A smart young Queensland property investor I know holds multiple properties in ‘The Groves – Lawnton’.
After watching the highly popular TV series, ‘The Block’, and meeting with both myself and RE/MAX Northern Realty Business Development Manager Cristel Stenhouse, she made the tricky decision to renovate.
We advised that a small update to her property would assist her to capitalise on market trends and future growth within the area as a property investor, following the announcement of The Mill at Moreton Bay, a new university development located at Petrie’s old paper mill.
The unit was rented for $240 in June 2016 and the property was purchased for $207,000 in September 2016.
The young investor spent only $12,000 on renovations, which included replacing the front fence, a new reverse cycle air conditioner, painting the unit throughout, stylish window coverings, brand new modern carpets and updates to the kitchen and bathroom.
The unit is now online for rent at $295 per week and the property is valued at $236,000, which equates to a rental increase of $55 per week, or $2860 per annum and a capital growth of $17,000.
Matti Walker is a sales agent with RE/MAX Northern Realty.
If you would like to know more about how Sales and PM can work together to generate leads, check out this session with Fiona Blayney during Transform 2016.