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FEATURED PROPERTY 50 Topp Road, Tonimbuk
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UNLOCK MAXIMUM VALUE WITH THESE 5 PROVEN STRATEGIES
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MINIMISE VACANCY INSTEAD OF ACHIEVING TOP DOLLAR
25 LEASED IN JUNE Leasing Statistics For June 2024
A property that beautifully encapsulates both history and modern living ‘Tonimbuk House’ is nestled on an elevated plateau with breathtaking panoramic vistas toward the Bunyip State Park.
This Victorian homestead has found its new owners with help from Matt Clark and his team.
Constructed Circa 1895 by Melbourne saddle maker Daniel Topp and his wife Sarah, ‘Tonimbuk House’ is a remarkable Victorian homestead that remains one of the oldest homes still standing in the area.
Originally spanning a 585-acre estate known as ‘Woodlands’, today ‘Tonimbuk House’ offers 57.5 acres of prime land overlooking rolling hills with an elevated frontage, gently sloping down to picturesque pastures bordered by established plantings; the tireless work of Lindsay and Ros McNaught who owned the property for almost a third of its 130 years.
“Tonimbuk Houses charm lies in its perfect blend of traditional
grandeur and modern functionality,” says sales agent Matt Clark.
The residence boasts soaring ceilings, ornate plasterwork, 4 original marble fireplaces transported by horse and cart, vintage-style pendant lights, and heritage fittings. The north-facing wrap-around veranda provides stunning views of the landscape.
The property also benefits from a 4.5kW solar panel system, enclosed orchard, and vegetable garden and an impressive 90,000 litres of tank water.
Further enhancements include a solar-heated pool, manicured croquet lawn, manager’s cottage, dams, machinery shed, cattle yards and an under home cellar.
Lindsay and Ros revegetated the landscape over the years and created a sanctuary that is critically important to wildlife in the area, so much so that it has been recognised by government bodies as a critical ‘bio link’ between Cannibal Creek and Bunyip State Park.
Given the scarcity of properties in the area with such rich history and character, it’s no surprise that ‘Tonimbuk House’ attracted significant interest throughout the sales campaign and after a competitive negotiation process, ‘Tonimbuk House’ sold for $2,150,000, exceeding the top end of the price guide.
Congratulations to the new owners of ‘Tonimbuk House’ who are excited to cherish this Heritage Listed gem and enjoy its unique blend of elegance and history.
Selling a home is a significant milestone, and maximizing value before listing it for sale can make a substantial difference in attracting potential buyers and achieving the best possible price. Here we explore five steps that can help elevate your home’s value, ensuring you achieve the best possible outcome when it comes time to sell.
First impressions count and curb appeal forms that first impression for potential buyers. Start with a fresh coat of paint for the front door, and exterior. Choose colors that are modern yet neutral to appeal to all. Update house numbers and outdoor lighting to enhance the home’s exterior.
Ensure your lawn is well-manicured and invite buyers with flowers or shrubs that create an inviting look. Mulching will improve overall aesthetics and pressure washing the driveway and paths will make your home look ready for a new owner.
Addressing visible repairs and making strategic upgrades can greatly increase your home’s value. Fix leaky taps, cracked tiles, or broken windows, and ensure that all doors and windows are smooth to open, and that lights and appliances work.
Consider upgrading outdated fixtures, such as lighting, tapware, and cabinet hardware. These small changes can modernize your home at low cost. For higher returns, focus on kitchen and bathroom renovations though even small updates like a new splash back to the kitchen or updated towel rails in the bathroom can make a big difference.
Decluttering your home can make it feel larger and more inviting. Remove excess furniture to create space, organize cupboards, cabinets, and the garage to showcase capacity. Making these areas look tidy and spacious can be a big selling point.
It is also a good idea to de-personalize your home by removing photos, memorabilia, and any items that reflect specific tastes or hobbies. Create a blank canvas that appeals to a broad range of tastes and preferences.
A deep clean is essential before marketing your home for sale. Clean carpets, wash windows, and scrub kitchens and bathrooms until they shine. A clean home feels well-cared-for.
Consider hiring a professional stager if your budget allows. If you prefer to stage the home yourself, focus on creating a warm, inviting atmosphere with neutral colors, soft lighting, and tasteful decor.
With the rising cost of living energy efficiency is increasingly important to home buyers. Improving your home’s energy efficiency can be a significant selling point. Ensure your home is well-insulated, and seal leaks around windows and doors.
Consider upgrading to energy-efficient windows and appliances. Energy-efficient homes are often seen as more modern and cost-effective, making them more appealing in today’s market.
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With the numerous costs investors incur to provide and maintain rental housing, it is not surprising that they endeavour to increase revenue and reduce expenditure where possible. This is not just a smart financial strategy, but a necessary one when trying to ensure that the investment is economically viable.
But investors who fail to accept a qualified applicant and instead hold out for the highest possible rent, are typical examples of those losing money via false economy. Unfortunately, by focusing on a perceived short-term gain seeming to save money, investors can damage their income in the long term by keeping a property vacant for too long rather than accepting a lower amount of rent.
Unsure why, the truth is we hear it too often. “Let’s just wait to see who else comes along” or “they sound great, but can we do just one more open home?” Whilst it may seem beneficial to keep the property empty awaiting a renter who will pay an extra $10.00 per week, realistically, depending on the rental cost and your outgoings, a few weeks of this will work out worse overall.
Let’s look more closely at an example. If your property is advertised at $510 per week, but interest is around the $500 mark, missing out on $500 in your pocket for two weeks, or a total of $1000, is actually an overall loss compared to the extra $10 a week you’d make each year (or a total of $520). When you consider the time to wait for another open home, to receive applications and process them (if any), another 7-10 days has generally passed. Add to this, that the new applicant needs to give notice and can’t move in for another two weeks, and you are heading into nearly a month of lost rental income. Adding insult to injury, the perfectly good applicant that could have been approved and moved in weeks ago, has been snapped up by another savvy investor who recognised their value. Beyond all of this, the likelihood is that other properties are also becoming available, minimising your pool of potential renters to choose from.
It just doesn’t make sense.
There are always considerations to make and not every rule is set, but usually, it’s best to minimise vacancy ahead of getting the absolute top dollar of rent.
IXIA STREET $670PW 4 / 2 / 2
THOMAS STREET $490PW 2 / 2 / 1
PRECINCT NORTH $525PW
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AVERAGE VACANCY RATE ONLINE VIEWS APPLICATIONS RECEIVED
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