Purpose of Purchase: Investment
Property Type: Brand new-Ex Developers Stock, 3 storey Townhouse, 3 bedroom, 3 bathroom / Dbl garage.
Purchase Price: $661,000
Yield and rental info: Rented in the 1st week on market for $620 per/wk resulting in a yield on purchase of 4.8%.
Annualised growth rate of 5%
How this purchase met the clients brief:
- This interstate investor wanted a new Townhouse within 7kms of CBD
- Must be quality spec to attract good rental and high depreciation
- Capital growth also desired
After looking at other townhouses in the same complex that had already sold, we asked the sales agent to approach the developer for us to purchase this one for our clients. The developer was planning on retaining it as a rental but as we had a good relationship with the agent, they approached the developer none the less.
We were able to secure the property well under the client’s budget and as we also thought that this was the best of the complex we believe that we had equity in the contract price when compared to the other sales in the complex.
Open plan contemporary style with timber flooring, chefs kitchen and Italian tiles in all bathrooms floor to ceiling all contributing to a rental figure and depreciation allowance that has the client feeling very happy.