I'm not in the market to buy anything but when I'm bored I still look up realestate to see what's on the market.
I thought I'd start a thread and put some links up to properties that I find with some potential to be bargains in case anyone wants to keep an eye on them if they are in the market.
This is one that I spotted today:
http://www.pt.qld.gov.au/real-estate/properties/25-Chalfont-Street--Cnr-Cubbit-Street-Salisbury.html
It's in Salisbury (10k's from Brisbane CBD). Close to griffith university. And in need of a renovation and it's a public trustee auction. So it may go below market value. It won't have developer interest inflating the price because it's only a 615m2 block, and the house looks like it has potential to create additional bedrooms by changing the layout inside with a few new walls, but until I see a floorplan I can't be sure of this. Also you could raise it and build in underneath. Meaning there is potential to get 5 bedrooms and rent them $160 each to uni students at the nearby university.
I think it would be a good buy if you could get it for around $350 000 and easily make a 4th or 5th bedroom if the current layout allowed for this.
Even with just 4 bedrooms the place will bring in $640 per week, minus about $80 per week to allow for internet, electricity, and water, which you would have to supply yourself. After interest and rates and insurance you would probably be positively geared and profit $8000 per year (self managed). Get a 5th bedroom out of the place and you'd be looking at $15000 profit per year. Renovated that house would also be worth about $420 000, so there is possibly room to make initial capital gain as well.
OR some idiot will pay over $400 000 for it at auction when they shouldn't and the above scenario is null and void.
Anyway that's just one that I found and others may be interested in.
I thought I'd start a thread and put some links up to properties that I find with some potential to be bargains in case anyone wants to keep an eye on them if they are in the market.
This is one that I spotted today:
http://www.pt.qld.gov.au/real-estate/properties/25-Chalfont-Street--Cnr-Cubbit-Street-Salisbury.html
It's in Salisbury (10k's from Brisbane CBD). Close to griffith university. And in need of a renovation and it's a public trustee auction. So it may go below market value. It won't have developer interest inflating the price because it's only a 615m2 block, and the house looks like it has potential to create additional bedrooms by changing the layout inside with a few new walls, but until I see a floorplan I can't be sure of this. Also you could raise it and build in underneath. Meaning there is potential to get 5 bedrooms and rent them $160 each to uni students at the nearby university.
I think it would be a good buy if you could get it for around $350 000 and easily make a 4th or 5th bedroom if the current layout allowed for this.
Even with just 4 bedrooms the place will bring in $640 per week, minus about $80 per week to allow for internet, electricity, and water, which you would have to supply yourself. After interest and rates and insurance you would probably be positively geared and profit $8000 per year (self managed). Get a 5th bedroom out of the place and you'd be looking at $15000 profit per year. Renovated that house would also be worth about $420 000, so there is possibly room to make initial capital gain as well.
OR some idiot will pay over $400 000 for it at auction when they shouldn't and the above scenario is null and void.
Anyway that's just one that I found and others may be interested in.
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