[THE VAULT] 2 Bed Apartment In The Gold Coast.
We purchased this 2-bedroom apartment on Queensland’s Gold Coast for a client in early 2018 for way less than what the vendor had paid for it almost ten years prior.
Bought below market value and previous sales value!
Our client paid just $299,000 for this 9-year-old apartment at a time when others like it were selling for $350,000.
That’s a cool $50,000 below market value.
The previous owner had spent $382,000 when they purchased the unit in 2009.
So, we secured this property for $83,000 less than what it sold for nine years beforehand.
A fundamental piece of the property portfolio puzzle.
It may not be sexy, it may not be glamourous, it may not be worth $1.3 million – but it ticks all the right boxes when it comes to a fundamental investment property.
It was purchased under market value. It was purchased for less than what it had previously sold for – and it has a good cashflow at $420 rent per week.
It also has the added tax benefit of depreciation and is set in a good growth area.
This is what good property investing looks like. It is about the numbers and the fundamentals – not about the hype.
Have you purchased a property for less than what the vendors paid for it? Please share your experiences in the comments section below.