11 Illingworth Street Wanniassa, ACT 2903

422

$700,000

Sold at: 09-09-2020

Auction - Sold Prior

This property has been sold prior to auction. The auction has been cancelled.

The headline sounds like one of those internet ads promising you a fortune if you just buy a particular product, sign up for a special webinar or do and online course to trade in Bitcoins. Well its none of those things.

The owners of this home are ex Canberrans who are now settled in their new life in country Victoria. So, the property in Wanniassa is now surplus to requirements. I have to say that after being rented out for many years the property is a bit tired and could do with some renovation, upgrades, painting and repairs. The sellers would have liked to have made the place more presentable and therefore ended up with a bit more money. But "there is the rub" as Shakespeare once wrote.

Now living in the "People's Democratic Republic of Victoria" the owners cannot leave and therefore cannot do any repairs themselves. And the cost of employing someone and trying to manage it from Victoria would be all too much. While the Building Report acknowledges the need for some repairs, the good news is that terms like "structurally sound, acceptable condition and no significant defects" are used throughout the report. So, the owner's misfortune could be an opportunity for providence to shine its light upon you. That is, if you are prepared to roll up your sleeves and do a bit of work.

It is not that the home is unliveable, however, the photographs and the virtual styling in the advertisement do oversell the current condition. However, I suppose it shows how good the home could look with some input from a new owner who wanted to profit from the situation.
Located between Wanniassa shops, the Erindale Centre and the Tuggeranong town centre, the property has all the right locational pressure points to help it grow in value over the years. And a look around the area will show that people are starting to recognise the benefits of the location as new homes are being built and major renovations and/or extensions are being undertaken. And then there is the proximity of the two Primary Schools (one Government one Private) and the Government High school. In terms of public transport, the local Park and Ride means it is a 1.0 km Walk and Ride. Maybe the one car in the family is possible offering you savings that could be spent on the home. These are just some of the elements that have proven to help with gentrification and value growth over time.

Despite the comments about the condition, the basics are excellent. It is a desirable 4 bedroom floor plan with ensuite to the master bedroom, a separate L-shaped lounge & dining with the combined kitchen & family room. This design was the mainstay 4 bedroom family homes in the Tuggeranong area in the 70's and 80's and given it is ideally positioned on a 706 m2 lot, there is room for further extensions. The gardens are well laid out and with a bit of loving care could be turned into something to be proud of. The property also comes with a separate carport and garage, but I note that the garage has been converted into a studio/workshop, with lined walls and a small storage room.

Think of the possibilities.
Are you a first home buyer looking to start out with a larger home? If so, this property is for you? Or are you a family who needs more room, make sure you put this one on the list. Or a renovator/developer who can see the potential of the property and wants to make it their next project. Whatever your situation this property deserves a look because, it will be sold, and money will be made.

Key details

  • Property Type House
  • Tax Rates Approx 2388 Per Year
  • EER 1.0
  • Date Listed 19-08-2020