2012 was yet another highly successful year for Investigate Property and our clients. It also held some significant events for me personally, with the birth of my second child, Lacey, in October and the unfortunate diagnosis 4 weeks later of a large hole in her heart. It appeared the year was going to end on a negative note, but Lacey has had open heart surgery and is now doing beautifully. Other than a scar on her chest you wouldn't know she had been sick!
We thought we'd share a small selection of deals Investigate Property were involved in over the course of 2012, as we feel there is no better way to demonstrate what it is that we do.
Dual Income for the Price of One
Camp Hill
Price: $600,000
Description: Duplex pair. 1 x two bedroom, two bathroom flat, renovated, and 1 x two bedroom unrenovated flat.
Why we liked it: Basic houses in the immediate area sell for mid $500k to mid $600k, so we knew we were buying the potential for two incomes for the price of one. The location is brilliant, being a peaceful street yet close to everything. It also contained a number of new and renovated houses, some achieving in excess of $1m. The renovated flat could provide immediate income while the unrenovated flat was being renovated or owner occupied. The unrenovated flat also had the potential for a third bedroom. The large master bedroom had frosted windows that were difficult to open. We found that odd because with those windows open you had city views. The renovated flat was immediately rented for $370pw and the unrenovated flat was appraised at $400pw upon completion, a total of $770pw.
| Interested in buying a duplex? Investigate Property can help. Click here. |
Keeper House Plus Room for Units
Newmarket
Price: $550,000
Description: Termite infested Queenslander style house with renovation potential and room to develop at the rear.
Why we liked it: This one had a false start, with client number one unable to obtain finance. Enter client number two and we had a contract agreed at $580k. However, research revealed a likely road widening, which could affect the development potential, so the contract was further negotiated down to $550k. Interestingly enough this was done despite the property being unconditional (there are ways!). At this price, in the slight chance council took a large road widening, the property was viable as a renovator only. The property was renovated, including remediation of termite damage, and an extra bedroom and bathroom was created when the kitchen was shifted into the lounge room. The house now rents for $650pw as a 4 bed, 3 bath dwelling. The client also managed to obtain Development Approval for 6 x 2 bedroom units in the back yard while keeping the house on separate title. A brilliant result given a) he managed 3 storeys where only two should be possible, b) he went well and truly over his GFA allowance, and c) he managed to beat the road widening situation at the same time! Construction is due to begin in the New Year.
| Interested in buying development sites with a house you can keep? Investigate Property can help. Click here. |
Instant Property Portfolio
Chermside
Price: $1.23m
Description: 6 units on one title with strata-title and renovation potential
Why we liked it: The unit block was as solid as they come and the strata-title straightforward. The seller had stripped all of the units so they were essentially just shells. The negative is no income and a need to do work immediately. The advantage is the demolition side of things is already done for you! The property was renovated, strata-titled and the units sold individually for good prices.
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Interested in strata-title projects? |
Renovator - with a secret development option
Wooloowin
Price: $565k
Description: Dual Occupancy Property on a corner position with multiple development options
Why we liked it: The Property had the potential for good returns with limited renovations required. At least this is what was advertised. What wasn't advertised was the development potential! The large dwelling could be kept and a new freehold house built to the side street, or the dwelling could be demolished and replaced with three freehold houses. The agent knew of none of this potential. Both options show around 20%, but with rent after minor renovations of $700pw, would you be in any rush to develop? A good result under 5km's from the CBD.
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Interested in high yielding properties and knowing more than the agent? |
Good development site with great profit
Sherwood
Price: $800,000
Description: Large house on 810m2 in a corner position and zoned Medium Density Residential under the new Local Plan.
Why we liked it: In this instance it is all about the land with plans for 16 units over 5 storeys for the site and potential profit in excess of $1.2m.
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Interested in development sites? |
Owner-occupier with a twist
Moorooka
Price:
$480,000
Description: Postwar house in great low maintenance condition located on a corner with development potential
Why we liked it: This property was a perfect fit for our owner-occupier client. It was published as a 2 bedroom 2 bathroom house, but it also contained a large sleepout, a very large living area, a large eat in kitchen and a separate living room. The reality is this 2 bedroom home could have 3 or 4 bedrooms with little to no work. The quiet location and large yard were appealing, but what really got it over the line is the corner position with potential to keep the house and build a new house, or demolish and build 3 houses or 4-5 units.
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Interested in owner-occupier property? |
Simple Splitter
North Western Suburbs
Price: $630,000
Description: Reasonable post-war house on 2 lots totalling over 1200m2.
Why we liked it: Potential to split the property into three vacant lots with a fairly straightforward application. The property has dual street access, opening up access and serviceability options. Superb suburban views are the icing on the cake and should help achieve good land sales and profit around $130k in relatively short time.
| Interested in subdivision opportunities? Investigate Property can help. Click here. |
Development site at a non-development price
Nundah
Price: $460k
Description: Reasonable post war house on 607m2 of land with development potential.
Why we liked it: Two things we saw in this that we liked above other properties in the area. 1) the block is 20m wide. Most blocks this size are only 15m wide. The extra width allows for more car parks and therefore more units. 2) There is a development next door so three storeys over part of the site is possible. Again the extra width is beneficial here. Potential for good profit through the development of 7 units.
| Interested in buying development sites at house prices? Investigate Property can help. Click here. |
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