In this section, we take a dive into the nitty-gritty of the property - 8 Doorey Street, Keperra. 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.
3 - Bedroom
1 - Bathroom
1 - Car space
Internal - 95m2
Land - 736m2
A contract fell over due to finance on Monday, so back on the market.
Unimproved Land Value: $375,000
Days on Market
40 (as of 20th Jan, 19)
Logical Price: $575,000 - $585,000
Emotional Price: $585,000 - $595,000
Our Target Price: $570,000 - $585,000
(Last sold 11th Oct 2007: $440,000)
Project Management - $10,000
Current - $420/wk - $440/wk
Gross Rental Yield
(on $580,000 and $440/wk) - 3.94%
The current vacancy rate is 2.2%, remaining steady
Building & Pest Report (TBC)
Solicitor Contract Review (TBC)
Building, contents & landlord
Approx. $1,700 per annum
Property Managing Agent
$199 flat fee + $750 upfront
Tax Depreciation Schedule
Definitely an option. The location is great, a short stroll across the park to the train station and minor shops are just beyond that. Back towards Arana is the major shops and schools, so a very central location. The property itself has been updated and is definitely livable in its current condition and can be for a long time. It's a really nice large block, but currently, a lot of it is not able to be accessed. These are all future works as the distance to the train station will mean this property leases without too much issue.
Buying this property would need to allow for future works to maximise its potential. It already has a rear deck and patio (uncovered), however, it's unappealing and is disconnected from the kitchen and dining area. I would push out from the kitchen to be in line with the end of the patio and enclose the patio. This would create a nice large living and eating space to the rear of the property with a really nice entertaining deck. I'd create a tandem garage carport to run adjacent to the property, leaving more green space to the rear yard. A new shed can be built and moved to the rear corner of the block (there could be the ability to keep the current one and relocate it also). Finally, I would get someone in to completely clear the trees and shrubs in the rear yard, I would then flatten the land, re-turf and install basic vegetation gardens around the perimeter. Perhaps hedging for additional privacy.
Given this property was under offer, and now back on the market because finance fell through, our approach here would be an unconditional offer once the build & pest inspection has been completed. As of today (Monday 21/1), we have been made aware that there is another party closing in on an offer above the ask ($589k). We have a logical range of $575k - $585k and firmly believe this is the true value, with $580k, being the sweet spot. We recommend an unconditional offer at the $575k mark and a max offer at $585k. Given the offer comes without conditions, we have scope to start at the $575k and see where it takes us.
• Fiona to review property details
• Provide advice to proceed or not
• Milk Chocolate provides purchase advice for Fiona to confirm the max. offer
• Fiona completes relevant documentation via DocuSign
• Milk Chocolate negotiates on your behalf
• Milk Chocolate reviewing Build & Pest report and COS
• Milk Chocolate provide advice/feedback after reviews
• Provide unconditional offer to the agent if reports and COS stack up
Housing Commission Heat Map
13% of Residents are renting from a state or federal housing authority in Keperra. The neighbouring suburbs: Mitchelton sits at 5%, Enoggera at 11%, The Gap at 1%, Upper Kedron at 2%, Ferny Grove at 2%, Ferny Hills at 0%, Arana Hills and Everton Hills at 1%.
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.
Comparable Recent Renovated Sales
* 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.