11 EL RAMLEH AVE

Your
Property
In this section, we take a dive into the nitty-gritty of 11 El Ramleh Ave, Wendouree. We analyse the property itself, its surrounds and the numbers that matter. We also take a look at the comparable sales in the area and how they stack up against the property.

The Numbers

 

3 - Bedroom

1 - Bathroom

2 - Car space

 

Land Size: 659m2

Internal Living - 122m2

Orientation

Rear - West

Front - East

 

Sale Method

Private Treaty

Buyers Guide - $359K - $379K

Price Appraisal

Logical Price: $330,000 - $350,000

Emotional Price: $350,000 - $370,000

Our Target Price: $340,000 - $360,000

 

Renovation Allowance

Circa $20,000

Post Renovation Appraisal

$370,000 +

 

Estimated Rental Return

$260/wk (current condition)

$290/wk (post renovation) 

Gross Rental Yield (on max. target)

3.75% (current)

4.18% (post renovation)

The Recommendations 

Contents Insurance
terrischeer.com.au

- Approx. $90/month 

 

Property Manager
To be confirmed 

 

Tax Depreciation Schedule
BMT Tax Depreciation 

- Approx. $700 

 

The Documents

Contract of Sale
Vendor Statement
Solicitor Feedback
Build & Pest Report 

The Stats

Distance to CBD

Car: 8mins (4kms) 
Bus: 17mins, including a 5min walk to the bus stop from the house, 10mins bus ride and 2mins walk to the CBD 
Bike: 15mins (3.9kms)

Walk: 50mins (3.9kms) 

As the crow flies: 3.2kms 

Distance to Airport

110km, 80mins by car to Tullamarine and Avalon 

Walking Distance

Howitt Street which has many retail and dining options is a 6mins walk

Ballarat Grammar is only a 2mins walk

The Wendouree Centre for Performing Arts is in Howitt Street, approximately 8mins walk

Lake Wendouree and its associated parkland is a 10mins walk and

Stockland Wendouree Shopping Centre is 20mins walk

Wendouree train station is a 20mins walk from the house​

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What's Around

11 El Ramleh Avenue, Wendouree

Our Photo's and Video's

Our Thoughts

You could say, this is the premier street/zone in Wendouree. It's common knowledge that any property south of Norman St and close to Ballarat Grammar and Wendouree train station is the place to be. This ticks both of those boxes with Ballarat Grammar a short 200m stroll away and Wendouree station a 19mins walk. The street itself is a cul-de-sac with all but one property owner-occupied. Directly across the road, the neighbour is currently completing renovations which included a large extension, solar heated pool and new rear garage and shed. The renovation is modern and will definitely add to the value of the street and immediate area. The property is a short stroll to the Stockland shops and sits equally between Ballarat and Wendouree Train Stations (both 1.5km away) - both of which, are a direct line into Melbourne CBD (currently 1hr 10mins).

 

The property itself is quaint and elegant - It still talks to its past, however, leaves plenty of room for improvements in the future. The block is somewhat awkward, with a large rectangular front section and then a skinny section behind (see pics above). However, this creates this nice tranquil private setting, especially with the bungalow area constructed to the rear. Internally the property is quite dated, but still most definitely in good condition and below, we have listed out what we believe can be improved before leasing the property out.

 

Schools in Ballarat are some of the best in the state, in fact, Ballarat Clarendon College is ranked 4th in the state and #1 in Ballarat. Ballarat Grammar is ranked 93rd from 532 schools in Victoria and #2 in Ballarat. Both of which this property lands in the catchment areas.

 

There is an opportunity to add value to this property in the future by extending out to the rear from the back of bedroom 3 and reconfiguring the internal footprint. Pushing the kitchen to the new extension that backs onto the current alfresco will really create a great family entertaining and living zone. Pushing all the sleeping and services (bathroom and laundry) to the front and middle of the property will create distinct zones in the property. On the outside, a new and more modern paint scheme and re-spraying of the roof tiles will also really lift this property. There is an easement that runs behind this property that we are currently investigating being able to build over/move. 

