It seems these days that everyone’s given up hope when it comes to buying a good inner city property in Sydney for less than market value.
It’s not hard to imagine why when you look at the doom and gloom out there in the media. First it was property booms and bubbles, then lack of affordability and lending restrictions.
Just as the market was settling down, along came COVID-19 and now an unemployment crisis and first official recession in decades.
So, when good news happens, we like to let you know about it.
Property deals are still out there
Just six months ago we helped a client purchase a property just 12km from the Sydney CBD for the incredible price of $330,000. This property was on a main road and there were nice blocks of units across the road, so good potential for future comparable sales.
Many of you will think that to do that, we would have needed a time machine to go back to 2012, but the fact of the matter is that the deals are there to be done if you know how to find them.
Fast forward to now and we have just had this property revalued for $440,000. That’s $110,000 of value growth in just six months. It’s like the property is working for its owners and paying them for the privilege!
Our clients were therefore able to take out the equity and go and buy another property. They were able to snap up another Sydney deal for just $275,000, which has already yielded further equity.
So as we prepare to help them into their third property purchase this year – all thanks to a great value pick-up on their first one- we thought we’d share this story worth celebrating and remind you that great portfolios can be built in just about any market.
If you want to know more about this deal, or look at ways in which you can realise your own property goals and dreams, book in for a free discovery session with our Investor Relations team.