Case Studies

Box Hill North

The owners of this property knew they had a good asset in their long owned family home.  They were unsure of the best way to maximise its full protential for their future retirement plans.

APBR carried out a detailed suburb and dwelling analysis that allowed them to make an informed decision.

The property in Box Hill North is on a corner block that was about 650m2. The location was zoned well to public schools, close to 2 major shopping centres and great access to public transport.

The community boasts a football and cricket club with strong junior programs within walking distance and great parks making it ideal for families.

Sales data showed a shortage in supply for larger family homes on full blocks. Most properties coming on the market at the time were marketed towards redevelopment or were already developed subdivisions with 3 & 4 bedroom town house options.

The shortage of supply of larger family homes was confirmed with 3 sales for 4 and 5 bedroom new homes reaching prices between $2.3 million and $2.5 million within 3 months of each other.

The dwelling was originally constructed in the mid-1960s as a two-bedroom home and extended in the mid-1980s to a two storey 5 bedroom home by the current owners. No major renovation works had taken place since, many areas of the house remain unfinished.

Of all the options provided the one that was acted on was to turn the home into a move in ready 5 bedroom modern home with a $500,000.00 renovation investment. The finished product would be a 5 bedroom, 5 bathrooms plus study family home with everything replaced presenting like a new home. The 4 car garage was retained, and an outdoor kitchen and pergola were added to make a grand outdoor entertainment area.

The property will be on the market in early 2022 and will have an asking price of $ 2.3 – $2.4 million netting the owners between $1.8 and $1.9 million tax free income upon asset realisation.

Should this be obtained, we believe it will be an increase in value of just under double the investment of the owner.