An amazing and cost-effective renovation in Footscray…

Back in March this year we proudly bid at auction for this skillion roof, daggy two bedroom house in Swan Street Footscray.

Our buyers were excited, but not for quite the same reasons. He had seen through it, understood our intrigue and agreed with me that his dreams of renovation could be easily achieved in just a couple of months post-settlement.

She, on the other hand, hadn’t yet seen it. And we were bidding for it that very day.

The auctioneer’s preamble commenced. The bidders gathered in the street. I chose my position carefully… after all, I’d identified the prospective bidders and the body language of one in particular indicated that she was my most serious competition.

I stood where I could see her and the auctioneer… right in the centre of this dead-end street.

The property had been quoted low. We all knew that a house on its own title in Footscray would attract its own premium however – and after profiling the improvements they could make and canvassing the best rentals they could anticipate, my buyers set a sensible budget on this 4.5km-from-CBD house in Footscray. Based on the prospective rent, the corresponding cashflow and the cost they’d be facing to renovate it enough to attract the right tenant, we prepared ourselves for a showdown and remained calm.

The hammer fell on my bid, with competition challenging us all the way to the finish line.

We secured it for $462,000.

Our terms included access prior to settlement and special permission from the vendor to obtain quotes.

Before and after: the red kitchen transforms

The pre-renovation bathroom didn’t even feature. This 60’s roughie is now refined and ready for a great tenant..

Our clients commenced works immediately upon settlement and transformed this skillion roofed 1960’s house into a beautifully presented, fresh-faced two bedroom home for local medico tenants. On a tight budget, and coming in with a complete budget of $500,000, they achieved their goal and found a fabulous tenant at $415pw within days.

We couldn’t be prouder. Well done you two… With three little ones in tow and a goal in mind, you nailed it! Wishing you years of capital growth in fabulous-Footscray!