23 Hill Street TOORAK

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23 Hill Street TOORAK

Benefits

Panoramic views
Above average land size
Close to Water
Good access and flow to outdoors
Excellent Backyard

Concerns

Poor street presence & facade
Possible negative noise impact
Interrupted floor levels
Below average kitchen size
Uninviting entrance
Kitchen needs work
Mal James
Mal James
Principal Buyer Advocate
0408 107 988
mal@james.net.au

Comments on 23 Hill Street TOORAK

The issues for me all lie in the building - if basically you like the building, then the smaller fixes are there and that will avoid a major renovation - which in my opinion, would heighten the main risk of this purchase - ongoing growth to location based on initial and future cash inputs.

The reds lie around some personal choices of the position - road noise is prominent externally, while significantly reduced internally.

Many of those in the know, over the years have looked less favorably on this position for that reason, combined with distance of walk to the shops.

However, in recent times there has been some very strong prices paid outside Hill, in streets such as Chastleton. Hill still has, to my knowledge, only attracted one significant sale over $10,000,000, with the rest being under $8,000,000 - having said that, if they had the land content of 23, then a different picture could well have been painted.

And that for me should be the focus point - the land - what is it worth now, what will you have to pay and what may it be worth in the future?

Let's look to the home - the advertising photos tell the story from the front - by the fact they do not feature the façade - at this price level, it is weak - but this issue diminishes through natural topography, the garage position and some plantings.

While in the garage - without a bulldoze and rebuild - which would be tempting on the garage alone, due to the ease of which an underground one could be installed into a new build. Without a rebuild, improvements could be made to the rear step and connection issue and at the same time, fix the kitchen issue by building out to the south - thus bringing the connection garage to home inside and allowing room for a new laundry position and some form of mud corridor and expanding the kitchen footprint - relatively inexpensive, should get through council OK (STCA) - this would be my first start of some minor fixes, which would lead to major improvements.

The moving of the current laundry and the demolishing of the rear toilet area would allow an opening up of the living area and to give it better scale - making the whole indoor/outdoor superior than what it currently is, which is acceptable (currently good orientation for light).

While we are there - the pool dominates the main garden area, away from the tennis court - it has been part of the "tart-up for sale" process, evident throughout the current 23 presentation. At this stage we would leave the pool (fence?) and the court alone and focus on sheer vertical planting to increase the sanctuary/privacy feel - obviously some restrictions on the dimensions of the foliage canopies - but some green smarts now, are for me a close second to the kitchen/laundry/garage fix, the biggest bang for the smallest buck.

We move back inside - the formal living area and entrance area needs some designer wow - some eye candy to reduce the non or negative impact when you first enter the home - you see the edge of the stair case upon entering and that's a visual block - perhaps we even move the entrance.

Bedroom accommodation upstairs is basically all good - in fact slightly better than good - I like the spaces, the flow and the room there is for some improvements. If the new owner wishes to, one improvement could be a more significant highlighting of the views to the city, whilst of course remembering that new windows should be double-glazed, as the impact of indoor noise increases with height.

Clarity - So is this the home for you?

1) Toorak buyer on big land and basically the home excites you with some cosmetics? Ok let's proceed.

2) Toorak home builder looking for a big block to build your new Gracelands - nope, move on, there is more suitable dirt.

And so we get to the Negotiations.

With any Kay & Burton deal it's not only how and how much - it's also how long will it take and how many spins of the circuit do we have to have, before they will let you off.

Another part of the negotiation dynamic is obviously price and that will in part be determined by your first move, the seller's response AND the interest (if any) from overseas and local.

Overseas interest has definitely diminished in recent times, the Chinese people you see bidding are less International Chinese and more Aussie than 2015 and up until Winter 2017, any gaps in OS bidding was being taken up by locals, either returning or living here.

So, is this a home with significant competition? I lean towards no, while adding all the usual suspect disclaimers - it only takes one other.

And so to Price - what's it going for?

Back to my original premise that best use is, you like the home as is. Combined with the lack of sales in this street north of ten, means for me it needs to work at land value and a free home.

Land value in Toorak has rocketed from almost parity with some other Asian dominated suburbs in 2014/2015 to challenger of Melbourne most expensive residential per sqm - up against beach front Brighton, Albert Park and Domain.

$10,000 per sqm was achieved at St Georges Road late last year at auction, with volcanic bidding from 7. This is not St Georges Road and true it's also not late last year.  Click here for our report.

Balmerino last week got $6,800 per sqm - a block with some compromises - as has 23 Hill St.  Click here for report 

At $7,000 per sqm you are $8,000,000 and for me that is where Value v Risk v Future v Compromises starts AND its good buying. The land has positional compromises and it is irregular.

At $8,000 per sqm you're in the quote range and if you like and there is competition and your skill level is such, then success may come at around $9,000,000

At $9,000 per sqm - it's yours and K&B will pick you up in a limo, as you break the $10,000,000 ceiling.

I like this at a price if you like the home.

Be with James

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What our clients had to say about James

Your professionalism, judgment and communication with us was exemplary. Many thanks Gina. I can‘t begin to tell you how impressed Marika are with all of the work that you and Mal did for us in the past week. Your professionalism, judgment and communication with us was exemplary. We would not contemplate buying in Melbourne without your guidance. Chris

Marika & Chris

KEW

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5
Bedroom
4
Bathroom
2
Parkings
1,150sqm
Land Area
Floor Plan Agent

Private Sale

Quote $8,800,000 - $9,680,000

East Facing

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