Hot Property

Overview:

Just a few months ago, a client from a country town outside of Perth approached buyers agent Andrew Gill to help him and his family select their first investment property in Perth.

Andrew focused on the suburb of Rivervale as it had strong fundamentals and a history of solid performance that was anticipated to improve even further with the revitalisation occuring in the area. He found an ideal property to suit the client’s needs, a well-maintained 3x2 street front villa on a quiet street. 

Upon finding the property, Andrew placed a well considered offer on the eve of a long weekend. Upon finding out the vendor was in need of a quick sale, Andrew negotiated hard and was able to secure the property under market value and well under the asking price. As Andrew’s client was also from out of town, Andrew astutely included a clause that allowed the client the opportunity to personally view the property the following week and if not satisfied, simply walk away from the deal. On the Monday public holiday, Andrew and finance broker Elizabeth Rutten (the client was also organising their finance through Momentum Wealth) met the client first thing in the morning at the property and with the client’s tick of approval, all proceeded as planned. The client also chose Momentum Wealth to manage their property once settled and property manager Bianca Patterson was able to promptly secure tenants for a higher weekly rate than first anticipated.

Result:

Purchase of a street front 3x2 brick and tile home in Rivervale, 5km from Perth CBD.

Purchase price: $458,000

Estimated market value at time of purchase: $480,000 - $490,000

Savings: $22,000 - $32,000

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