,000 in the Perth suburb of Claremont.
The home was built it the 1960’s and sits on a 354 sqm block. It features good sized bedrooms, central bathroom, separate kitchen and lounge areas, and a laundry room. The Granny flat is self-contained with separate bedroom, kitchenette/dining area, small lounge and combined bathroom/laundry. In front of the house you will find a front porch and deck, at the back is a paved entertaining area and low maintenance garden.
The home also has some period features such as open fire place, decorative cornices and ceilings, leadlight windows, and jarrah wooden floors.
The home requires some renovations and the owner has said he will offer to provide plumbing and electrical works to complete the bathroom to the specifications of a buyer, as part of the sale.
The suburb of Claremont is about 9km west of Perth’s CBD and is a popular destination for shopping and leisure. This home is close to train stations and buses, as well as local and private schools such as Methodist Ladies’ College, Christ Church Grammar and Scotch College. Lake Claremont, Claremont Golf Club, Claremont Pool, Claremont Yacht Club and beaches are also close by.
This home is ideally suited to home renovators and investors. This is a vibrant and convenient suburb that has everything to offer and attracts mature and young couples, singles and families.
Currently, house asking prices in postcode 6010 range from $900,000 to over $1 m and has seen a 1.6% growth over the month. This home is priced below the current price range as it does need updating and renovating.
Investors will be excited to know that house asking rents in this area increased 38.6% over the last 3 years and 4.4% over the last month. The agent states that, until recently the Granny flat was rented at $300 per week and the home at $400 per week. Vacancy rates sits at 3.1% and a gross rental yield of 4.4% can be achieved.
It is well worth looking at this property if you are a keen renovator. Don’t forget, due to Covid-19 all viewings are strictly by private appointment.
With the current health and economic crisis we are facing, it will be difficult to put an exact figure on how far house prices could slump. It is important to monitor markets closely.
Keep monitoring this market’s growth with SQM Research’s free property data. Also consider the SQM Property Explorer product for more in-depth data and property price estimator.
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