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


Hi all,

Quick query: What would you offer for this property & why?

http://www.realestate.com.au/property-apartment-vic-st+kilda+west-106483729

Auction is Sat, friend wants to put in early offer....thanks for your thoughts!

Regards,
M&M  

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Response to query with query: What do they want it for? IP or PPOR?

The Y-man  

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Hi Y-man,

IP,

Thanks :)  

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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.  

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Hi units4me,

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 :)  

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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.  

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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.  

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Serious underquoting there.  

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What would it rent for?  

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Rent was approx $400/wk  

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