Is there anywhere in Sydney that is not screaming hot?
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Seems fortuitous, fwiw Lomas said a couple of days ago that the buyersin western Sydney are paying too much and will get burnt when it drops back next year and that melbournites love property so much that they are blind to an inevitable correction in that market. the upshot was Brisbane is looking cheap and prime to go amongst all this
For townhouses it's coming down to 5% return. 2/3br villas you can still get around 6%. 2br 70's units are around 6.5%
Returns have certainly diminished. Till mid last year you could get 7%+ gross easily on villas and units at least.
I would like to give updates on this one. Finally, my agent gave me a quote which is much cheaper from their handyman, who was busy earlier. It is only A$1500 to do the required items so that the house is good enough to be re-rented. I was expecting at least A$5000 beforehand. That is considered in the negotiation while purchasing this property.
At the end of day, regarding buying interstate, we just need to start building up the relationship with the right people or agents in their areas.
Thus, I must say that the renovation costs is cheaper in Brisbane than in Sydney.
The agent provides me the list to be done now and future. This will give you the picture what is required in the renovation.
1: SAFETY
a) LHS of property rear: Put some sheeting over the broken asbestos sheeting on the external wall/laundry area
b) Replace window frames of laundry and outside toilet as they are rotten and termite effected
c) Remove side fascia board of carport (RHS) - fear of falling as most of it is warped and coming away from the timber exposing nails, could fall soon...
d) Laundry lino is torn and although we can try and glue down it's damaged at the edging so won't glue well and continue to lift in the future, can make do for now but may come up soon. (The kitchen and small exit area have the same type of lino and it is loose and not glued down. Underneath is lino glued to the floorboards. These two areas also have some liftings/small tears etc and suggest for now to glue to the underneath lino, but in the future, you may want to look at taking it all up and simply polishing the floors~
e) Replace and paint skirting board in bathroom as is termite effected (on the bath hob)
f) rear fascia/soffit - one piece of timber has fallen due to rot and will need to be replaced as is acting as a barrier between external and internal roof and will attract possums/vermin etc. This will need replacing.
2: TO RENT:
a) Paint various sections of lounge/bed1 and bed2 ceilings. At the inspection, they were free (relatively) of mould (the previous tenant was told to clean), however there are paint peeled areas which can either be bond creted and painted or plastered, bond creted and painted. Although the painting in the property is not the best I think it will do for the market. There are numerous
b) Install wing wall fence on LHS between side fence and house
c) Remove and level garden bed in rear middle of property and remove the timber structure (it's also part of safety as is rotting).
d) replace letterbox
e) Install 1x small wardrobe currently in the middle of the study to second bedroom. There is also a small wardrobe in the study which could then be utilised for the main bedroom. Alternatively install in main bedroom and leave the study one for the second bedroom.
f) Patch and paint hole behind front door and install door stop.
g) Fill small split between timber floorboards in lounge entering small hall to bedrooms.
3; FUTURE MAINTENANCE
a) Carport sheeting is rusted and has holes so we will rent advising tenants that it may leak from time to time (it definately will). Is is not to be used for storage of items, only car. So, there are a pieces of timber which form the structure (rear piece) which is rotten and will need replacing. So, I suggest all is done at the same time, strip old iron sheeting, replace timber and install new iron sheeting
b) There are other areas (front RHS) which also have some rot and will need replacing.
c) Safety glass x1 panel in bathroom is cracked and may need replacing in the future. NB we have many properties that have this and they have held up for some time being cracked, and it is safety glass.
d) The bathtub has seen some better days and the enamel is peeling/scratched. We use a company who can recoat (guarantee 10 years), as I recall it was around $500 or so - looked much better.
Well said Monslisa, apparently agent already have offers on hand before its first opening this weekend. Baiting out better offers.
They are still available btw
I called about the Meacher street unit as soon as it hit my inbox. Got the same response.. already had an offer on it higher than the asking price. This particular agency has a reputation for being shady, and listing properties at under market value to generate extra interest is one of them. I've seen it first hand.
Even tho the agent is shady, but after all it is still a good IP IMO
However, i am not prepared to over spend based on his words / games
Why is listing below market value shady? I think its very smart, get people in the door, get the home buyers emotional, ?????, profit.
