BOUGHT* - $1,430,000

Near a busy roundabout, the crowd squeezed onto the footpath. Auctioneer Craig Shearn explained the opportunity to buy this property was rare. The bidding started at $1,000,000 and quickly was on the market at $1,250,000. Two bidders went head to head until one succumbed and the property was brought at $1,430,000. ...

Crowd Numbers: 100 people
Bidderman: 2 bidders

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407 Rae Street FITZROY NORTH

Item: 407 Rae Street FITZROY NORTH
Rating: 637
Author: Simone Clarke

Benefits

Higher positional potential for long term growth

Growth above average metro in last decade

Excellent land content as proportion of price

Lower risk as established precinct

Lower risk established look

Concerns

Requiring significant additional cash to purchase price

Significant ongoing outgoings

Simone Clarke
0400 304 111
[email protected]

Comments on 407 Rae Street FITZROY NORTH

This property is a larger than average allotment for the area & its almost what you could call a double block. The property benefits from rear lane access however the lane way abuts light industrial. I have rated this property as land only because the existing dwelling needs a major refurbishment or full demolition. Despite the light industrial use to the rear the property is well located being walking distance to Edinburgh Gardens, cafes, restaurants, shops, bars & public transport. Will be attractive to developers or major renovators - Currently renting approx $500 per week.

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3 Bedroom	1 Bathroom	2 Parkings	402sqm Land Area
Floor Plan	Agent	Sold - 12:00pm Mar 27 2010	Quote $950,000	West Facing

Assess Question: Is this property a good home?