Just want some opinions, in Coburg North in Victoria, would you say no garage would be a deal breaker for you? Townhouse ~$750k, has a car park space on property, just no garage. Yes, no?
Yes, a deal breaker - but depends on rest of the street and target tenant market. For example, in some areas of Melbourne garages in older houses are very uncommon. In any area, a garage will add value to a property, but not having one in a specific area may not decrease value... Is there a lot of on street parking? Will your demographic have an expensive car? Will they be tradies with valuable tools in the back? My POPR has no garage and I wish I had known then what I know now....
Yeah, ie. say richmond it's all on street parking, but that's richmond and this is Coburg. There is a lot of on street parking around!
It's a stones throw from town - any offstreet parking is a bonus. You get what you're paying for - if you've got a mindset that you need a garage, you'll need to stick your hand deeper into your pocket. Is a garage going make it easier to lease, reduce vacancies, provide a better rate of return and provide more capital growth?
If I was living in Coburg I would expect a garage. Not having one will reduce the appeal of the property but everything always has its price.
It really depends on the other factors as well, such as number of bedrooms, the newness of the property, location to shops/station, body corporate cost etc.
Deal Breaker at that cost and suburb but more than anything because it's a townhouse. A lot of people don't have a garage for a car anymore, they have it for storage. Think about it, houses and land are becoming smaller, the days of large sheds in sought after suburbs are going but people still need to store things. On the flip side cars are becoming cheaper, more resilient to the weather, more secure, easier to park meaning less reliance on the old CAR garage. I am building a townhouse now and have 0 intention of EVER parking my car in it.
Storage is one thing but also some people their car is their most valuable asset. I prefer to park my car undercover even at the staff car park there are some that are undercover and others are out in the open. I always try to park undercover and I don't like parking in the sun. Depending on councils regulations some enforce car parking spaces per home as there isn't enough streets to park all the cars and streets are made for driving and not for storage of cars.
Yeah I guess my argument loses value when you consider how I care for my possessions. My iphone has had a cracked screen for 1 year, my car I purchased 1 year ago has been washed once and my laptop has just died. haha
I think it would be very much dependent on the area/location/price point. I just sold 2 townhouses without garages, FHB market, no issues whatsoever, but I expect the higher the price point the scenario would be different. Easiest way to find out whether this would impact when selling would be to contact re agents in the area and find out what buyers want and what sells. To a point will be limit your market.
I would think it is a deal breaker for me in Coburg for a property not to have a garage. Didn't realise that townhouses where going for that price point in the area!
Dealbreaker for me. I used to live in south yarra for a year while waiting for my house is being built. I was young and wanted to be cool. The apartment I lived in didn't have any garage. No problem for weekday but on weekend I need to go down there & check my car. Also I have a tendency of forgetting where my car is.... once in a while Id forgotten where I parked my car and thought my car was stolen. Also I had nightmares..... people broke in my car. Prior to that, I used to live in the apartment in the city (spring street). My car was stolen in the underground car park, and the surviviance camera was switched off during that period for maintenance..... complained to the Managment office but didn't get any response. Was a nightmare
A large majority of cottages in some streets in Albert park and south Melbourne and port Melbourne have no garage unless it is a larger siZed block and it is mainly permit parking however in coburg north u expect a garage at least
U just answered your own sentence. Exactly the reason a garage or side lane garage in middle or albert park would go for sheetloads more. Coburg garage definately
For like corners def since they create a parking area for sure But they’re majority single frontage cottages in that suburb outside of the apartments which are few due to planning overlays etc
