Cheap House In A Growth Region With 6% Returns
Property ID: 15059015
Purchase Price $300K
Estimated Rent $350 per week
Estimated Yield 6%
It is rare you can pick up a fully detached house for $300K. It is also rare to find a detached house returning a 6% yield. It is even rarer to find a house that provides all this in a location projected to go through a growth phase; but this house does just that.
The property is within walking distance to Shops, Public transport, 3 parks, Restaurants, Take away outlets and Childcare. There are 5 Schools within 2km and 7 Supermarkets within a few minutes drive including Coles, Woolworths, Aldi & IGA.
A massive shopping centre, which provides employment several thousand people, with more than 80,000m2 of retail space and more than 4,000 parking spaces is just a 5 minute drive. This Centre is anchored by Myer, Kmart, Big W, Coles, Woolworths, Bi-Lo, Aldi and Birch Carol & Coyle has a 12 Screen Cinema.
There is a train station providing access to the CBD just 1.8km from the property and a few minutes drive will have your tenants on the Motorway.
This location is moving into the growth phase of the cycle which is confirmed by the following;
The rate of sales has more than doubled in the last 2 years;
Properties available have reduced by 30% in the last 4 months;
House prices are increased over the last 2 years and the rate is beginning to accelerate;
House prices are at slightly lower levels than they were in 2009. All surrounding suburbs have shown growth over the past 3 years and most have surpassed prices from 2009. This indicates there is capacity for higher prices where this property is located;
Medium rents have increased over the past 12 months;
Vacancy rates are at 1.7% and have consistently been under 2% for a number of years;
The population is projected to grow by 22% over the next 20 years. This rate of population growth will be restricted by available land;
There is also the opportunity to add value to the house and increase rental return by completing a cosmetic renovation. While the house can be rented as it is for around $350 per week, it can easily be updated. Property features include;
* 3 bedrooms;
* 2 bathrooms;
* Lounge, dining and spacious kitchen;
* Good size separate laundry:
* Air conditioning:
* Large 2 bay powered shed + garden shed;
* Long double carport with drive on access to sheds;
* Good size frontage for extra parking or plenty of yard space for kids to play in the fully fenced yard;
For further details and to secure this property call Matthew Barnes on 0430 979 900.