Dual key first investment- would love some insight on what to do next?

Hi there im jai collier, new to this forum and seeking some advice from fellow investors in australia.

i built a dual key rental property 3 years ago now has been rented for about 2 and a half years on the sunshine coast in landsborough Qld.

done plenty of research before, used a architect to design and build it, research on landsborough as a investment, used good brokers and everything for the finance ect ect.

heres the figures- 297k for the build, 230k for the land (purchased in 2018 i believe) 20k government first home buyers grant 15k land rebait wich i took off the build contract was 312k originally, i put 40k in for the deposit, & mortgage is currently sitting at 470k.

Moved in for a while first then rented out, 2 or so years on its now renting out for 880$ a week 420 for small side, 460 for big side so making great returns! Im currently paying 2000$ (was 2400$ before refinancing to lower interest rate) been on P&I whole time, have payed the loan down a fair bit roughly 40k. - so its 2000$ monthly mortgage and im receiving 3500$ rent - take out real estate fees and rates 3000$.
So 1000$ passive income a month already.

now the only problem i have had with this first build/ purchase is the banks valuing it to release equity, i have made equity on it as its been valued at around 630k, this was a while back but i have had real estate agents value it at 925k!! Thats a 300k difference in the banks value and the real estates, the town landsborough is going up and its in a hot spot on the sunshine coast so theres simular 4 bedroom propertys (not dual keys) selling for over 800-850k at the moment.

I have heard duel keys are hard for the banks to value but i just want some info from others to see if dual keys are worth continuing doing as the cashflows GREAT, but seems to be a issue with banks valuing.
I have enough equity atm roughly 200k for more but technically if i sell i could have 400-600k?
My next move i was thinking of going for a commercial property but i will see, maybe even sell & could have a solid deposit for a commercial property? Or even go for another normal 4 bedroom house/build.

any advice would be greatly appreciated and thankyou very much for your time reading all, & of-course any questions others have id be happy to answer myself

 

Doesn't it really depend on whether you want/need equity or cashflow to continue your investing?

Personally I think equity is more important when you're starting out and accumulating properties, and then cashflow for later on when you want to get the best yield from your asset base.

 

Thanks rolf yes it is a different type of property i guess, i was thinking of strata titling it and turning into 2 titles, but i believe its not cheap to do

 

Yeah im thinking my next one i focus on equity and not cashflow

 

they would of lied a bit but there is property's on the sunshine coast and all around here selling for around this price, due to the sunshine coast being a hot spot during covid

 

I dont quite know what you mean sorry haha

 

I see its for normal houses, but even old houses are selling for 8-900’s here, i havent even looked at dual key sales here actually so thats good advice i should be