Real Estate

Buy a home for the price of an apartment

Written by The ReReport

While it sits on just 295sqm, this freestanding home presents one buyer with a unique opportunity to develop on the R4 zoned block or rebuild it and create a dream home.

These opportunities and the $1.2 million guide are expected to generate strong interest in 21 Christie St, Wollstonecraft.

The price guide is just above the $1.159 million median sale price for apartments in Wollstonecraft.

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Interest so far has been made up from owner builders, investors and young couples looking for a project.

Marriott Lane Real Estate agents Stuart Howard and Stephen O’Sullivan are set to take the property to auction on December 15.

Mr Howard said while it had R4 zoning, you probably couldn’t build apartments.

“It has a narrow frontage, but someone may fix it up and keep it long term to see what happens, with the St Leonards CBD continuing to grow,” he said.

What he expects that could happen is for a buyer to snap up the property and keep onto it for a number of years before flipping it.

“Someone could fix it up and keep it for the long term and see what happens as the St Leonards CBD keeps expanding,” he said.

The small block is located at the end of a cul-de-sac and is only a short stroll to St Leonards train station. The weatherboard cottage has been owned by the current vendors for 25 years and still has plenty of original features including the kitchen.

There is also an internal laundry, storage shed and listing says it “would benefit from a cosmetic update”.

No. 21 Christie St follows is the latest in a series of rundown houses surrounded by apartments to hit the market.

Last month, the last remaining house on Kyngdon St, sold prior to auction for a little below the $1.66 million price guide.

It had R3 zoning and was snapped up by a young couple who plan to renovate the home.


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