The Cutie

Your
Property

 

In this section, we take a dive into the nitty-gritty of the property - 85 Copperfield Street, Geebung. 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.

The Numbers

3 - Bedroom

1 - Bathroom

1 - Car space

 

Size

Internal - 90m2

Land - 683m2

 

Orientation

Front: South

Back: North

 

Sale Method

Auction - 7th of Feb

Will consider offers prior

Land Value

Unimproved Land Value: $290,000

 

Days on Market

12 (as of 20th Jan, 19)

Current Offers 

None

 

Our Valuation 

Logical Price: $550,000 - $570,000

Emotional Price: $570,000 - $580,000

Our Target Price: $550,000 - $570,000

 

(Last sold 31st Jan 2011: $370,000)

Renovation Ballparks

Works - $11,000

Project Management - $2,000

 

Rental Appraisal 

Current - $470/wk - $500/wk

 

Gross Rental Yield
(on $560,000 and $485/wk) - 4.5%

Vacancy Rate

The current vacancy rate is 1.9%, remaining steady

 

The Documents

Contract of Sale 

Building & Pest Report

Solicitor Contract Review (TBC)

The Recommendations

 

Insurance

Building, contents & landlord

Approx. $1,600 per annum

 

Property Managing Agent

Milk Chocolate
$199 flat fee + $750 upfront

 

Tax Depreciation Schedule

bmtqs.com.au

The Stats

Supply and Demand

We believe there is a high demand for houses in Geebung 

Capital Growth Rates

Capital growth for houses in Geebung in the past 12-months is 3.47%, against the Brisbane growth of 2.26%

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Our Thoughts

This home is a really nicely presented three bedroom home, which ticks a lot of boxes for an investment. The house itself is nimble and has had some work done to it, but there is still room to add value in the future if required. They have recently opened up the living and kitchen space and updated the bathroom and laundry. To the rear is a nice simple deck and down the stairs is another outdoor dining zone. Really large garden with single garage. Sits adjacent to a park and footpath that takes you directly to Geebung station. It's a property you can sit and forget and will be relatively easy to lease given the proximity to the station, buses and the city. It's a livable area and there will be an interest in the property at this price point. It was supposed to be a private open, however, the agent opened it to the public and got six other groups through within a 15min period showing the demand. At last weekends open there were another 10 groups through the property. Scheduled to go to auction on the 7th of Feb, however, will consider offers prior under auction conditions. 

 

Renovation Recommendations

 

There is an opportunity to update the kitchen (reface only) to bring it in line with the laundry and bathroom updates. It would also benefit with a servery kitchen window that brings in the outside deck area to the kitchen - this would make the space feel larger and brighter. Second, to that, we would recommend adding a driveway gate and passageway fence at the front, there is also no fence on the east side (only 1/4 of the length) which would benefit from being closed in. This will provide security for prospective tenants with small children and/or pets. At the moment, children and pets will not be fully enclosed on the property.

 

 

 

 

Purchasing Strategy

 

Given this property is scheduled to go to auction on the 7th of Feb, we will need to provide an unconditional offer pre-auction to secure it. We have valued this property between $550k - $570k and strongly believe an unconditional offer at $560k will lock this one away as an unconditional offer. To do this, we want to get a second building & pest report from an independent company. We can have this scheduled for Tuesday the 22nd (PM) and have a verbal understanding in the evening if it passes the test. If that's the case, we will work with your conveyancer to prepare the offer on the contract, ensuring they are happy with everything. If the offer is rejected, we recommend increasing it to $565,000 with a best and final at $570,000 if required.

 

Next Steps
 

• 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

Demographic

What's Around

Housing Commission Heat Map

Geebung

1% of Residents are renting from a state or federal housing authority in Geebung. The neighbouring suburbs: Zillmere sits at 16%, Boondall at 2%, Virginia at 0%, Wavell Heights at 2%, Chermside at 12% and Aspley 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 four 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.

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Comparable Recent Renovated Sales 

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GOVERNMENT SCHOOL CATCHMENT ZONES

Geebung State School
In the 93rd Percentile of QLD Schools
NAPLAN results:
Against All Australian students: Above average in Year 5 Reading and Grammar. On par with Writing, Spelling and Numeracy in year 5. On par across all categories in year 3.

2min drive (950m), 12min walk 
Prep - Year 6
318 students: 153 Boys and 165 Girls

 

 

Aspley State High School

In the 87th Percentile of QLD Schools

NAPLAN results:

Against All Australian students: Above average in Year 3 Spelling & Grammar, Year 5 Numeracy. Average in Year 3 - 5 Reading, Writing, Year 3 Numeracy and Year 5 Spelling and Grammar.

6min drive (3.4km), 40min walk 

Year 7 - Year 12

841 students: 459 Boys and 382 Girls

* 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.