Celebration Time!!!! *PURCHASE OF THE WEEK* celebrating what our client has again in this Hot Market!!
The property acquired Off-market Direct to Vendor, is in Metro Adelaide, and is in the pocket that is controlled by homeowner occupiers.
*$570k purchase price, 600+ sqm land size. Bank valuation at $640k
*Made $70k at acquisition. Well before the acquisition actually happened
*We provided a rental guarantee on this established property through our property management network
*Suburb median $700k for similar-sized properties
*The area is around 11km from Adelaide CBD
*5mins walk to school, hospital, childcare, church
*Around the corner from major shopping centre
The client is building their retirement fund and approached us to help them build wealth faster. We did a detailed strategy session with them explaining to them their mortgage strategy and sustainable portfolio-building strategy. We then engaged our tax business to ensure they are set up correctly and introduced our mortgage partners to provide the right products. Once this was done and they understood what targets we need to achieve together, we assisted them in implementing the strategy by finding their first home, completely OFF the market, direct to vendor no real estate agent involved in the middle. The property was valued by the bank at $640k. They are now on their journey to add property number 2 shortly adding more yield and growth to their portfolio before transitioning into an experience investor stage.
Now let’s try to understand why we think this is a growth corridor, let’s see some high-level data
*Demand supply ratio of 69. That means demand is significantly higher than supply i.e., there are more people looking for properties than the available supply
*Days on market under 44. Coming off from 79 days previously
*Stock on market less than 0.66%
*Renters proportion 12%
*Online search interest over 1400 and growing
*Vacancy rate under 0.59% and falling
If you are a passionate property investor, then let’s chat property.
Until the next purchase. Peace out!!
