The Project
Richard was an inter-state investor and return customer looking for a medium to long term hold with capital growth potential. Working with a budget of $600k, and looking for a property between 12-15kms from the CBD, we were able to narrow the search down to a couple of suburbs that have been experiencing strong growth since early 2017. This area also met the requirement of finding a property with a bit of character, and the client was open to the prospect of cosmetic renovation.
The Property
The property was one of the better examples of a renovated post-war home in this area. In the last couple of decades, many houses in this particular suburb have been converted from commission housing into modern and trendy 3-bed homes. With such good bones, these houses have been built with the kind of hardwood timber that is simply not cost effective to use today. The property we purchased was a great example of this, with clean lines throughout, and a designer kitchen straight out of a magazine. Better still, it was set on a neat corner block only a short walk to the train station and main shopping area.
The Numbers
- Listing Price: ‘For Sale’
- Purchase Price: $596,000
- Current/Estimated Rental: $440-460pw