Hot Property

In this month’s Hot Property section, we highlight a house in the suburb of Rivervale that was purchased by Buyers’ Agent Mark Casey on behalf of his client who was looking for a future development site. 

Overview:

With two properties already under their belt, our clients were looking to acquire their third investment. Buyers’ Agent Mark Casey was put on the case to find them a high performing future development site, that would also generate a good rental return for the short term. The client was looking for a property located close to the city and proposed football stadium to be built in Burswood.

The final property chosen was a 1960’s brick and tile home in Rivervale which is close to the city, within the client’s desired search area, and with strong growth potential.  Mark’s superior knowledge of the area enabled him to widen his search as he was aware the particular location and street selected has only recently been rezoned to higher density. 

Located on a triplex potential site, the selected property perfectly matched the client’s needs and Mark was able to acquire it well under the estimated market value and approximately $50,000 under the advertised price.  Today, it is also achieving an excellent rental yield of 4.4%.

Result:

Purchase of a 3x1 brick and tile house in Rivervale, 5km from Perth CBD.

Purchase price: $499,000

Estimated market value at time of purchase: $520,000 - $540,000

Savings: $21,000 - $41,000

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