SOLD
RECENT ADVICE
Sold on 15 Jun 2024 for $835,000

1 Elgin Street
Morwell VIC 3840

Bedrooms: 7
Bathrooms: 4
Car spaces: 1
Floor area: 77m2
Land area: 1011m2
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Property Details for 1 Elgin St, Morwell

1 Elgin St, Morwell is a 7 bedroom, 4 bathroom Unit with 1 parking spaces and was built in 1970. The property has a land size of 1011m2 and floor size of 77m2. While the property is not currently for sale or for rent, it was last sold in June 2024. There are other 7 bedroom Unit sold in Morwell in the last 12 months.

Building Type
Unit
Year Built
1970
Floor Size
77m2
Land Size
1011m2
Local Government
Latrobe
Lot/Plan
11E1/PP3072

Last Listing description (August 2024)

Units 1-4 / 28 Elgin Street, Morwell

Located in the heart of Morwell on the fringe of the CBD, within walking distance to shops and train station ensures this block of recently renovated units represents a standout opportunity for the astute investor while being situated on an approximate 1011m2 allotment.

Each of the 4 units are currently rented offering a combined annual income of $67,340, this property offers exceptional yield with secure tenancies in place. An excellent opportunity for investors seeking a high yield (approximately 6.75%) while all the hard work has been completed with recent improvements made to the entire complex.

Units 1 & 2 :
- One bedroom with built in robes
- Oversized lounge with split system heating & cooking
- Kitchen / dining includes ample bench space, electric cooking and plenty of cupboard storage
- Bathroom includes step in shower and large vanity
- Great sized separate laundry
- Off street parking
- Both leased at $290 per week

Unit 3:
- Two bedrooms both including built in robes
- Oversized lounge with split system heating & cooking
- Kitchen / dining includes ample bench space, electric cooking, plenty of cupboard storage & dishwasher
- Bathroom includes step in shower and large vanity
- Great sized separate laundry
- Large rear yard with locked storage facility
- Off street parking
- Leased at $335 per week

Unit 4:
- Three bedrooms including built in robes
- Oversized lounge with split system heating & cooking
- Kitchen includes ample bench space, electric cooking, plenty of cupboard storage & dishwasher
- Separate dining with access to balcony
- Bathroom includes step in shower and large vanity
- European laundry
- Garage with remote entry & access to a good sized rear yard
- Leased at $380 per week

For additional information or to arrange an inspection contact Anthony Bloomfield on 0455 303 750.

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Property History for 1 Elgin St, Morwell, VIC 3840

A timeline of how this property has performed in the market
Last Sold
$835,000
15 Jun 2024
Listed for Rent
$380/w
18 Aug 2023
  • 15 Jun 2024
    Sold for $835,000
  • 16 Dec 2023
    Listed for Sale $860,000
  • 17 Jul 2023
    Listed for Rent $380 / week
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About Morwell 3840

The size of Morwell is approximately 44.9 square kilometres. It has 31 parks covering nearly 5.9% of total area. The population of Morwell in 2011 was 14,005 people. By 2016 the population was 13,753 showing a population decline of 1.8% in the area during that time. The predominant age group in Morwell is 50-59 years. Households in Morwell are primarily childless couples and are likely to be repaying $1000 - $1399 per month on mortgage repayments. In general, people in Morwell work in a trades occupation. In 2011, 63.1% of the homes in Morwell were owner-occupied compared with 61.7% in 2016.

Morwell has 8,912 properties. Over the last 5 years, Houses in Morwell have seen a 82.31% increase in median value, while Units have seen a 45.81% increase. As at 30 September 2024:

  • The median value for Houses in Morwell is $322,683 while the median value for Units is $272,106.
  • Houses have a median rent of $370 while Units have a median rent of $290.
There are currently 77 properties listed for sale, and 11 properties listed for rent in Morwell on OnTheHouse. According to CoreLogic's data, 379 properties were sold in the past 12 months in Morwell.

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