We have an unusually high yielding investment property that we wish to sell. Reason for selling is because we will soon be moving to NSW and need to buy there. I'm posting this here for advice on the best approach to achieve the right value for the property - given that it is unusual. Here's an overview.
It's a regular (modern) 5 bedroom house in a regular residential street in a fast developing area in Queensland. We used to rent it out at $590/week. But for the past two years we have rented it out at around $1,080 per week, with close to 100% occupancy. How did we achieve this appreciation? We turned it into a student house and rented it out by-the-room. Since it's within a 5 minute walk to a university, it seemed a logical way to increase the yield. And I have to say, it's worked a treat. The breakdown is below;
$56,000 gross income per year
$12,800 total outgoings (not including mortgage repayments)
Other houses in the same street sell between $600,000 to $850,000, but (and this is a big but) - they don't return anywhere near what we get.
My question; based on these numbers, what do you think the property should be worth? And who should we contact to market it?
It's a regular (modern) 5 bedroom house in a regular residential street in a fast developing area in Queensland. We used to rent it out at $590/week. But for the past two years we have rented it out at around $1,080 per week, with close to 100% occupancy. How did we achieve this appreciation? We turned it into a student house and rented it out by-the-room. Since it's within a 5 minute walk to a university, it seemed a logical way to increase the yield. And I have to say, it's worked a treat. The breakdown is below;
$56,000 gross income per year
$12,800 total outgoings (not including mortgage repayments)
Other houses in the same street sell between $600,000 to $850,000, but (and this is a big but) - they don't return anywhere near what we get.
My question; based on these numbers, what do you think the property should be worth? And who should we contact to market it?