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Case Studies Queensland – continued
6/6 Duet Drive, Mermaid Waters
Address: 6/6 Duet Drive, Mermaid Waters
Purchase Price: $362k
This is an old link as we bought this one before it went onto the market. A tidy 2 bed, one bath, one parking townhouse in a good location. The vendor was asking for an offer above $380k and we ended up dealing for $362,500. It is currently tenanted at $420pw , so that is a very handy 6% gross yield. There are only 6 units in the complex sitting on a huge block of 1391 sqm.
62 Kamarin Street, Manly West, Brisbane
Address: 62 Kamarin Street, Manly West, Brisbane
Purchase Price: $610k
We just bought this house for a client who was looking to re-locate from Sydney to Brisbane. They wanted to buy a free standing house on a modest budget.The median house price in Manly West is $675,000, compared to one year ago, when it was $660,000. The Brisbane property market has just not experienced the same volatility as Sydney and Melbourne. Brisbane did not get the same monster price spike, and therefore is not experiencing the inevitable pull back that we are witnessing in Sydney and Melbourne now. 62 Kamarin is a 4 bed, 2 bath, 2 living spaces plus study and parking on a 405 sqm block on a quiet street. The vendors were aiming for a price point around $630,000 and we managed to secure the property for our client at $610,000. (Client was going to offer $620,000) We see value in Brisbane. There are deals to be done, and we like it for the
buy and hold strategy.
41 Wild Duck Drive, Mermaid Waters
Address: 41 Wild Duck Drive, Mermaid Waters
Purchase Price: $952k
We bought this house for a young family re-locating to the Gold Coast. It had initially been put onto the market looking for offers over $1.1million.This was obviously far too ambitious and after a lengthy campaign we negotiated a deal at $952,000. This is a wonderful family house with 4 bedrooms, 2 bath rooms, study, rumpus, 4 parking, pool, spa, cubby – but the stand out feature is the direct access into the park from the back yard. This will be a great house in which to raise a family and own lots of pets!
3/9 Jodie Court, Mermaid Waters
Address: 3/9 Jodie Court, Mermaid Waters
Purchase Price: $382k
We bought this 2 bedroom townhouse for an investor looking to add some property into his self-managed super fund. The property came on the market looking for offers above $389,000. ( Previous recent sale in the block $385,000, identical floor plan, but lesser view.) We ended up buying the property for $382,000 and looking to rent it out for $420pw.
22 Bowline Road, Mermaid Waters
Address: 22 Bowline Road, Mermaid Waters
Purchase Price: $660k
We just bought this house in the Gold Coast for an interstate investor. It was being marketed as “offers between $680,000 to $720,000”. We managed to negotiate a deal at $660,000. This represents great value buying in this suburb. The client is intending to rent it out and we are anticipating a gross yield of around 5.5%. Although it is in good rentable order, there will be scope down the track to upgrade this house. A very popular move in the Gold Coast is to convert the garage into a bedroom and the laundry into an en suite, then put a car port over the driveway. 4 bedrooms, 2 bathrooms , 2 parking with a pool in this suburb can easily command $800,000+ price tags.
7/4 Kates Street, Morningside, Brisbane
Address: 7/4 Kates Street, Morningside, Brisbane
Purchase Price: $585k
We love inner city Brisbane townhouses. We settled on this cracking property this week. This was for sale at “interest over $610,000.” The last 2 sales in this block being $643,000 and $615,000. We managed to negotiate a deal for no.7 at $585,000. This is an investment property for one of our Sydney based clients. Our Brisbane Property Management team are over seeing a re-paint and the installation of new window dressings. We then anticipate a rental return of $600pw –that’s a gross yield of 5.3%, which is amazing for Brisbane. This apartment has a 35sqm courtyard on title at the rear, which right now looks nothing special. Put down some pavers, turf or decking –add screening plants, and as Gav would say “this is equity on ice!”
4 / 108 Bilyana Street, Balmoral, Brisbane
Address: 4 / 108 Bilyana Street, Balmoral, Brisbane
Purchase Price: $510k
This investor had a modest budget but wanted a prestige suburb, with a ‘buy and hold’ strategy. This townhouse had been on the market for a while with a price tag of “offers over $540,000”. After lengthy negotiation we managed to secure the property for our client at $510,000. The Oasis Property Management team have already leased it at $480pw – a solid 4.9% gross yield. As an aside, Brisbane vacancy rates are currently running at 14.4% – the Oasis Property Management vacancy rate is 2.7%!
5/37 Chelsea Avenue, Broadbeach
Address: 5/37 Chelsea Avenue, Broadbeach
Purchase Price: $488k
- 2 bed, 2 bath, 1 parking.
- 117 sqm
- Body Corp approx. $780 pq
We bought this cracking apartment for a SMSF client at the end of 2017. It is in a great location, super close to the beach, in a well maintained boutique block of only 6 units. It is nicely finished, with an internal laundry and balconies off each bedroom too. It initially came onto the market with an asking price of $530,000+. We secured it for our client at $488,000. Our property management team quickly signed up tenants to a one year lease at $520.00 per week. (5.5% gross yield.) Vacancy rates are still extremely low in the Gold Coast.
Case Studies NSW
8 Bickell Road Mosman
Address: 8 Bickell Road Mosman
Purchase Price: Under $3.5 million
Another great property secured! We just purchased this beautiful home with an amazing view. Initially this property was offered to us off market with a guide of $3.5 – $3.8 million. It was bought by a client who had been looking for over 12 months. We knew the guide was too high, so we advised the client to wait until it came to market and for the price to be adjusted accordingly. Clients did not want to miss this opportunity and were prepared to pay more than the eventual price we secured this at which was substantially under the initial price guide.
106/8 Loveridge St Alexandria
Address: 106/8 Loveridge St Alexandria
Purchase Price: $610k
WE just purchased this unit for a first home owner who wanted newer build. Client was a single women with privacy and a secure block being high on the agenda for her. The client is an architect and this block was designed by the company she works for. Although in a high density area this is a low rise block and has a grassed oval and café literally at the end of the street. We were alerted to this property before it went live on the internet giving us the head start, we exchanged under a cool off ( now an unconditional sale- web has not be adjusted) Closest bank comparable was $10 000 more than our purchase price. This had the added bonus of being freshly painted and new timber flooring being laid. We managed to secure the property for $610,000.
66 Lennox Street, Newtown
Address: 66 Lennox Street, Newtown
Purchase Price: $1.388 million
Purchased for $1.388m, Sydney. We just bought this 3 bed, 1 bath, no car, terrace in Newtown -opposite Memorial Park( large grass parkland)and walking distance to King St. This was for an investor client (2nd purchase with us inside 6 months) looking for long term growth and keen to take advantage of the correction we are currently experiencing in the market at the moment. Vendor had a bank valuation of $1.4 million and was chasing $1.45m. We secured the property in 2 weeks at a price that was well under our client’s initial budget.Value add to renovate the kitchen and do a simple paint/ polish to the bathroom.
19/14-40 Davies St Surry Hills, Sydney
Address: 19/14-40 Davies St Surry Hills, Sydney
Purchase Price: $1.05 million
Investor again looking for long term growth and an inner city property to add to his existing portfolio. Great location – Crown St literally at the end of the road – quiet one way street in the centre of the action. Lease currently in place to mid Jan at $780pw. The block has a healthy strata fund. The Body Corp have upgraded pool area and will repaint, recarpet stairwells.Client will update the kitchen with new doors and benchtop when the property becomes vacant. Last sale in the complex was $1.125 in March 2018, and the 2017 sales ranged from $1.2 – $1.280 m highlighting the change in the market.