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The Renovator

                                                                  25 Edwards Street, Higgins 

The Numbers


3 - Bedroom

1 - Bathroom

1 - Car space


Total Space - 743m2

Internal Living Area - 107m


Position - North/West facing


Energy Efficient Rating (EER) - 1 out of 6


Private Treaty



Our Target Purchase Price



Estimated Rental Return

$450/wk  ($525/wk post renovation)


Gross Rental Yield (target price) 




Rates $1,194/qtr (approx)


Investment Cash Flow (per month) 

Your rent received = $1,950*

Agent Commission (7% max.) = $136.50

Landlord Insurance (Approx.) = $80

Your mortgage = $1,598**
Rates = $398 (approx.)

BALANCE = -$262.50/month


*Pre-renovation rent

**Based on your CBA pre-approval dated 9th of June and 20% deposit


Renovation Allowance

$30,000 (full feasibility TBC)


Other Fee's

Professional: Approx. $1,750

Stamp Duty: $13,457 (based on target price).


Milk Chocolate Fee's

Purchase: $12,900

Project Management: $3,000 (If req.)


Total Outlay

Purchase Price = $490,000

Settlement Misc. Estimate = $1,500

Stamp Duty = $13,457

Professional Fee's = $1,750

Renovation Allowance = $30,000

Milk Chocolate = $12,900 (inc. GST)

Milk Chocolate PM Fee = $3,000

= $552,607 


The Recommendations



2nd pest inspection 



Full landlord insurance inc. damage, loss of rent, theft, legal and contents

- Approx. $300 p.a



Quantity Surveyor

Tax depreciation report -

Approx. $400 (one off)



Leasing Agent

Independent Property Group

One Agency - Kippax



The Documents


Contract of Sale / Building & Pest


Title Search

The Details
About The Property
This great ex-government home presents a fantastic buying opportunity. The property presents itself with ample room for improvement through a smart renovation. The small living area with large yard space provides the footprint to open up and extend. Cosmetically it would require new carpet, paint, kitchen and bathroom on the inside and a thorough nip and tuck in the front and backyard. There's also the option to open up the rear of the property by adding a deck and replacing the living room windows with bi-fold doors. This could all be completed without council approval.
If we wanted to push the envelope, we can extend out to add a 4th bedroom with bathroom and a 2nd living space. For further future revenue and growth, there's enough space and access to building a granny flat to the rear of the property.
To give you an indication, 3-bed renovated properties in Higgins are fetching mid-high $500's.
4-bed renovated properties in Higgins are fetching mid $600’s. We would expect to receive $200/wk as a minimum for the granny flat lease.
NB: Current garage is Asbestos. In its current state there are no issues, however, it would need to be disposed of correctly if you did decide to pull it down. The cost would be approximate $3,000 to demolish and remove. The existing fireplace is approved but needs to be certified - at a cost of $300. The agent has an offer on the table of $485K pending a 2nd pest inspection. The original pest inspection revealed one piece of loose timber found underneath the property with two termites found. It was bagged and removed from the premise immediately and the report indicates no further termites found.
Agents Advertising Details
This 1970's ex-government home is set on a spacious and level 743sqm block in a central location, offering a chance to live in a leafy suburb close to everything you could need such as schools, shops and parklands.The floor plan offers three bedrooms with new carpets and built-in robes, an eat-in kitchen, and a lounge room with air-conditioning and a cosy pot belly wood heater. Outside, the large rear yard features established gardens and plenty of room to build-out if needed. There is also a separate garage. This home is a blank canvas ready for keen renovators who want to make the home their own or an investor or developer who wants to make the most of the property's great location. A growing family looking for a place to call their own will also love this well-maintained home.

Reverse cycle AC / New carpet to living areas / Potbelly wood heater (approved but COU not obtained).
Your Brief Specifics
• $500,000 budget excl. stamp duty: Target price here is $490,000
• Land size greater than 500m2: 743m2 
• 3-4 beds, 1 bath, 1 car: 3 bed, 1 bath, 1 car
Our Thoughts
As we discussed, we generally look for properties where we can add value to either immediately or in the future. This property presents the opportunity to do both, i.e. a cosmetic renovation immediately, with the ability to extend in the future. 
For us, the numbers and potential of this purchase stack up. To some, the property may come across as dirty, untidy and run down. However, these are superficial concerns, not structural. The property really only takes up half of the land so there is obvious room to extend/develop.
To buy this property, we don't believe a 'low ball' offer will work. A targeted offer at $490,000 (pending a 2nd pest inspection) will most likely supersede the existing bid. We will, however, employ tactics to get the property purchased below this. 
We recommend completing the cosmetic renovation immediately before leasing out the property to generate a greater lease return and create instant equity. The offer would be subject to early access so we can begin to get quotes for the works required. The works we recommend completing initially are:
• Internal painting throughout
• Open up wall between kitchen and living room
• Replace carpet in living room and hallway with floating floorboards
• Replace carpet in bedrooms with new carpet
• Add a deck to the rear of the property and replace windows in living room with bi-fold doors. Install awning over deck so the area can be used in all conditions
• Replace all window furnishings
• Update current lights with modern light fixtures 
• Replace bathroom vanity, spray existing tiles, replace shower screen and fixtures and fittings throughout
• Complete tidy up of front and backyards
• Pending budget, we would recommend spraying painting the external brickwork (cheaper alternative to rendering) 
If we do renovate we would take into consideration future improvements to the property, e.g. a 4th bedroom, additional bathroom and living space extension. Provisions will be made to allow for this down the track.
Investment Data
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CoreLogic Data Report
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Distance to CBD

11km from the Canberra CBD


Recent data from the 2011 Census suggest the population is 3,090

Medium Property Price

The medium price for 3 bedroom houses in Higgins is $430,000

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Infrastructure Snapshot


Belconnen Town Centre
Master plan


  • The Belconnen Town Centre Master Plan defines what is important about the centre and will guide growth and development over the next 10 to 15 years. The master plan identifies land use, economic, social and environmental opportunities and challenges. It investigates opportunities for additional residential development and urban renewal. The master plan recommends ways to:

  • reinforce the town centre’s role as a major community and commercial hub for the Belconnen District and wider Canberra region

  • stimulate urban renewal in the town centre through changes to the Territory Plan

  • enable active and attractive destination areas that better utilise the centre’s lakeside location

  • identify  opportunities for improvements the centre’s public spaces

  • improve access and amenity in the town centre through recommended improvements to the cycle and pedestrian networks, and

  • improve the town centre’s relationship and connectivity with the University of Canberra.​


The Stats

What Social Media Is Saying


Our Photos - Internal and Exterior

Video - Edward St

2 O'Mara Pl, Higgins  
•  Sold 28th Jan - $604,000  

•  824m2 / 117m2

Renovated 3 Bedroom Homes Comparable

A quick look at 25 Edwards St and it's immediate neighbours.

5 Northmore Cres, Higgins  
•  Sold 3rd Jan - $545,000  
• 717m2 / 111m2



Cash-Flow Analysis

Housing Commission Heat Map

• Potential to add value - creating instant equity

• Ability to increase rental returns

• Strong rental yields

• In an area that is gentrifying

• Strong rental demand

• Under your purchase budget

• Large block providing options 

• Ex government home

• 11km from the city

• Asbestos garage

• Additional funds required to renovate

• Ex-government home



Pros's vs. Con's

Housing Commission Legend:

Red = 22%

Light Green = 8%

Medium Green = 6%

Dark Green = 25 Edwards Street falls within the dark green zone and has under 3%.