River Street Property on the Rise!

By Tammy Laval

IT NOW has high rises looming either side of it, but the bricks and mortar at 3 Nelson St, Mackay would have been a palace in decades past.

The home was built about 35 years ago by a prominent Italian couple. The 830sqm block was bought in 1983 for $20,000.

Now the five- bedroom, two-bathroom, double-storey house is being vetted by Albury and Sydney buyers.

Selling agent Angela Pietzner, of Ray White Mackay, said she expected the last bastion of low-density residential at that end of the street to sell shortly.

“These (buyers) just asked me how high they can go, it’s only a narrow frontage but you can still go high,” Ms Pietzner said.

“The people that built it were Italian, they built it as their retirement home – it’s very solidly built, it would be a shame to knock it over.”

Ms Pietzner said the water could almost be seen from the top balcony – if it weren’t for a palm tree.

She said the interior was inline with the age of the house.

“It’s got fantastic potential, whether it’s for an investor or to live here, it needs a bit of money spent, it needs modernisation, it is in a time warp,” she said.

“But if you were to tenant it out you wouldn’t do anything.

“All the walls, floor coverings, just modernise it up.

“Whoever buys it they’re looking for the location and the future.”

The narrow frontage may limit development but Ms Pietzner said investors were querying building height laws.

“It only has a narrow frontage, but you could still build something, that I’m sure of,” she said.

“I don’t think you could go as high as Riviera; Nelson’s (On The River) is higher than here and that was a narrow frontage.”

The property, which has been on the market for three months, is up for offers more than $500,000.

Ms Pietzner said there had been auction campaigns but the current owners “aren’t desperate” to sell.

“I have had numerous offers but they haven’t been accepted,” she said.

“(Buyers) still are making low offers.

“Prices I don’t think have moved but there has definitely been a lot more interest, a lot more activity going on from buyers.”

Ms Pietzner said despite the return of mining jobs, the market had not risen.

“In the 18 years I’ve been (in the property game), up down, up down, it’s interesting,” she said.

“Mackay is just one of those different places.

“It’s common sense, you don’t have to be very intelligent – look what’s happening in the world – yes, the mines are busy but people are still reluctant no one splurging.

“Everyone is a little bit more apprehensive.”

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