Princes Street or Elder Street

Side by side at $1,100,000. For Linh and Minh, 14 September 2026.

This week

Wed 16 Sep, 5pmElder Street offers close

Thu 17 SepElder Street vendors review offers

Sat 19 SepPrinces Street auction

Side by side

	15 Princes Street, Watsonia	118 Elder Street, Greensborough
The house
Storeys	Single	Double
Bedrooms and bathrooms now	4 bed, 2 bath	4 bed, 1 shared bathroom plus 2 ensuites
Construction	Vinyl clad, tile roof, concrete stumps	Brick veneer and weatherboard, tile roof
Kitchen	Original, to be renovated	Updated, no work needed
Heating and cooling	To be installed room by room	Split system air conditioner already in each room
Parking	Double garage, driveway	Two garages, plus multiple off street spaces
Land	697sqmFlat, regular, north facingListing says 725. Title plan reads 697.	622sqm16.8m frontage
The conversion
Rooms it can become	6 to 7Stuart: 6 straightforward, 7 with more work	Around 8Stuart: the larger and better floor plan of the two. Two premium rooms upstairs, master 23sqm with ensuite and walk in robe.
Work required	Kitchen, all bathrooms, room fit out, heating and cooling	Room fit out. At least one more bathroom to improve the ratio at 8 rooms. Extra ensuites only if wanted.
Conversion budget	$150,000Your figure. Stuart has priced it.	Same or lessNot yet priced by Stuart. Less scope than Princes.
Zoning for the intended use	✓GRZ1, Section 1 use, permitted outright	✓GRZ2, Section 1 use, permitted outright
Overlays	Vegetation protection, development contributions. Not an issue for an internal conversion.	Vegetation protection, development contributions. Not an issue for an internal conversion.
Where it is
Walking distance to train station	✓Watsonia station, about 700m, 9 minutes	✓Watsonia station, about 1.2km, 15 to 18 minutes
Distance from the city	About 16km	About 17km
Street	Residential street	Collector road
Shops	Watsonia village, walk	Greensborough Plaza, 1.5km
The suburb, from the d36 rooming house dataset
Average room rent per week	$267	$269
Registered properties like yours in the suburb	0	2
Rental vacancy	1.45%	1.05%
10 year house price growth	37.32%	51.35%
House prices, last 12 months	−2.65%	+2.67%
Median house rent per week	$600	$650
Price
Guide	$990,000 to $1,080,000	$1,000,000 to $1,100,000
Sale method	Auction, Saturday 19 September	Private sale. Offers close Wednesday 5pm. One offer in at the top of the range, unconditional.
Comparable sales, fair value	$1,090,000 to $1,125,000287 Greenwood Drive, same house on the same land, $1,120,000, 26 August	$1,050,000 to $1,150,00010 Medbury Avenue, double storey on 560sqm, $1,146,000, 2 May
d36 target	$1,080,000 to $1,125,000	$1,110,000 to $1,125,000
Stamp duty at $1,100,000	$60,500	$60,500
Forecast cashflow at $1,100,000, 6.5% interest, conversion from own funds
Rooms and rent modelled	7 rooms at $280	8 rooms at $270
Rent per year at 95% occupancy	$96,824	$106,704
Running costs per year	$30,76212.5% management, rates, insurance, utilities, maintenance, land tax	$31,063Same basis
Interest per year	$76,813	$76,813
Net cashflow per year	−$10,748−$896 a month	−$1,172−$98 a month
If one room fewer	6 rooms: about −$22,900 a year	7 rooms: about −$12,800 a year
The contract
Vendor	!Executor of a deceased estate	✓Two living owners
Title	!Caveat, absolute prohibition, over a private loan. Must be withdrawn before settlement.	✓Bank mortgage only, discharged at settlement
Easement	!1.25m drainage easement the full depth of the block, private beneficiary	✓Sewer along rear boundary, standard
Building permits	!Section 32 contradicts itself. Query with vendor.	✓Consistent. No permit required for the minor work done.
Special conditions	!Vendor weighted. $5,000 retention deleted. Late interest 5% above standard.	✓Standard form. Late interest 2% above standard.
Cooling off	✕None	✓Three business days
Outstanding before signing	Caveat withdrawal confirmed. Easement plan. Permit answer. Building and pest.	Settlement length. Building and pest.

15 Princes Street, Watsonia

118 Elder Street, Greensborough

The house

Storeys

Single

Double

Bedrooms and bathrooms now

4 bed, 2 bath

4 bed, 1 shared bathroom plus 2 ensuites

Construction

Vinyl clad, tile roof, concrete stumps

Brick veneer and weatherboard, tile roof

Kitchen

Original, to be renovated

Updated, no work needed

Heating and cooling

To be installed room by room

Split system air conditioner already in each room

Parking

Double garage, driveway

Two garages, plus multiple off street spaces

Land

697sqmFlat, regular, north facingListing says 725. Title plan reads 697.

