澳洲Australia property Next move.. | Sydney
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
Here is my current situation.
I own a property in Bendigo which is currently being fully renovated. After completion it should fetch 260-270k in which I owe approx 180k. Rent should be $260-$280 due to location.
The property is close to 1000sq and close to the hospital so I was thinking of subdividing and building 3 x 1 bedders (target hospital tradies/workers over next 5 years). Cost for this would be around $300,000 including subdivision costs. Im predicting that I would get approx $180 week rent for each 3 units ($540)
My other option was to maybe subdivide the block and sell the land out the back. It would cost me around $35,000 to subdivide and the block should fetch $150,000 due to location.
Also, I have just recently moved over to WA and my gross wage has now more than tripled so my borrowing power should of greatly improved. Going off Commbank, on the wage Im on currently, with my current loan, they will lend me $500,000k plus. Sounds a little extreme to me.
My current options/ideas are;
- Buying 4 units in Bendigo off family friend for $450,000 (current rent $720 combined)
- Keeping my house and building the 3 units out the back. Total cost/debt on property $480,000 (approx $800 rent combined)
- Sell my house and borrow 800k (if I can) and build 2 x 3 bed houses over here (Derby) which should yield $3000+ week rent combined but comes with the risk of any mining town.
What to do..?
How much equity would building houses in Derby create? The yield would be fantastic at 20% on costs based on the $800k vs $3k+ rent.
If it was me, Derby without a doubt. Sell off plan if you have to so you can reduce the risk, but you are in one of the best markets in the country to develop for profit in.
2 x 3 bedroom houses in Derby would be worth 1-1.2 mil combined. So 200-400k equity. The only thing that worries me about Derby is the huge land development happening in a new estate (200 odd houses) which you would think would soften the rental market?
I have been investing in Bendigo over the last few years and am a big believer in it - am even opening my own RE agency there because of the opportunities coming up.
Blocks in North Bendigo are a great sell to Melbourne investors because of proximity to the hospital. If you can build 3 x 1 bed for $300k you might be able to pull $160k or so each, which would put you up near Derby profits without the $800k cost... just a thought?
I think it depends what your immediate goal is: rental income, capital gain or cashed in dollars?