Investment Property Bargain Buy - Zoran Solano - Hot Property Buyers Agency
Our Brisbane Based Property Specialist Zoran Solano, shares a case study with us about a Bargain Buy in the trendy Nundah about 10km North of Brisbane.
Let us take you back…
It was mid-2021 Zoran and the Hot Property Buyers Agency team were searching for a new investment opportunity for one of their repeat clients. The instructions were clear — it didn't matter if the property required renovations or a bit of extra love; the goal was to find a solid property with hidden potential. After searching high and low for the perfect opportunity, they found an absolute cracker.
They discovered a two-bedroom, one-bathroom unit in rapidly gentrifying Nundah. (For those who don’t know, Nundah is 10km from Brisbane and 5km From Brisbane International and Domestic Airports. It is a smaller village, a suburb with a feel like Newtown in Sydney. Great location with loads of future potential, great Thai, Vietnamese, Woolies, a few Bars, Good Coffee, hairdressers, and Gyms, an Oval and a Catholic Girl’s School and a Public School ).
The property was set to auction with the Public Trustee. This ticked all the boxes, and provided it could secure it for the right price, we had no doubt the clients would be thrilled.
The auction.
Zoran Solano attended the auction on behalf of the client with the authority to bid up to the high 200k mark. Unfortunately, we weren't alone in our appreciation of the property, and it ended up selling under the hammer for a whopping $345k. So they moved on and secured another excellent property for our client instead.
However
Months later, Zoran met with the Public Trustee to inspect one of their properties when they asked him if he was still interested in the Nundah unit. Apparently the previous buyer had failed to settle the property, and the elusive beauty was now back on the market. Due to all the stuffing around, the Public Trustee was keen to offload this property, which was the best possible outcome for all.
Now whilst the client had already bought a different property, this was too good a chance to pass up and was advised that if they had the capacity and the money, this could be a golden opportunity. The buyer jumped on board.
Now the exciting part.
The buyer’s agency negotiated and successfully secured the property for a bargain price of $290,000. That's $55,000 less than it had previously sold for at auction.
The property's original condition needed a full git and renovation. It was stripped to its bones and put in about $100,000 to bring it up to well above standard.
What some may call overcapitalising, we call future-proofing (remember you can depreciate the renovation at tax time). Nundah is a growth surburb, and the market has moved considerably since 2021. The value added in completing the renovation was a smart choice, as the rental market in Brisbane is extremely tight, with a shortage of rental properties in the Captial City.
The results speak for themselves.
As a result of the renovation, the property is now renting at a fantastic $450 p/w which is a solid rental yield for our client and includes significant depreciation benefits and low maintenance moving forward.
If you’d like to learn more about Zoran and why we’ve chosen him to be the Brisbane Property Specialist click on the link below to read his BIO.
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