Our regular readers will remember earlier this year, the PROPERTYOLOGY team identified the need for our agency to add a new location to the list of locations that we were helping clients invest in. Some of our clients with bigger property portfolios were risking an unhealthy reliance on Queensland and New South Wales markets so we identified this exciting interstate location which has a diverse and different mix of industries drivers. With the standard property selling for less than $300,000, this location is extremely affordable to first time and experienced investors alike.
After weeks of research and planning, including understanding the characteristics and outlook of the local economy (which include Manufacturing, Tourism, Education and Agriculture) and studying council maps for flood records and identifying certain pockets of town known for their lower socio-economic status our Managing Director Simon Pressley and Senior Buyers Agent Bryan Loughnan took an entire week out of their schedules to physically visit this location.
The week included meeting with the local federal Member of Parliament, chamber of commerce, key business owners and the mayor. Additionally, Bryan met with several real estate agents for general relationship building purposes. He also interviewed a number of local property managers, building inspectors and pest inspectors which have helped to further enhance our business’s quality assurance processes.
Finally, before jumping on the plane back to Brisbane, Simon and Bryan spent nearly two full days driving up and down every single street in this particular city. It’s one thing to look at ‘Google Maps’ from a desk top computer, but they can never give you the full picture. By driving up and down streets, videoing them and classifying them as either ‘acceptable’ or ‘unacceptable’ we are protecting our client’s best interests just as if they lived in that location.
It’s fair to say that Simon and Bryan have done more checks and balances to help our clients maximise opportunity and minimise risk in this particular location, than most ‘DIY’ investors would do in their own home town.
This is now the 10th property we have purchased in this new location in the last 6 months. This particular property is in a highly sought after pocket of town and an independent rent appraisal by an experienced local property manager suggests it will rent for between $260 and $280 per week.
Vendors original expectation was to secure a sale price in excess of $250,000. After quite a bit of negotiation, our Buyers Agent Euan Rose was able to secure this property on behalf of first time PROPERTYOLOGY client Graham, for ONLY $235,000.
A fantastic result!