Kooya

                                                              30 KooyaAvenue, Mitchelton

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The Numbers

 

3 - Bedroom

1 - Bathroom

1 - Car space

Total Space - 607m2

Internal Living Area - 141m2

 

Private Treaty

$629,000 + 

Our Target Purchase Price

$640,000

Estimated Rental Return

$510/wk  

Gross Rental Yield (target price) 

4.14%

 

Outgoings

Water & Rates - $900/qtr (approx)

Investment Cash Flow (per month) 

Your rent received = $2,210

Your mortgage = $2,570*
Your outgoings = $300 (approx.)

BALANCE = -$660/month

*Based on your CBA pre-approval dated 9th of June and 20% deposit

 

Renovation Allowance

Commercial clean only 

 

Other Fee's

Professional: Approx. $1,750

Stamp Duty: $23,693 (based on target price)

Milk Chocolate Fee's

• 0.9% on final sale price + gst ($5,760) + gst based on target price)

Total Outlay

Purchase Price = $640,000

Settlement Misc. Estimate = $1,500

Stamp Duty = $23,693

Professional Fee's = $1,750

Milk Chocolate = $6,400 (inc. GST)

Milk Chocolate Incidentals = $2,500

= $675,000

The Recommendations

Inspections

Building & Pest - Approx. $450 (one off) 

www.apmsolutions.com.au

Insurance

Full landlord insurance inc. damage, loss of rent, theft, legal and contents

- Approx. $300 p.a

canstar.com.au/landlord-insurance

 

Quantity Surveyor

Tax depreciation report -

Approx. $400 (one off)

www.washingtonbrown.com.au

 

Leasing Agent

Denovans Real Estate

Harcourt Solutions

The Documents

 

Contract of Sale

TBC

Title Search

TBC

The Stats

Distance to CBD

8km from the Brisbane CBD.

Population

The population in 2006 was 7,027. Recent data from the 2011 Census suggest the population is now 8,002.

Medium Property Price

The medium price for 4 bedroom houses in Mitchelton is $750,000.

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Infrastructure Snapshot

 

  • McConaghy Street South Precinct The McConaghy Street South Precinct will contain medium density mixed use development of up to five storeys. The precinct’s location directly opposite the Mitchelton railway station and on a key pedestrian thoroughfare linking the Brookside Shopping Centre and Blackwood Street supports a small component of commercial or retail activities which activates the ground floor frontage to McConaghy Street.

 

The Details
About The Property
Great location and great setting for this property. Situated up high looking back over Mitchelton, this property immediately hits you with fantastic natural light and great air flow. The property has amazing bones and offers great potential as an investment. It sits on a nice large block and has plenty of character about it with beautiful original hardwood floors and french bi-fold windows.
The current owner hasn't styled this property for sale, so looking past the untidy setting and odd furnishings, it generally presented really well. Large rain water tank to the side and solar paneling on the roof - it really does lay a great platform.
We like this property for capital growth and potential for improvement. The asking price is fair and it presents a great opportunity to get into the Mitchelton market with 4 bedrooms on a large block at an affordable price. We think that you could have this property tenanted without any cosmetic improvements. These could be considered 2-3 years down the track with significant capital growth to be expected from the renovations.
 
Agents Advertising Details
Upon entering you will be engaged by the warm ambience and unique character throughout including casement windows, high ceilings, decorative cornices, wooden floors and a gorgeous view of the ever sought after Mitchelton suburb. Fantastically positioned within walking distance to a diversity of schools, parks and a two minute drive to cafes, restaurants and markets for which Mitchelton is famous for. It is also an easy stroll to the bus stop at the end of the street or just two blocks to the direct CBD bus route on Samford Road. Features include:
• Four bedrooms, main with built-in wardrobe
• Two bathrooms 
• Large lounge combined dining room
• Open plan kitchen
• Separate office
• Single car garage
• Additional storage room downstairs
• Solar panel system
• 607m2 block with flat section at the rear
Your Brief Specifics
• 1.5km from the train station - This property is 1.5km (18 minute walk) from Mitchelton train station 
• Land size 400m2 block / 120m2 house - The land size  is 607m2 and the house is 141m2.
• 10% capital growth / 5% rental yield - We note that the last three years Mitchelton has recorded            17.36% capital growth. There is no way to guarantee that the property you buy will increase in              value, but in order to increase your chances, we have carried out detailed research on the property    and Mitchelton in general. We estimate that the rental yield will be below your ideal 5%. 
Our Thoughts
You're getting value for money with this property considering it's size, location and position on the street. There is most definitely room to add value, however, we would simply recommend a commercial style clean once the current owner vacates the property. Our valuation on this property sits at $640,000. This is $11,000 over their asking price. If this property was of interest, we'd recommend an offer at $630,000  pending building and pest reports. We would also request a 56 day settlement to allow enough time to get a tenant in. Our understanding is they are looking for standard settlement terms (42 days) so this might need to be compromised to get the property. The agent has advised she is presenting another offer to the seller at 12pm Tuesday (18/10) and we'd need to have an offer to them tomorrow to be considered.This property allows for greater capital growth than McConaghy St, however, there will be renovations required in the future. If you're comfortable with this, then this is a great option for consideration.
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Comparable Properties Sold

13th of May

    3 Fida St,      

Mitchelton 

QLD 4053

$615,000

Comparable Properties For Rent

20th December

12 Keylar St,

Mitchelton 

QLD 4053

$500/wk

Locality

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* 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.