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58 Beattie Crescent, Morwell VIC 3840
Summary: Big land size, perhaps it may only be consider average in area but when compare to other more populate suburb the size is certainly big. Location wise it have quite nice facility, hospital nearby, school and airport if you don’t feel like driving too far. One potential major concern is Flooding, earlier this year the suburb nearby Morwell got affect by flooding. As the property house is fairly older compare the two house next door, it might not look as nice when viewed far away. However the big landsize, the value of the property and the rental return certainly give the property good advantage for investment. Contract wise, we recommend to remove Special Conditions 14.3.
Contract Review: 58 Beattie Crescent, Morwell VIC 3840
Disclaimer
Please find below is Ocean’s Contract Review from the Section 32 and Contract of Sale for this property based on documents we have received, please note that this is our opinion only and further question can be inquire with us or your Conveyancer. If you have any question outside of the Contract, you should contact the real estate agent:
Ms Jenny Rutherford: 0419 335 273
Please call us, message, visit or email us if you have any further inquiry regarding Contract or Property Laws.
Currently the agent valuing this property between: $285,000 to $285,000, please take that into consideration during research, negotiation, bidding or property valuation and finance with your banker or broker.
Personal Thoughts
Ah~ Morwell, I have drive pass here a few times, perhaps even to rest on some occasion, the town being on the main ‘highway’ to the east coast is certainly more advantage in term of location. Looking at the map it is fairly develop and nice amount of tree up north area. Hopefully it is not a brushfire concern, hopefully looking at satellite image it is quite green so you won’t expect this to be a issue.
Big land size looking house, although grass cutting might be a problem for some tenant/occupant. This house seem to be the original house, the neighbour next door have been built in the recent decades or is fairly newer. If compare to the neighbour then it difficult to compliment the house, however considering the house value and the rent returning, if purchase as an investor this is what is important. And if to live in, seem to be a nice quiet area as well, there is a reverse park area in the surrounding, hospital 1 block away is a major advantage, and not too far away is a local Airport.
Now in relation to the contract.
General Information & Terms and Conditions
Special Conditions:
Fairly standard without much of a concern, however we recommend to remove the following prior to signing:
SC14.3 – You will get charge $220 for variation of the contract. Based on your situation with Purchaser name, you may need to update this after signing.
Based on the photo of the property, it also does not seem to have any concerning issue, however we still recommend to have a thorough look at the property, take lots of photo to avoid dispute of what was or was not damage. If in doubt, a Building Report can be arrange prior to buying unconditional.
If possible prior to offer, to negotiate for “All appliance to be in working order”, as you may not have time to check all appliance, however considering it is an old property, the Vendor may refuse The current offer is subject to Finance, good.
Vendor’s Statement / Section 32
- There is a lease on the property, tenanted which is good. Unfortunately it is expired in October so you might lose the rent. Which is quite normal, unfortunately we can’t comments on the rental market in Morwell. Rent wise it is $205 per week at the moment.
- Services Availability: All except Telephone, usually there should still be Internet/NBN service in replacement of Telephone.
- Looking at the plan, this property is probably around 30-35 years old.
- There is an easement on the property at the back, So does all of your neighbour, so it unavoidable. This where water pipe is usually install.
- Land size is approximately: 776m2, big land size. It will be very difficult to find this in St Albans.
- There is an easement at the back of the property. It is unavoidable as all your neighbour have it too. Water Pipe goes through here.
- This property is a Neighbourhood Residential Zone. This is good, in summary it mean the property in the area have style in their design. One bad point is it also subject to “Inundation Overlay”, look at map we don’t see any Water body nearby, basically it saying that this area can be flood. Perhaps it due to poor drainage, or the ground being lower, or heavy rain that cause cause flooding in the area but this why we have insurance.
- This property is in Bushfire Prone Area. But it stop on the opposite side of the neighbours, our guess is within a few years as the city development grow more, then your property won’t be considered Bushfire Prone Area anymore.
- Council rate is but estimate to be $1600, the high amount is due to: Garbage Charge, perhaps it is due to the distant or very good management that why $400 is being use for Garbage Charge. If this cost were similar with bigger suburb such as St Albans then the rate would be quite standard.
- Water rate is estimate to be $680 yearly. Quite standard.
- If you were to buy this property as Investment, it will be $0 if this is your only investment property. If you have multiple property, currently capital value is $275,000. If you can secure the property for less than this it, it certainly leaning on a good investment side.
- The property is subject to Lease. Refer above.
In relation to signing the contract:
Particular Page 1: Your full name should be the same as your Passport name, also to include the phrase or wording, “AND/OR NOMINEE” at the end. For example: “Ocean Nguyen AND/OR NOMINEE”.
Particular Page 2: If you choose to take on our services, please include the following details under the “Purchaser’s Legal Practitioner or Conveyancer” section.
Oceantralian of Suite 10A, 100 Furlong Road, Cairnlea VIC 3021
Tel: 0479 126 326
Email: admin@oceantralian.com
Particular Page 3: Payment. 5% to 10% of the deposit on the day of signing, as this is an Auction via EFT or Bank Cheque. This is usually payable on Finance due date.
Particular Page 3: Settlement time: standard time for settlement is within 90 days of signing contract of sale. You may also add in the phrase or wording, “90 days OR EARLIER”. This depend on your circumstance but if the property is empty the Vendor will usually want to settle as soon as possible.
Please note you usually have 3 business days cooling off, in which you can cancel the contract, however penalty may still apply.
Thank you. Yours faithfully,
Ocean