622sqm16.8m frontage

The conversion

Rooms it can become

6 to 7Stuart: 6 straightforward, 7 with more work

Around 8Stuart: the larger and better floor plan of the two. Two premium rooms upstairs, master 23sqm with ensuite and walk in robe.

Work required

Kitchen, all bathrooms, room fit out, heating and cooling

Room fit out. At least one more bathroom to improve the ratio at 8 rooms. Extra ensuites only if wanted.

Conversion budget

$150,000Your figure. Stuart has priced it.

Same or lessNot yet priced by Stuart. Less scope than Princes.

Zoning for the intended use

✓GRZ1, Section 1 use, permitted outright

✓GRZ2, Section 1 use, permitted outright

Overlays

Vegetation protection, development contributions. Not an issue for an internal conversion.

Where it is

Walking distance to train station

✓Watsonia station, about 700m, 9 minutes

✓Watsonia station, about 1.2km, 15 to 18 minutes

Distance from the city

About 16km

About 17km

Street

Residential street

Collector road

Shops

Watsonia village, walk

Greensborough Plaza, 1.5km

The suburb, from the d36 rooming house dataset

Average room rent per week

$267

$269

Registered properties like yours in the suburb

Rental vacancy

1.45%

1.05%

10 year house price growth

37.32%

51.35%

House prices, last 12 months

−2.65%

+2.67%

Median house rent per week

$600

$650

Price

Guide

$990,000 to $1,080,000

$1,000,000 to $1,100,000

Sale method

Auction, Saturday 19 September

Private sale. Offers close Wednesday 5pm. One offer in at the top of the range, unconditional.

Comparable sales, fair value

$1,090,000 to $1,125,000287 Greenwood Drive, same house on the same land, $1,120,000, 26 August

$1,050,000 to $1,150,00010 Medbury Avenue, double storey on 560sqm, $1,146,000, 2 May

d36 target

$1,080,000 to $1,125,000

$1,110,000 to $1,125,000

Stamp duty at $1,100,000

$60,500

Forecast cashflow at $1,100,000, 6.5% interest, conversion from own funds

Rooms and rent modelled

7 rooms at $280

8 rooms at $270

Rent per year at 95% occupancy

$96,824

$106,704

Running costs per year

$30,76212.5% management, rates, insurance, utilities, maintenance, land tax

$31,063Same basis

Interest per year

$76,813

Net cashflow per year

−$10,748−$896 a month

−$1,172−$98 a month

If one room fewer

6 rooms: about −$22,900 a year

7 rooms: about −$12,800 a year

The contract

Vendor

!Executor of a deceased estate

✓Two living owners

Title

!Caveat, absolute prohibition, over a private loan. Must be withdrawn before settlement.

✓Bank mortgage only, discharged at settlement

Easement

!1.25m drainage easement the full depth of the block, private beneficiary

✓Sewer along rear boundary, standard

Building permits

!Section 32 contradicts itself. Query with vendor.

✓Consistent. No permit required for the minor work done.

Special conditions

!Vendor weighted. $5,000 retention deleted. Late interest 5% above standard.

✓Standard form. Late interest 2% above standard.

Cooling off

✕None

✓Three business days

Outstanding before signing

Caveat withdrawal confirmed. Easement plan. Permit answer. Building and pest.

Settlement length. Building and pest.

Green cells mark the property ahead on that line. Hover any underlined figure for its source. Cashflow figures are forecasts on the assumptions in each property page and depend on rent, occupancy, management and conversion costs outside d36's control.

In one line each

15 Princes Street

More land, closer to the train, more work, harder contract

697sqm flat block, 9 minutes to the station, residential street
6 to 7 rooms after a full conversion including kitchen and bathrooms
Forecast about −$900 a month at $1.1m before tax deductions
Caveat, easement and permit question to close before auction
Auction Saturday, no cooling off

118 Elder Street

More rooms, less work, cleaner contract, further from the train

622sqm, 15 to 18 minutes to the station, collector road
Around 8 rooms, kitchen and air conditioning already done
Forecast about −$100 a month at $1.1m before tax deductions
Nothing on the contract to fix
Private sale, offer by Wednesday, one other buyer already at $1.1m

Next step

One decision

Pick which one we push on. An accepted offer on Elder Street on Thursday means Princes Street is off the table on Saturday. Not offering on Elder Street means it is likely sold to the other buyer by Thursday.

Push Princes

No offer on Elder. Go to auction Saturday with the limit set, the caveat confirmed and Stuart's room count in.

Push Elder

Offer Wednesday at $1,110,000 or above, unconditional, settlement to suit the vendors. Building and pest Tuesday. If they take the other offer, Princes goes ahead Saturday as planned.

Prepared by d36 property, 14 September 2026, from the two property pages, the contract reviews, the comparable sales and the d36 rooming house dataset. Cashflow figures are forecasts on stated assumptions. General information only, not financial advice.