Nestled on a quiet street at 32 Tewa Street, Frankton, Queenstown Lakes, this residential apartment complex, built in 2020, boasts a modern design with mixed materials for the walls and an iron roof, both in good condition. It features 5 bedrooms, with a flexible fourth room, and a studio with an en-suite, plus a main bathroom, all on a level contour. The property is under a Unit Title with a floor area of 150 square meters and a single car park. It's equipped with a heat pump and underfloor heating, ensuring comfort throughout the year, complemented by the sunny weather of Frankton. The latest sale was recorded at $1,100,000 in February 2024, following a sale at $1,020,000 in June 2018. The government's capital value remains unchanged at $1,000,000 since 2017, while the HouGarden AVM estimates it at $960,000. Notably, the property is currently tenanted until February 2025, offering a strong rental income with a 6% rental yield based on a sale price of $1,120,000.
With regards to the property's valuation, the capital value has seen no increase since 2017, maintaining a stable growth trajectory. The HouGarden AVM provides a slightly lower estimate, reflecting a competitive market price. The recent sales history indicates a consistent upward trend, which is encouraging for potential investors.
For families with children, the property falls within the catchment area of both St Joseph's School and Remarkables Primary School, both rated 10 on the decile scale, indicating a high standard of education in the zone.
Updated on April 10, 2024
