32 Loftus Street, Turrella
SydNest Score: 3.4/5
Location 5 | Price 4 | Condition 1 | Amenities 1 | Neighbourhood 3
This four-bedroom house sits on over 400 square metres of land, which is the most valuable attribute of the property. I expect it to be bid by those who wish to rebuild on the site (developers/knock-down-rebuild).
Ideal for households with incomes from $235,000 to $370,000
The sales agent has not listed a guide, but made the listing appear above a search of $1.2 million, so I expect that to be the lower end of the guide.
Hasn’t been sold in a long time (no available records) and the valuation model suggests $1.76 million, but that is on an as-is basis, assuming the dwelling is of a marketable condition. Looking at the photos I would suggest otherwise.
This means the way to value this property is to use the Valuer-General’s last estimate and adjust for what is a reasonable market value. I estimate the value of the land at $1.3 million.
Adding the demolition and new home cost (of about $700,000, depending on the quality of fit-out), one could end up with a brand new home on the site for about $2 million, which would make sense to me.
If you want to know more about financing a knockdown rebuild for this site, you can contact me on my website.
At $2 million, a 20% deposit (at least $500,000 including stamp duty) could be affordable for those with household income of at least $305,000, probably down to $235,000 if it’s an investment.
If you have a 5% deposit (at least $200,000 including stamp duty), this house could be attainable with household income of at least $370,000, probably down to $300,000 if it’s an investment.
Of course, these estimates are subject to so many things, which you can read about in my disclaimer.
What I love about Turrella
Close to public transport for easy commuting. It has its own station and is two stops from the Airport and a 20 minute trip into the city
Quiet, residential neighborhood with a community atmosphere.
Nearby parks and green spaces for outdoor activities.
Close to shops, cafes, and essential services.
Here's what the land offers
434 square metres.
Potential to add value with second story addition or duplex potential (subject to council approval).
Possible part development site only 200m to Turrella Station and 30m to local bus stop.
If amalgamated with neighbouring properties, site large enough for a high rise development is possible (subject to council approval).
Keep in mind ongoing costs:
Council rates: Ask the agent
Water rates: Ask the agent
Rental potential: Valuation models are not accurate for this listing, but I assumed $2000 per week for a brand new home in my calculations. Vacancy rates and property management fees should be considered when evaluating potential investment income.
If you like it
Inspect the property Wednesday’s at 2pm and Saturday’s at 11am. Visit my website if you would like me to arrange your finance.