Flipping thread

Not a fan of this reno, they've turned a gorgeous midcentury modern home with amazing details and architectural features into a generic white 2020s home. Granted some of the original features are still there and the bathrooms needed updating but I wish they had done a more sympathetic reno. The warmth of the timber use in the original house was divine.

 

Property has been taken off market since price was changed to Offers above $2.9m. Staring at a big loss there given the markets currently performing really well in the area and they still cant get their price

 

What about this flip guys?
On paper looks like sellers made good money but seems like a very exxy Reno?

Sold 1.15m 4 years ago:
https://www.realestate.com.au/sold/property-house-sa-fullarton-124607690

Sold again for ~2-2.2m (last advertised price):
https://www.realestate.com.au/sold/property-house-sa-fullarton-134799182

Owner builder extended and added ensuite/robe, 2 additional living areas, pool outdoor vergola area, moved and improved laundry/main bathroom. Inspected the property and it seemed like a very well done but expensive project (overspend?) as retained character features - bluestone walls and uncovered painted up outside - and added expensive features like CBus electrics, built in speakers and automatic glass doors (a bit of a weird option really and I reckon may have reduced his buyer pool).

 

Sold for $3.3M! Wow!

 

this is next door haha! bought for 942k in jan last year, did a stunning reno, but has a massive 40m setback lol
https://www.realestate.com.au/property/11-frew-st-fullarton-sa-5063

 

Yeah just seen that one! They want over 3m. Will inspect and can give my feedback...

Interestingly 11 and 13 are the same size block and same 40m setbacks. 13 was done as a character reno - exposed bluestone and polished concrete with a focus on quality rather than on trend fixtures/fittings and is a little more 'dated'. I was told by agents that they were both the original James Frew / Jane Fullarton estate and were previously joined with a ballroom... Not sure the layout of 13 is perfect but not sure 11 is a perfect layout as a family home either. Comparing them, it looks like 11 is a true flip and will make seller more profit although 13 looks much better value for buyer (assuming its ~3m vs ~2m). Just goes to show that if you are renovating to sell then you really need to know what the market wants and not be influenced by personal preferences.

 

Hope it comes with a maintenance contract to replace the lights as they fail, never seen so many in a driveway before haha

 

It's a magnificent reno.

 

Hi everyone, so we looked at 11 Frew St.
It actually is not done to a high spec. Low quality benches, wall joins done cheaply and plasterboard everywhere (even though the original house was from 1860s. Upstairs felt cheap - low ceilings and layout is crazy as 360m2 without a formal reception room. Even baths in ensuite and main bathroom were smaller than necessary. Its a nice house, don't get me wrong, but they bought it for under 1m last year and are now looking for well over 3m for it - I reckon they could/should have done the reno for under 1m given the corners they have cut so thats a hell of a profit they want. In adelaide over 3m buys you a high quality house. Saw next door when it was on market about 6 months ago - it was also a very nice house - same size block with beautiful elm and jacaranda trees out front but smaller and less 'on trend' but finished to at least as high a spec and had retained more character features. Would expect the on trend and extra size to mean 11 sells for more but - having just checked that 13 sold for 1.9 - I think 3m+ (or a 1.1m + difference) is crazy. Either 13 was an absolutely amazing bargain or 11 is significantly overpriced (or a bit of both).

Its for EOI by Wednesday but get the vibe they haven't been stampeded with offers. Will have to see if/what it sells for...

 

So looks like this is under offer before end of EOI - must have got comfortably over 3m.

 

https://www.realestate.com.au/news/how-melbourne-couple-makes-100k-a-year-flipping-houses/?rsf=syn:news:nca:news:spa

This couple is living in their property and flipping their PPOR. They say they do it to avoid Capital Gains Tax. Isn't this the sort of thing the ATO will track down to tax eventually?

 

Especially when they get a big write up . Much better to just keep your head down

 

yeah, but how else would they promote their design consultancy?

 

So 11 Frew St sold for 3.34-3.35m
Bought for under 1m, Reno about same an Outstanding Flip!

 

https://www.realestate.com.au/property-house-qld-sunrise+beach-137014466?sourcePage=rea:buy:srp-map&sourceElement=listing-tile

Asking 1.6 Million

Last Sold
$940k
16 May 2020

Doesn't look like they have renovated or anything either, just shows how much the market has gone up.

 

https://www.domain.com.au/property-profile/7-pibrac-avenue-warrawee-nsw-2074

Gone from $4.6m in 2019 to $10m now after a substantial renovation.

 

Sold for $3.7m

https://www.realestate.com.au/sold/property-house-nsw-marrickville-137344986

 

Probably because they want to be famous.

But lot of people have done this without realising. I dont know this part of Melbourne. But many in Sydney that bought in 2011 probably could sell their place in 2021 for 1.1 million more than purchased.

 

Bullish 3m sale in Malvern, SA – 4/2/1 on 650m2:

https://www.realestate.com.au/sold/property-house-sa-malvern-139456683

Sold for 3m. Bought for 1.085m 18 months ago, renovated and 140m2 mid high spec box and pool added. Should be well north of >1m profit for seller with >500k attributable to reno.