What do you do when you have a job that is absolutely flat chat busy, but you still want to buy an investment property? Not just any old property, mind you, you want to get the right property that will show good growth, that has potential to add value for manufactured growth and will have a yield that is at least 5%, preferably better? You know that if it’s up to you fitting into your hectic schedule, then it’s just not going to get done anytime soon. You also know, coming from Sydney, that buying into the Brisbane market, where you’re not familiar, that you just don’t have the time to get all of the research done or to get to know the areas or inspect the properties.
Well, in this Brisbane buyer’s agent case study with us at Property Zest, we introduce you to Peta. Peta wants all that and she wants us to find it for her. Good decision, Peta, I say!
A few years back, Peta found herself a fantastic apartment in Sydney in a location with good potential growth, with renovation potential and the capacity to convert the apartment from a 2 bedroom apartment to a 3 bedroom apartment. Not only did she increase the rental capacity with that move, but she managed to manufacture some great capital growth by undertaking the renovation and she has effectively created a position for herself where she could leverage off this growth to buy her next property. Very clever work – and reminds me of a strategy I read about in the book ‘Your Property Success with Renovation’.
Peta has a high powered executive level role in a major corporation and having been down the road of finding that perfect property before, in the Sydney market, she knew the work involved. So having been some deliberations and discussions with her sister, she contacted Property Zest to discuss the process of using a buyers agent in Brisbane to purchase her next property. Peta herself, is a very analytical person and likes to see the data and supporting information behind the recommendations – most smart investors do – which is great, because we are also very keen on the data and supporting information. We use this to inform our investment location choices and our property choices.
Buying criteria
In terms of the buying criteria for the purchase, having successfully implemented a strategy previously in Sydney, Peta was keen to simply replicate that strategy in Brisbane. So the main criteria for the purchase were:
- Budget: $400 – $420k
- Within 10km of the CBD, units or houses
- Capacity to add value through renovation – not necessarily straight away though
- Yield > 5%
- Location growth factors – e.g. close to transport, hospitals, shopping centres, freeway access etc
In this series of articles we’ll be following along with the buyer’s agent process as we find Peta a property which meets her criteria. Stay tuned for the next part of this case study where we look at the location research.