In this section, we take a dive into the nitty-gritty of the property - 417 Earnshaw Road, Banyo. We analyse the property itself, its surrounds and the numbers that matter. We also take a look at the comparable sales in the area and how they stack up against the property.
2 - Bedroom
1 - Bathroom
4 - Car space
Total Space - 607m2
Internal Living Area - 85m2 + garage
Front: North West
Back: South East
Logical Price: $500,000 - $515,000
Emotional Price: $510,000 - $520,000
Our Target Price: $500,000 - $512,000
Estimated Rental Return
$400/wk - $420/wk
Gross Rental Yield (target price)
Auction Clearance Rates
This is not an auction market
Ratio of Renters to Owner Occupied
31% are renters / 69% are owner-occupied and/or purchasing. We like renters to be under 35%. More owner occupiers generally mean properties are better looked after in the area and there is a greater demand for tenants
• Home & Contents Insurance
- Approx. $90/month
Property Managing Agent
We will confirm this closer to the time
Tax Depreciation Schedule
This is a cute little 'cottage style' home in the gentrifying suburb of Banyo. It presents really well from the street and offers plenty of privacy across all boundaries for families. The property is located on Earnshaw Rd, which is a minor thoroughfare road. We did not believe this to be an issue and it felt really quiet the time we were at the property. Given it is opposite the state school, we'd however expect the road to be busier during drop off and pick up times.
Internally, the property has been tastefully renovated and although the kitchen is the only item in its original condition, it's in an immaculate state. There would be no need whatsoever to upgrade or renovate this. Our original thought was to also open up the kitchen, living and dining zones to be one large area, however, they have opened up sections of the dividing walls to create the illusion of an open space which definitely suffices.
There is a great entertaining deck on the side of the property and a nice rear yard for kids. This currently has a vegetable patch in it, however, there is still ample room for kids to run around. The lock-up double garage to the rear is in good condition.
This is a great entry level property for the Brisbane market. We believe there would be minimal maintenance (subject to a building and pest report), you will attract a quality tenant and the property is located in a gentrifying and strong growth suburb. The added attraction to this property is the ability to add a 3rd and 4th bedroom by going up and out in the future. Next door has extended up so we don't believe there to be any issues with this and the zoning allows for this type of work too. The beauty of this is there's no rush, it's an option you have up your sleeve and can look to do this at any point in time when you have the funds.
Our valuation of this property is between $500,000 - $510,000. We also believe you could achieve $420/wk in rent and this has been confirmed by the agent's rental appraisal also.
The property has been on the market for 9 days (as of Tuesday 27th Feb).
What We Recommend
Simply, we wouldn't recommend a property that we wouldn't purchase ourselves. Our strategy here would be to provide one strong offer only and the price point here would be $512,000. I believe there is potentially another offer on the table under review and it will be very close to this. One strong offer at $512,000 shows we are serious and hopefully strong enough to pick up the property.
The offer would be written and subject to a bank valuation and building & pest reports.
• Fiona to review property details
• Provide advice to proceed or not and confirm max. a purchase price
• Milk Chocolate to review COS with conveyancer and provide advice
• Milk Chocolate prepare offer terms for Fiona to approve
• Present offer to the sales agent
Housing Commission Heat Map
3% of residents rent from a state or federal housing authority in Banyo. The neighbouring suburbs of Nudgee, Virginia and Northgate have 2%, 0% and 8% respectively.
There is no evidence of current or recently approved development applications that may impact the subject property. We did find that 382 - 384 Tufnell Rd has a Child Care facility application permit pending on it. This is 600m from the subject property and will have a positive effect if approved.
Comparable Recent Sales
Here we provide the most recent sales in the area that are no more than 1km from your property and not older than three months. We also provide a rating (superior, equal or inferior) of the comparable property against your property across three categories; market timing, location and overall. Generally speaking, if the property ranks overall inferior, then we can expect your property to be valued higher and vice versa if rated superior. Market timing refers to the strength of the market when the comparable property was purchased compared to now.
A quick drive around the surrounding streets
The school across the road
The rear yard
What Social Media Is Saying
* Milk Chocolate price data used on this website is sourced and relies upon information supplied by a number of external sources (including governmental authorities). This data is supplied on the basis that while Milk Chocolate believes all the information provided will be correct at the time of writing, it does not warrant its accuracy or completeness and to the full extent allowed by law excludes liability in contract, tort or otherwise, for any loss or damage sustained by you, or by any other person or body corporate arising from or in connection with the supply or use of the whole or any part of the information on this website through any cause whatsoever and limits any liability it may have to the amount paid to the external sources for the supply of such information.