Hi everyone,
I am looking at purchasing my second investment property. The first was bought in June 2010. It is a converted warehouse apartment in Chippendale, 2km from Sydney CBD. It is 50sqm, has a large full bathroom, a lovely leafy private courtyard and over 800sqm of a common landscaped rooftop with city skyline views. I plan to convert the 50sqm into a 1-bed (currently it is technically a studio) for instant equity. Other units that have done this have sold for 500K+.
The second purchase I am considering is a House & Land Package in Beaconsfield, Mackay. The location will be on Cnr Beaconsfield Road & Mansfield Drive. The land cost is 155K for 307sqm and the house, which will come fully tenant ready costs 284K. A total of 439K. The house will be 3-bed, 2.5-bath, double garage.
Construction will take part with Murphy Builders.
I was hoping for some feedback regarding:
-Location
-Price
-Building companyHas anyone used, heard about, or seen any of Murphy Builders products? What do you think about the location? And finally, price?
Any advise, feelings, thoughts is much appreciated, particularly as I am not familiar with the Mackay area.
Many thanks!
DanniK
Hi DanniK
I also posted this to your question on my thread…
Mackay is a great place to invest, however land prices have gone up considerably over the last 7 months which has seen H&L’s go up a bit overall, its time to shop for good value in Mackay, not just take any property as a good investment. The land sounds on value to me however as a stand alone block, I would say it is too small. The house package does not sound good value however, last week we put together a 450sqm block in Beaconsfield with a 190+ sqm house full rendered brick, full air-conditioning, and turn key for tenants (4x2x2) for $469,000. The land was $200,000. So the house was as much as yours yet bigger and probable better inclusions being rendered brick?
Contact me if you would like more details on my email address below.
Have a great day!
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