…An off-market period Victorian in Newport

A brother and sister team were looking for an optimum project to tackle in Melbourne’s inner west. They’d set their criteria and hoped to find a period Victorian cottage with ample land to extend the property in time from a two bedroom to a three – or even four – bedroom house.

Their desired pockets included Seddon, Yarraville, Spotswood or Newport, on the proviso that their property was within easy walking distance to shops and cafes.

When we got the call from a local agent for this sub-$700K gem on River St Newport, we knew it was a contender.

Like most off-markets, we had no competing buyers. The vendor was happy to consider a fair offer – and what that meant for our buyers was that they could negotiate with the comfort of knowing that as long as both parties deemed the final result fair, and as long as the settlement terms were suitable, they weren’t caught in a bidding war scenario where the property could be swiftly taken away by a competing buyer.

We promptly inspected the property and instructed our buyers with a excited air of enthusiasm.

Newport is a popular option for us when working with our investor clients for a few reasons. Firstly, it is a very accessible suburb for rail commuters. Newport station is a hub station which is on multiple rail lines; Williamstown, Laverton, Watergardens and Werribee. During peak times, commuters can enjoy a fast trip with a guaranteed stop at Newport – catching a train to and from Newport is always one of the most advantageous trips when it comes to train regularity. Secondly, Newport is an inner-ring suburb and offers easy access to the city either via the Westgate Bridge or via Dynon or Footscray Roads. Thirdly, Newport still offers period single-fronted Victorians in the sub-$700,000 range, and finally;

Newport is evolving to a popular suburb and this evolution includes the gentrification of the local shopping strip and dining lifestyle.

River Street is within the A grade section of Newport; just a short stroll to the shops and station, and wedged close enough to the waterfront bike trails and sports park for any resident to enjoy the sunshine and opportunity to exercise.

This beauty has been renovated internally, yet still offers opportunity for our buyers to challenge the existing floorplan and make this house an exciting family-home conversion. Situated on a generous long block and featuring a right of way at the rear, the only thing they’ll need is imagination, equity and an easy town-planning assessment. But like many in this A grade pocket have done with similar houses, the result could be amazing.

Regardless of whether they renovate now, in two years, or in ten; what they have done is secure a fantastic property in an A grade location.

Wishing them all the luck, excitement, capital growth and congratulations this River St gem can deliver.