Total Project: Up to $500,000
This young couple from Bondi had never purchased a property before, and this one is going to be the first of many.
We want to build wealth for this couple over time. We therefore need to buy very well, plus we plan to manufacture growth within the property through renovating the property.
We found a four bedroom home in a great, quiet street. The owner had since moved into a retirement home and wanted to sell the property quickly. We bought the home $120K below the median for the suburb, spent $25K renovating it and added $50K to $70K in value.
Median House Price = $580,000 (at time of purchase)
Historical Growth Rate = 6.60%
Vacancy Rate = 1.89%
Distance to CBD = 13 km