Three questions regarding Kew 3101
Kew's most expensive and prestigious residential streets in the Sackville Ward
Is Molesworth Street considered one of Kew's finest?
Also an indicative price range please for a house in those aforementioned areas.
4 Answers
25 Sackville St Kew eventually sold for $4.5M = almost $6000 per sm Busy corner of Sackville and Thomas St though in terms of traffic, and has non-contributory heritage overlay; objectively not as good as 51 Rowland St, and is reflected in the price https://www.realestate.com.au/property/25-sackville-st-kew-vic-3101
1) Bounded by Burke rd, Cotham rd, Barkers rd and Davis st
2) The streets along/adjacent to/immediately surrounding the Sackville st part occupied by a couple of Victorian/Italianate mansions (e.g. Le Verna), essentially the part along Sackville st between Thomas st and Edward st. 4 Bramley crt fetched the highest land sale recently selling for over $4300 per square metre with a small old house to be knocked down.
3) Molesworth st is overall still a good st in Kew but not at the same level as Sackville ward. Generally gets low to mid-$3000 per square metre for land, higher for the top of the hill part closer to Princess st.
Pretty much agree with the above
The more expensive streets in Sackville ward had been selling well above $4000 per square metre, for properties where there weren't much value in the house on top. Some examples in recent times from memory are 16 Ross St, 8 Thomas St, 28 Rowland St, 60 Alfred St.
A recent example of essentially land sale near Molesworth St is 59 Fellows St, think it went for bit over $3200 per square metre for a 900 something square metres block
1. Boundaries - Cotham Rd (North), Barkers Rd (South), Davis / Wrixon St (West), Burke Rd (East)
2. Prestige can be subjective. Objectively land value per sm is highest (from sales over last several year) in Bramley Court, Orford Ave (both short Cul-de-sacs off what most would consider being the better part of Sackville St), Rowland St, and Edward St. These are closely followed by many others, Alfred St, Thomas St, Ross St, Sackville St, John St, Lytton St, Evans St, Macartney St, Mawson St, Grange Rd, Mountain Grove just to name a few. 4 Bramley St holds the highest current record for land value per sm for a standard block (i.e. > 600sm) achieved in a public auction - $4311 per sm with a bulldozer house on top to be knocked down for rebuild.
3. Molesworth St is a very good street in Kew, but it is located in a different part (Studley Park precinct). Land value is lower than Sackville ward at ~$3000 per sm, up or down depending on which part of street, north vs. south oriented block, adjoining properties etc. Agents would say while Studley Park precinct offers very good lifestyle choices (leafy street, tranquillity, access to bike tracks, proximity to river etc), the north side including Molesworth St is further away from popular local shopping strips, private schools and public transport, hence explaining the price difference.
These are general comments. It is all about finding the right property that suit one's needs.
The buyer flew from HongKong 3 days ago prior to the auction who knows nothing about the market price (in HongKong properties are much more expensive). Unluckily he met a neighbor who really want to acquire this adjacent land. The vendor's reserve is only $3m based on current market condition. So this data can hardly be used to justify current land price. The auction of 25 Sackville St Kew 762m2 in the Sackville Ward passed in at 3.6m the week after (no bidders but about 100 people at the auction). That is $4,724/m with no buyer. The vendor's reserve is at $4m = $5,249/m. I would consider $4,500-5,500/m to be the current price in Sackville depending on your location and land size etc. Larger blocks (1000m2+) tend to have slightly lower price per m2.