Wooohoooo! Valuation in

A rewarding day today. As part of a painful refinancing exercise I have had properties revalued in Launceston. Purchased for $360K in 2002 just revalued for $1.27 million. Around 12% yield on purchase. No improvements undertaken. Now 17% yield. Nice :D
 
Go, GoAnna! So proud to know you, girlfriend! That's a truly awesome result, well done. :cool: :) :D
 
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Over 6 years that's 23.38% p/a compounded according to my calc. Sweet.

Have you placed details on here about that prop? That's some cracking growth you have there especially considering there have been no improvements.

** edit.. Oh that's propertie(s).. Got it. A 17% yield is cash flow positive I imagine :)
 
Congratulations! That's absolutely brilliant!

Hearing such good news from forumites helps me live vicariously during the 'in between purchases' phase ....;)
 
Over 6 years that's 23.38% p/a compounded according to my calc. Sweet.

Have you placed details on here about that prop? That's some cracking growth you have there especially considering there have been no improvements.

** edit.. Oh that's propertie(s).. Got it. A 17% yield is cash flow positive I imagine :)

Yes 17% is cashflow positive but negative on paper after deductions. My favourite outcome. This property is all thanks to some-one on this forum but unsure if they want their name mentioned. Thank you!
 
That is fantastic. I would love to hear more about this, if you care to share.

Did you just happen to buy a bargain, because you say nothing much has changed with the property. I am curious to know more.

Perhaps it is just a "lucky" purchase in that the area went ahead more than another area for some reason. (My parents first house went from "ordinary" to "extraordinary", but over many years as city views became valuable.)
 
That is fantastic. I would love to hear more about this, if you care to share.

Did you just happen to buy a bargain, because you say nothing much has changed with the property. I am curious to know more.

Perhaps it is just a "lucky" purchase in that the area went ahead more than another area for some reason. (My parents first house went from "ordinary" to "extraordinary", but over many years as city views became valuable.)

Wylie

It was a number of things.

It was a "bulk purchase" hence out of many people's price range - at least psychologically. I purchased less than 50% of the whole. There was basically no buying competition. The vendor would have done better to split it up but chose not to for their own personal reasons.

It was under rented.

The area had experienced little or no growth for significant period of time - 15 years if you believe some. So when the growth came there was a lot of catch up.

I knew that Hobart has already experienced growth so it seemed natural that Lauceston would be next but I had no idea how much growth there would be. I bought for yield with some realistic hope of growth.

I also did a lot of research on the ease with which I could let these properties because as a yield purchase this was my primary concern.
 
I forgot to mention we negotiated hard :cool: Got WAY under asking price. That gave us some serious instant equity on settlement. It also pushed us over the line into millionaire territory. It's true the first million is the hardest!
 
Thats some really awesome performance!!

I love reading little snippets like this, and find it extra funny that no GHPC trolls ever trash threads like this because they can't...

Well done GoAnna, congrats.

Chris :)
 
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