Reno-Hold Off Market
FIRST FOR 2022…Purchase #76 by Easy Buyer’s Agent. This property was for our Melbourne client and was completely off-market. Asking: Mid $300s. Purchase: $325,000. Domain said a High Confidence valuation of $445,000. This was a 4-bedder + entertainment room sitting on 640+sqm land that needed cosmetic renovation. Read on.
BRIEF:
Our client was an eastern state buyer residing in Melbourne. They wanted to purchase their first investment property in WA with buy-hold strategy.
PROPERTY STORY:
In this very competitive Seller’s market, it has been our experience of late whereby out of all the offers we made for a property, ten-out-of-ten, the chance was we had another competitor on the table. As soon as there was another competitor on the table, it made everything challenging because the buyer simply had just one chance to offer their best price for the property. And unless he was courageous with the price, most of the time he would lose out.
Our network with local selling agents has helped us acquiring this property. One of the selling agents within our network offered this property to us. The seller has moved back to eastern state and needed to sell it pretty quickly. They couldn’t be bothered going to market for public viewing due to the state of the house, and the tenant that was there.
Long story short, when we viewed the property, we were immediately interested. Yes, this 4×2 + huge entertainment room property needed work but the bones were strong and location was excellent, very near to a beautiful park. Property was situated in a suburb with 0.3% vacancy rate, 13.6% 12-month growth and $443,500 median price. We knew this had potential. We quickly get our buyer organised to make their move. Their offer got accepted at $325,000.
Based on the data we had, this property, conservatively, should value for at least $420,000 and rent for $500+/week post renovation. All renovation will be project-managed by our renovator partner so our eastern state client did not have to drop a single sweat.
Looking to buy property in WA? You know who to call. We got many strategies to apply to ensure you get the best “bang for your back” when it comes to property investment. We also had a network of property experts, from conveyancers, mortgage brokers, renovators, building/pest inspectors to ensure your property transaction was looked after. Let’s just chat property, consultation is free. Until the next purchase. Peace.
