Independent review:
Small, 3 bedroom townhouse in Robina close to Bond University.
This property has been on the market for the last 6 months. Dropped in price from $315,000.
3 bedroom, 2 bathroom, 334 m2, asking A$299,000. (in the same complex, another is asking $290,000 for 2 bedrooms)
Positives
- affordable and big enough to live in
- Rents $440- $475 depending on whether rented as a whole welling or separate rooms (only during university semesters- Bond has 3 semesters a year).
- Close to Bond University -- but there are MANY housing options close to Bond University.
- Single level villa.
- 2 car spaces, one garaged
-Pool in complex, which is attractive to renters.
- opportunities to renovate
- plans for the complex to be painted!
Negatives
- Seems to be an oversupply of property near Bond University
- Property has been on the market for a long time
- Built in 1994, so much of the depreciation has been claimed.
- body corp $75/ week but townhouses in complex only paying $45!
- a fully rented property in complex sold for $280,000 this year
- Costs to renovate approximately $20,000 for new carpet, paint, kitchen.
Research:
Land value:
Last sold for $266,000 in 2006. Looks like built in 1994.
Real estate agent very busy and hard to get hold of, I think I tried to email them 3 times over the last 3 months, email replies contained about half of what I asked. The property looks like it's been taken off the market but it's still on many websites. If I was the owner, I'd probably get a different agent. We had the money to buy the property, but without an inspection, we are unlikely to even consider it.
Repayments: approximately $1770/ month + water/rates approximately $250/month + $300 body corporate
Personally, I wouldn't pay more than A$265,000 for this property as an investment, but if you have a small family, this may also make a good entry level home at A$275,000. Just be wary, it's got high body corporate. Good chance of capital gains after complex gets painted.
Small, 3 bedroom townhouse in Robina close to Bond University.
This property has been on the market for the last 6 months. Dropped in price from $315,000.
3 bedroom, 2 bathroom, 334 m2, asking A$299,000. (in the same complex, another is asking $290,000 for 2 bedrooms)
Positives
- affordable and big enough to live in
- Rents $440- $475 depending on whether rented as a whole welling or separate rooms (only during university semesters- Bond has 3 semesters a year).
- Close to Bond University -- but there are MANY housing options close to Bond University.
- Single level villa.
- 2 car spaces, one garaged
-Pool in complex, which is attractive to renters.
- opportunities to renovate
- plans for the complex to be painted!
Negatives
- Seems to be an oversupply of property near Bond University
- Property has been on the market for a long time
- Built in 1994, so much of the depreciation has been claimed.
- body corp $75/ week but townhouses in complex only paying $45!
- a fully rented property in complex sold for $280,000 this year
- Costs to renovate approximately $20,000 for new carpet, paint, kitchen.
Research:
Land value:
Last sold for $266,000 in 2006. Looks like built in 1994.
Real estate agent very busy and hard to get hold of, I think I tried to email them 3 times over the last 3 months, email replies contained about half of what I asked. The property looks like it's been taken off the market but it's still on many websites. If I was the owner, I'd probably get a different agent. We had the money to buy the property, but without an inspection, we are unlikely to even consider it.
Repayments: approximately $1770/ month + water/rates approximately $250/month + $300 body corporate
Personally, I wouldn't pay more than A$265,000 for this property as an investment, but if you have a small family, this may also make a good entry level home at A$275,000. Just be wary, it's got high body corporate. Good chance of capital gains after complex gets painted.
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