Check out this week’s featured “Investment Property Buy of the Week.” 11.5 Km from CBD, just over $500k and well under market value.
This is a post-war home on 610 m2 with no money to spend on repairs and a great option for an investor or first home owner. Located in a quite street comprised predominately of post-war timber and masonry homes. Recently purchased for $520,000. Another straight forward option for buyers on a limited budget but located still relatively close to the CBD, major shopping districts and conveniences.
This property is a smart buy because of its:
- Approximately 11.5 km from Brisbane CBD
- Close proximity to major shopping district, neighbourhood shops, schools, cafes and parks.
- Moderately leafy quiet suburb predominantly owner-occupied with families
- Land area – 610 m2
Construction and fit out:
- High set post-war home with 3 bedrooms, 1 bathrooms, 1 car accommodation
- Easterly aspect
- Open plan living space
- Polished timber floors and painting in good condition
- Semi modern kitchen and bathroom
- Plenty of storage for tenants with families to settle in long term and be in a comfortable home
- Potential to make a fourth bedroom or teenager retreat/workspace on the lower level
- Construct a double carport and convert existing single garage to additional living space
- Rear deck with minimal effort and budget can be fully covered to create additional equity/value and increase rentability and return
- Front facade would benefit with simple alterations to create a contemporary feel
- This suburb is set for great growth – we know this based on our experience and analysis of comparative sales in the area and its proximity to high-performing suburbs
- Rental return of $400 per week
- Local authority rates approximately $1,600 per annum
- Tax depreciation benefit first year – $2,100
- Tax depreciation benefit (10 year accumulative) – $14,000
- The immediate location for unrenovated post-war homes on land with 610 m2 has seen 20-25 % growth in the last 3 years.
Transit times (approximate)
- Car – 25 mins
Nearest train station
- Walk – 20 mins
- Car – 5 mins
- Major shopping Center (Westfields or equivalent) – 5 mins
- Second tiered shopping centre (Woolworths/Coles/strip shops/cafes) – 5 mins
- Hospital – 10 mins
Value for money:
- It is great value as similar style homes in the same suburb which I have appraised have sold for over $550,000.
- Inferior homes on moderately busy feeder roads in close proximity have sold for a similar price to the subject
- My personal thoughts are that the marketing of this home was below average with the photographs not doing this home justice. The actual sales process by the vendor was lacking which also contributed to a great buying opportunity. Typically I see vendor sold listings not investing in quality photography with the view to saving money. We always look out for these buying opportunities for our clients!
- Almost no asbestos located internally with most wall and ceiling linings being plasterboard lined throughout
- Nothing to be spent in the short to medium term for maintenance
- Property investors
- First home buyers.
How do we know this is a smart buy?
We put this property through our proprietary property analytics tool, our Smart Buyers Index and believe it was a great opportunity for property investors or developers. Our Smart Buyers Index gives our clients the inside running on smart buys in Brisbane. We’ve developed it from our more than 20 years in the property industry working as a registered valuer, quantity surveyor and in sales. When you work with us that means you can tap straight into our experience and save yourself loads of time, money and frustration.
Would you like help with your next investment property purchase?
As a Brisbane buyers agent we are totally committed to helping you make a smart buying decision on your next property purchase. We act independently and only select homes that meet our strict ‘smart buying’ criteria.
Our clients’ regularly tell us they engaged us because they were frustrated, and at the end of their tether, looking for a property in Brisbane that suited them. They were sick of wasting their time at weekend open homes and in the evenings – time that could be better spent with their loved ones.
We’d love to help you make your next Brisbane property investment or home purchase.
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