BAM....33rd PURCHASE BY Easy Buyer's Agent for our client in NSW. Asking price: $220,000. Purchase price: $205,000. Property is already tenanted at $270/week until March 2021. Read on.
Our client is an investor who resides in NSW. He is looking to accumulate and diversify his investment into the WA market.
The past couple of months have been some of the toughest times for us as a Buyer's Agent. The reason is, property market is currently running very hot in WA, and that makes most of the properties we have put offer on have multiple buyer competitions. Some have as many as 10! And a lot of properties are currently under offer at or above asking price. Therefore, as an investor, whereby you want to buy below market price, it has been almost an impossibility.
However, Easy Buyer's Agent didn't give up. Our relationship with the local selling agents helped us securing this property. This is a 725sqm 3x1 property that is already tenanted at $270/week. The internal is in great condition and doesn't require any work. With location that is in close proximity of a lot of amenities such as schools, parks and local businesses, and with bus stop right in front of the next door neighbor's house (which will take you straight to the major train station), we knew this house has a lot of potentials.
What's more important is, suburb's median price is $240k and a lot of 3x1 properties in the area have sold for at least $220k. Therefore, at the purchase price of $205k, this is a below market purchase. With $270/week rent this gives 6.85% gross yield positive gearing. Suburb vacancy rate is 0.6%. Our buyer can always do cosmetic renovation down the track (as necessary) to increase equity. In the meantime
Looking to buy property in WA? You know who to call. We take the emotion out of your investment selection so that you are buying a truly great property which numbers stack up and not just in the areas/suburbs you are familiar with. Call us any time, consultation is free.
Until the next purchase. Peace.