What’s better than securing a valuable property that comes with immediate equity buildup? We were able to buy one such piece of property during an auction for one of our clients and we can assure you, there are few other things that would have made him this happy.
This property was bought on auction and, after bank valuation placed its value at $764,000, it has already gained $44,000 in equity buildup. Its renovation potential based on the property’s floor plan may well take its resale price over $800,000! Furthermore, it is a corner block that can be developed to increase yield and gain profits. At the moment, 2-bedroom townhouses in this suburb are being sold for $720,000-740,000.
Our client, who we represented at the auction against 3 other buyers, was immensely happy over this purchase, since we had bought it well below the vendor’s reserve, which we knew was over $730,000. Further redevelopment and manufactured growth will lead to an increase in value and higher equity.
