澳洲Australia property What would you offer? St Kilda West | Syd
在澳大利亚 The pool at of an IP needs to be resurfaced (or so the pool doctor says), the cost was estimated to be $10K ($10,000), after recoverying from my impresssion of a cat coughing up a fur ball, it just seems far too much. Its just a standard poo I need some advice regarding a property purchase. Property - semi-detached house Bedrooms - 2 Condition - average needs internal reno to modernise Street - one of the best in suburb Location - excellent Close to schools - yes Transport - 50m
Quick query: What would you offer for this property & why?
Auction is Sat, friend wants to put in early offer....thanks for your thoughts!
Response to query with query: What do they want it for? IP or PPOR?
If it's to be an IP, then the numbers need to add up. Given that it is nicely renovated and therefore very little room for further improvement, then I would base purchase price solely on rental rental value. I also see very little in the way of CG for this type of property, remembering it's only a one bedder.
Assuming a market rent of $300/wk, less BC fees etc, then I would offer no more than 300K. Of course, this offer is not going to be enough to buy the property. This place looks like a money pit, given the ESR, will be very lucky to nett 3% and any growth for quite some time.
Do the maths.
Edit: just noticed it passed in on VB of 420K, along with a few other similar flats. Interesting times ahead.
thanks for your input...yeah passed in, my friend's offer was to be 475K which turned out to be the reserve.
Was company share/stratum title though!!! Hate those places...also there were issues with the owners suing other owners...turned out to be a no-goer for my friend...very glad for him
What was that estimated selling range listed, before they chaged it to $475K?
I thought it was about 400-430.
Any how, at 475K, it is a shockingly bad investment.
ESR from memory was 380 - 420/430
Yeah, I agree, wouldn't pay that much for that place, think he was emotionally attached as had it in mind for a PPOR one day.
Serious underquoting there.
What would it rent for?
Rent was approx $400/wk