Best Of The Rest

107 Petterd Street, Page

9 Gundulu Place, Giralang

Our Feedback

Spec - 3 Bed, 1 Bath, 2 Car, 806m2
Asking price - Auction (low to mid $400's)
Our Valuation - $435,000
Current/Potential Rent - $445/wk (approx.)
Leased or owner occupied - Owner occupied (moved to Perth)
 
As a pure numbers investment, this property ticks most boxes, however, we feel uncomfortable with the immediate area demographic and the value add potential. The current owner has moved to Perth and needs to sell the property. He has started renovating the property but there's still a fair bit to be completed. Once the renovation is complete, however, there is not much else that can be done to the property to add value. Although there would be an initial equity release of approx. $40-$50k, the capital growth following would be smaller compared to suburbs closer to Belconnen and the CBD. 
A positive is that the vendor would sell prior to auction and we believe it could be secured for under $450,000. There is approximate $35k worth of work to do. The renovated value would be low-mid $500's.
 

11 Stretten Crescent, Latham

Our Feedback

Spec - 3 Bed, 1 Bath, 1 Car, 740m2 (RZ2 zoning)
Asking price - Auction (mid $500's)
Our Valuation - $550,000 (But wouldn't surprise if it went in the mid $600's!)
Current/Potential Rent - $510/wk (approx.)
Leased or owner occupied - Vacant (moved into nursing home)
 
This is a great property! There is room to adjust the internal floor plan, create an outdoor entertaining area and open up the back of the property. A granny flat is legally possible, however, it would mean reconfiguring the rear yard layout to move the current garage forward to the front of the property. 
 
It was the 1st open that we viewed the property (Wednesday 26th), so it is hard to get a feel for the market. The agent is really opposed to making an offer prior to the auction and is willing it to go to auction on the 13th. He knows the market is ripe for a property like this, but also understands the owner would be happy with $500k! It's not a good idea to make any offers prior to auction after the 1st open, but if we did want to try, we could do so at the back end of next week (wc May 1).
Lets discuss!

<Off-Market>70 Lyttleton Crescent, Cook

Our Feedback

Spec - 3 Bed, 1 Bath, 2 Car, 738m2
Asking price - Off-market
Our Valuation - $650,000
Current/Potential Rent - $550/wk (approx.)
Leased or owner occupied - Owner occupied 
 
We have not viewed this property yet, with the first available timeslot been offered being next Thursday the 4th of May.
 
The agent understands our position and has disclosed that the owner would be open to selling off-market at the right price. We work quite closely with this particular agent and believe we could be in the box seat to secure the property. We are awaiting the COS to be sent to us along with updated photos. The photos here are from 2013 and we believe the condition might be similar.
 
We would like to pursue this further if you are open to stretching to the mid $600's (and if Leeanne believes it is achievable)?

3 Tovey Place, Florey

Our Feedback

Spec - 4 Bed, 2 Bath, 2 Car, 593m2
Asking price - Auction 
Our Valuation - $600,000 - $650,000
Current/Potential Rent - $550/wk (approx.)
Leased or owner occupied - TBC
 
This property goes to auction next Wednesday the 3rd of May. Our understanding is that the agent is concerned about it selling and the likelihood is that it will pass in. We have not been able to view this property just yet, however, we would be doing so in the next couple of days.  There are a couple of things we don't like about this property, they are, it's already 4 bedrooms, the block size is smaller than we'd like in this area and the layout is not conducive to adding too much value.
 
Our recommendation is to let this one go through to the keeper. It would feel like we're buying a property for the sake of buying a property while not following the key principals we agreed upon when buying in Canberra.
 

<Off-Market - Evatt>

Leather Camera

Our Feedback

Spec - 3 Bed, 1 Bath, 2 Car, Size TBC
Asking price - TBC
Our Valuation - TBC
Current/Potential Rent - TBC
Leased or owner occupied - Owner occupied
 
This is very early speculation, and full details of the property can't be disclosed as the agent has not yet secured the property. What we do know is, the owner would be very open to selling off-market and has strong motives to move the property without going to market. The agent knows our position and we have registered strong interest. We are anticipating being able to view the property at some stage next week. We are endeavouring to get the property details asap so we can start the analysis ASAP.
We'll keep chipping away at this one in the background.
Watch this space.

Our Feedback

Spec - 5 bed, 3 bath, 1 car, 656m2
Asking price - $499,000 +
Our Valuation - $430,000
Current/Potential Rent - $890/wk (current) / $700/wk (moving forward)
Leased or owner occupied - Granny flat 12 month lease / House 4 x student leases
 
This was a weird and wonderful property all rolled into one. The block has 1 x 3 bedroom house and then a 2 bedroom granny flat to the rear. There is an extraordinary amount of work completed that is of sub-standard and not council approved. The concept, in short, works really well and provides for a great positive cash flow investment. However, there's a lot of work to bring this property up to scratch. We would only recommend buying this property if it was agreed with the vendor that he has everything that is not currently approved, to be approved. The purchase price we'd recommend is drastically less than what they are after. The property has been on the market for over 90 days. He had an offer early in the campaign for $455k which was rejected. I believe an offer of the same value presented now would be accepted. 
 

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