First in Best Dressed
This property has just been signed up, but we’ve got first crack before it officially gets marketed and we want to take full advantage of
that! On offer is a pre-war home on 607m2 in a highly desirable location, with the suburb now consistently achieving sale prices above $3m
for new houses. There is no price but the agent has quoted the ‘auto-val’ of $1.19m provided by RPData to the seller and informed them the
house that must be retained decreases the value. Anyone with experience in the industry should know that the auto val is about as useful as
the number 9 on a microwave. Sales evidence suggests this should achieve $1.25m on the open market, even with the house retained, except we
believe there’s a fairly decent chance at removal of the home (conditional period required to confirm). Even renovated (like new) and
extended the property stacks. The plan here is a new home, or to renovate like new and have an end product worth between $3.2m and $3.3m and
providing a circa 20% equity gain on a $1.15m purchase.
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