Purpose of Purchase: Owner Occupier
Property Type: House
- Specific suburbs of Paddington, Red Hill or Kelvin Grove.
- Private back yard
- Limited local outlook
- Walking distance to shops, cafes and Suncorp Stadium
- Less then 2.5km from Brisbane CBD
A Successful Investment:
The property was going to auction and we were confident that it would be relatively limited demand due to the shared driveway with the house next door. The property is actually a group title however for an expense of $5,000 we knew we could get the property changed to a freehold title.
We went to auction and had to compete with two other parties. The auction was drawn out being well below the vendors expectations and we were finally successful in purchasing the property $60,000 below our recommended upper limit. The client is very excited by the purchase and will live in the property for the next 3 years before converting it to an investment. The property will achieve a rental yield of approximately 4.5% on a purchase price of just over $1.1 million.