Just bought cheapest 2 brm unit in Cairns, QLD @ $107,000

[Icarus]

This one should go for a similar or cheaper price. Woree/Whiterock area though. Sales in complex last year were low teens. Look to be a couple around at this price currently, not including the ex-motel units in the area. Still a good return none-the-less!

http://www.realestate.com.au/property-unit-qld-woree-106669249?activeSort=price-asc

 

[BigCol]

This one should go for a similar or cheaper price. Woree/Whiterock area though. Sales in complex last year were low teens. Look to be a couple around at this price currently, not including the ex-motel units in the area. Still a good return none-the-less!

http://www.realestate.com.au/property-unit-qld-woree-106669249?activeSort=price-asc

I wouldn't touch this street or area with a barge pole - I doubt one owner occupier lives in this entire street! I'd rather pay $20,000 more & get a better unit in a more desirable area. My walk-away price for this unit would be $90k; compared to what I just paid.

 

[eternit]

I wouldn't touch this street or area with a barge pole - I doubt one owner occupier lives in this entire street! I'd rather pay $20,000 more & get a better unit in a more desirable area. My walk-away price for this unit would be $90k; compared to what I just paid.

good luck getting a 2 bedder in woree for $90K

 

[fjficm]

Well done

Just bought the chepest house and land for $18,000 in country Vic
3 bedder just needs makeover and some plumbing on 1/4 acre of land
Post reno expected rent $110-120/week, to sell $50-55K

Recently just missed out on a 10K prop but total shagged almost demo job so just land value.

Cant believe you can get a house and land for under 40K anywhere in Oz
My cheapest before this were 40, 45, 48, 50, 52, 55, 60, 64, 65K each

 

[kissfan]

Cant believe you can get a house and land for under 40K anywhere in Oz

Hehe. Checkout some of Nathans' finds.

Regards
Marty

 

[BigCol]

The unit I bought just settled yesterday & here's the address as agreed: Unit 1, 8 Kidston Street, Bungalow, Cairns. 2 bedroom ground floor unit, security gate. Photos are attached for those interested.

Will return $185pw with a lick of paint, etc.

VERY HAPPY!!

 

[Gools]

I shouldn't laugh but the lounge looks pretty practicle. No need to leave the couch to pop in a new DVD.

Nice return, well done. Thanks for posting.

Gools

 

[cadence]

that's amazing. I don't understand why people sell these things if they are actually profitable ....... or sell them at that price when the return is so much higher ... or why tenants pay that kind of rent when they can just own it themselves ......

congrats to you, great buy!!!!!!!!!

 

[Gatoblanco]

I came very close to buying a 2bed unit in kidston st about 3-3.5yrs ago.
The one I almost bought the owner would go no lower than 145k at that time and was very similar (may even have been in the same complex).
I didnt buy it but it sold less than 2wks later.

So prices have taken a hit. But also you got a good deal. Good roi.

 

[snowwhite]

...did they mention its been the subject of 3 murders, druggies live either side of the unit, the place has been broken into 46 times, and that is just this year? there is rising damp on all walls, the sewerage backs up weekly and the electrical work was carried out by harry the electrician from palm island on his weekly trip to town to load up with grog?

other than that all should be sweet, nice pickup if it looks legit..

post some pics when it becomes unconditional if you can and advise the suburb please.

best of luck

haha ,you are so humour!

 

[snowwhite]

The unit I bought just settled yesterday & here's the address as agreed: Unit 1, 8 Kidston Street, Bungalow, Cairns. 2 bedroom ground floor unit, security gate. Photos are attached for those interested.

Will return $185pw with a lick of paint, etc.

VERY HAPPY!!

How much strata fee do you pay ? and concil fee ?

 

[snowwhite]

unbelivable ！8.7% return !

 

[BigCol]

How much strata fee do you pay ? and concil fee ?

BC: $1600pa. Rates: $2,100. The rates are standard right across Cairns.

 

[BigCol]

that's amazing. I don't understand why people sell these things if they are actually profitable ....... or sell them at that price when the return is so much higher ... or why tenants pay that kind of rent when they can just own it themselves ......

congrats to you, great buy!!!!!!!!!

I wasn't actually in the market to buy, but the agent emailed me saying the unit "had to be sold", so I made a ridiculous walk-away offer of $105k, came up $2k to $107,000 & the owner took it!

 

[recruit2]

that's amazing. I don't understand why people sell these things if they are actually profitable ....... or sell them at that price when the return is so much higher ... or why tenants pay that kind of rent when they can just own it themselves ......

congrats to you, great buy!!!!!!!!!

One example is: Owner has been told she has 12 months to live. So she decides to sell up and enjoy her last year alive to the max (spending whatever equity is released from the sale), then she can survive on the cheap just paying the rent without any of the worries.

You also have to remember that many of the people in the lower socio-economic areas aren't always well educated when it comes to owning properties and building wealth, so if they panic or feel stressed or are worried at certain times, they may not be able to see any other way out other then to sell and "release them from the stress of owning" etc.



$107,000 that is just awesome. Big congrats Big Col.

 

[Ed Barton]

The unit I bought just settled yesterday & here's the address as agreed: Unit 1, 8 Kidston Street, Bungalow, Cairns. 2 bedroom ground floor unit, security gate. Photos are attached for those interested.

Will return $185pw with a lick of paint, etc.

VERY HAPPY!!

are you buying it with a tenant in place?

the cairns rental market has been very blue of late. even if you have to drop the rent to get a tenant you'll still have a very good yield. congrats!

i'm tempted to get another couple of these types in cns, but i'm a bit over exposed to the cns market already, so i might wait.

 

[Intrinsic_Value]

BC: $1600pa. Rates: $2,100. The rates are standard right across Cairns.

whats does 'standard' right across Cairns mean?
does everyone pay the same rates regardless of size of property?

 

[snowwhite]

BC: $1600pa. Rates: $2,100. The rates are standard right across Cairns.

then,you net rent income will only be 110 per week! the rate is even more expensive than my 4 bedroom house in a 800 sqm land !

 

[snowwhite]

Well done

Just bought the chepest house and land for $18,000 in country Vic
3 bedder just needs makeover and some plumbing on 1/4 acre of land
Post reno expected rent $110-120/week, to sell $50-55K

Recently just missed out on a 10K prop but total shagged almost demo job so just land value.

Cant believe you can get a house and land for under 40K anywhere in Oz
My cheapest before this were 40, 45, 48, 50, 52, 55, 60, 64, 65K each

I cannot believe that you said ,are you kidding ?

 

[BigCol]

are you buying it with a tenant in place?

the cairns rental market has been very blue of late. even if you have to drop the rent to get a tenant you'll still have a very good yield. congrats!

i'm tempted to get another couple of these types in cns, but i'm a bit over exposed to the cns market already, so i might wait.

Bought it with tenant in place, but tenant is moving out which I'm happy with as gives me opportunity to spend some $$$ & increase the rent.

I just rented my Whitfield unit in under a week, so as a landlord if you're prepared to meet the market or go slightly under market which I did by $5pw & also spruced up the place, then I feel you'll rent IPs out quickly despite all the D & G.

Have you bought houses or units in Cairns EB or mix of both?