A 90-year-old, character-filled cottage on the fringe of Wollongong’s CBD has piqued the interest of renovators and first-time buyers alike.
It’s rare to find a three-bedroom house with a good-sized backyard for less than $1 million in the city centre so, with a price guide of $750,000, this little beauty is expected to be snapped up by someone seeking a fixer-upper in a prized location.
Stone Real Estate Illawarra sales agent Darnell Haselau said 4 Mangerton Road was perfect for first home buyers looking to dip their toes into the Wollongong market.
“Something like this is very appealing to first home buyers and young families,” he said.
“We’ve had a lot of interest from local buyers and from young tradies looking for a renovation project.”
Under the NSW Government’s expanded First Home Buyer Assistance Scheme (FHBAS), from 1 July, 2023, the transfer duty exemption threshold for new and existing home purchases by eligible first home buyers increased from $650,000 to $800,000, making this house an attractive buy.
“The auction guide is $750,000, which you would typically pay for a two-bedroom unit close to the CBD,” Mr Haselau said.
“We’ve had first home buyers that have been pretty excited about the location and the land size. Young families love the big backyard, which is perfect for kids to run around in.
“It’s a brilliant project for the keen buyer seeking to create a gorgeous home.”
On a 682-square-metre block, the weatherboard house has many period features, including a sunny wraparound front verandah, stained-glass timber windows, high ceilings and rustic hardwood floorboards.
Mr Haselau said the fretwork on the front verandah and the original windows created a “really pretty facade”.
“The home is calm-looking and has a really nice street appeal,” he said.
“When you walk into the home and look down the corridor, the first thing you notice is how high the ceilings are. You can’t really replicate that character and charm nowadays.
“If you look past the peeling paint, you’ll find a gorgeous home that is structurally solid.”
With a prized address in a tightly held pocket on the CBD fringe, the property is livable as is, but also has vast potential for a clever makeover or modern extension.
Mr Haselau said the side access made it perfect for a granny flat at the back, while the zoning would also allow for a new duplex, subject to council approval.
“While there aren’t typically a lot of duplexes in this area, it does have zoning ability to do that,” he said.
“We’ve had interest from developers as well as investors. The property has a strong rental return and, being so close to the hospital and CBD, it’s easy to tenant.”
The traditional floor plan has two bedrooms at the front of the house, a central hallway leading to the third bedroom, a dining room, and a neat white kitchen with a gas stove. Off the kitchen are the laundry, family bathroom and a large living area flowing onto the back patio.
The living area overlooks a lush green backyard with established trees and gardens.
The property offers an optimal lifestyle close to transport links, city entertainment and beaches, and sits within footsteps of cafes, hospitals and the Wollongong CBD.
Contact Darnell Haselau at Stone Real Estate Illawarra on 0426 400 240 to arrange an inspection at 4 Mangerton Road, Wollongong ahead of the auction on 15 July, 2023.