What a lazy $700,000 can buy in Warrnambool: HTW residential
Values within the Warrnambool market are yet to display any decline due to the impact of COVID-19, according to the July Herron Todd White (HTW) residential report.
The valuation firm took a look at how a budget of $700,000 could be invested in property markets across the nation.
The report notes confidence across the purchaser landscape remains solid; whether this remains the case in three months’ time is open for discussion.
"Demand in this price sector was considered to be on a slight upward trend pre-COVID-19 and we predict that trend to continue moving forward should the COVID-19 recovery come quickly and completely," the valuation firm said.
Premier central Warrnambool properties, particularly those with heritage stylings and some level of updated interior, are very much excluded from the $700,000 price range.
The buy-in for entry level property in this location starts at $750,000, the report noted.
"A great example of what you get at the premier entry level is 9 Victoria Street, Warrnambool, VIC, 3280 (pictured below)," the valuation firm said.
Three bedrooms, one bathroom, detached two-car garage on an 800 square metre allotment.
Situated one block removed from city centre. Very basic level of fit-out with fantastic heritage features.
Moving ever so slightly away from the premier locations, potential buyers will start to see a number of options develop.
It’s here, still centrally located (within one kilometre of the CBD and beach) that buyers will find high quality townhouses, renovated heritage dwellings and properties with further development or value adding potential start to become available in the $600,000 to $700,000 range, the report noted.
For those with a vision and greasy elbows, look no further than 90 Skene Street, Warrnambool (pictured below).
A circa 1880 weatherboard dwelling requiring a whole lot of work situated on a 2,100 square metre allotment.
While the amount of renovation work required can’t be overstated, the dwelling does feature distant ocean glimpses through the Norfolk pines.
"There’s great potential for value adding with property such as this around Warrnambool," the valuation firm said.
The report notes buyers interested in something with a little more room to move can find larger sized property (4,000 plus square metres) in Warrnambool’s surrounding lifstyle areas.
5 Elizabeth Street, Allansford, VIC, 3277 (pictured below).
Set on one acre, ten minutes from Warrnambool in the smaller satellite township of Allansford, this property features a standard quality, modern style brick dwelling of approximately 240 square metres.
Beyond the dwelling, the property is improved with a six bay workshop and large store shed.
"As mentioned above, if you had this kind of money to invest within the region’s property market, then you have the opportunity to purchase within most market segments, from a large, centrally located character dwelling to a rural living style property on the outskirts of town," the valuation firm said.
Properties within this price range are generally owner-occupied and we don’t see many of them offered for rent.
"Demand in this price sector has remained relatively steady over the past few years and we predict that it will continue to remain this way over the next 12 months.
"However, with the impact of COVID-19 on the property market still unclear, it is difficult to make any predictions with confidence."