Hello Mates,
A investor has a property for sale,a 3 bedroom house,11km from CDB and land size is 500sqm.He said bank has valued it for 280K,in 1 year he saying it will be about 350K.It has tenant but did not say what the rent was.He is going to forward detail later.His is selling it privately for 280K,but if he gives to agent ,the agents fee including,the price will be about 295K.
The reason he is selling is because ,moving to brisbane and need more fund to buy property in brisbane.otherwise he was not selling.
Can you please advice whether it will be good IP,I will appreciate it.though I have a budget to buy for 350K,any suggestions,where I can buy my first IP/
thanks.
So if it was worth 350k in 1 yr, thats a 25% increase, thats a big jump on current prices in Adelaide
Barry
25% seems a big jump in that area. I'd be doing some of my own research, not just relying on the vendors expectations. I'd also want to see what the rent is first.
Personally, I'd be looking a bit closer to the city. Or on the south side. (St Marys, Darlington etc)
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