 

The suburb will see extremely strong capital growth in the short, medium and long-term. Given this, there's no reason to rush any major renovations that have been proposed above. However, this is simply great to have up your sleeve for when the time is right. For now, it's a matter of getting into the market in a great location and taking advantage of the strong organic capital growth projected.

 

The agent has an offer on the table at $350,000 that the vendor has rejected.

 

What We Recommend

The strategy here is to buy and hold but not after completing some basic improvements internally to the property. We recommend an allowance of $20,000 to complete the following, but not limited to:

 

• Painting throughout

• Update window furnishings

• Update light fittings

• Remove bedhead from the master bedroom

• Update door handles throughout

• Basic gardening/tidy up to the front and rear

• Remove external window awnings and make good to surface

• Add roller door to carport (subject to budget)

• Allowance for any maintenance issues.

 

We have a target price range of between $340,000 - $360,000 for this property. We would recommend an offer at $355,000 with a max. counter at $360,000. We would do this as a formal written offer with the following conditions:

 

• Subject to a bank valuation

Subject to finance

• Subject to access the property during the settlement period for tenant viewings

• Subject to building & pest reports

• Deposit not to be released to the vendor

• We will request early access to the property to measure and quote for the required works.

 

Next Steps

• Luke to review the property

• Luke provide feedback (yes/no)
• Milk Chocolate send Luke the purchase advice and contract for signing
• Luke signs purchase advice and contract via DocuSign

• Milk Chocolate make formal written offer to sales agent.

Demographic

Housing Commission Heat Map 

1% of residents rent from a state or federal housing authority in the area where the subject property is located. The neighbouring blocks have higher proportions of 3%, 4% and 9%.

11% of residents rent from a state or federal housing authority in Wendouree. The inner neighbouring suburbs of 0%, 1% and 6%.

Comparable Recent Sales

 

Here we provide the most recent sales in the area that are no more than 500m from your property and not older than three months. We narrowed the search radius to within 500m from 1km due to there being different segments of the Wendouree suburb. We are purchasing in the prized location so it was important to measure this with properties in the same area. We also provide a rating (superior, equal or inferior) of the comparable property against your property across three categories; market timing, location and overall. Generally speaking, if the property ranks overall inferior, then we can expect your property to be valued higher and vice versa if rated superior. Market timing refers to the strength of the market when the comparable property was purchased compared to now.

Comparable Properties for Rent

Here we provide rental comparables in the area that are no more than 500m from your property and not older than three months. We also provide a rating (superior, equal or inferior) of the comparable property against your property across three categories; market timing, location and overall. Generally speaking, if the property ranks overall inferior, then we can expect your property to be valued higher and vice versa if rated superior. Market timing refers to the strength of the market when the comparable property was rented compared to now.

TOWN PLANNING

 

The zoning in Wendouree is GRZ1, meaning General Residential Zone

 

Buildings are limited to three storeys, with a maximum building height of 11m

 

There are minimum Garden Area Requirements on lots over 650sqm, meaning 35% of the lot must be used to provide a garden area on the ground level

 

All plans must comply with council planning laws. There is an easement that runs behind this property that we are currently investigating being able to build over/move.    

What Social Media Is Saying

* Milk Chocolate price data used on this website is sourced and relies upon information supplied by a number of external sources (including governmental authorities). This data is supplied on the basis that while Milk Chocolate believes all the information provided will be correct at the time of writing, it does not warrant its accuracy or completeness and to the full extent allowed by law excludes liability in contract, tort or otherwise, for any loss or damage sustained by you, or by any other person or body corporate arising from or in connection with the supply or use of the whole or any part of the information on this website through any cause whatsoever and limits any liability it may have to the amount paid to the external sources for the supply of such information.