Hey Rick. Property is 4x2 on 555sqm Built around 1987-90. 2 Large living rooms. Its got new carpet and tiling throughout. New curtains. Downlights installed in all rooms and Powerpoints/Switches changed over to give it a more modern feel. The kitchen is original but have repainted the cabinetry and put new handles on etc to make it look nicer. Bathrooms have had a bit of a clean up but no renovations done on them.
Most block sizes are around 750sqm in South Lake so I've lost a bit of value there but agents have told me they have sold run down 3x2's on 750sqm blocks for 455-470,000 and well maintained, renovated 4x2s built around the same time on 750sqm blocks can fetch up to 500,000
Even if the front house was to go for 460,000 i still think i could get 540,000 for the back house keeping it at 1mil.
Your around the corner in Atwell and used to live in South lake i think you once mentioned to me? do you think that value is not realistic? Im on the south side of berrigan and close to the new houses that are around that area and I'm also far enough away from the power lines that run through the suburb.
Speaking of South lake i also think its a area with good potential. MTR has mentioned that some of here purchases a bit north of South lake have been doing well (Kardinya, Willagee, Cooby) due to the new Hospital and Murdoch uni being close by. I also think South lake has caught a bit of this growth and theres heaps of development going on by the Cockburn train station and gateway shopping center that are starting to gentrify the area.
Sound good Blair. Great work.
I sold my 3 bedder ppor in South Lake back in 2003 for $185k. That was market value back then. The area looks to have moved ahead substantially in values since then. But then again that's why we invest in property isn't it and why my mantra is never never sell.
We have moved on from Atwell, fully exiting the rat race now residing in Victoria living the property dream.
Once again congrats on the property development.