IP Number 3 - Kallangur

Thought I'd post my first thread with details of my recent purchase in Kallangur. The property was listed at offers in excess of $340k and I managed to get it under contract at $354k.

I previously bought in Sydney in 2015 and more recently Kippa-Ring in November 2017. Following the settlement of my Sydney property I managed to pull $126k in equity which led me to the purchase of a 5 bedroom home in Kippa-Ring below market value.

I was planning on buying my 3rd IP in Canberra, however decided to offer on the property last minute when it came onto the market. By the time I decided to make the offer, there were 3 other offers on the table following the first open home over the weekend. Because the property had been owner occupied for the last 30 years I decided to make an unconditional offer on the property (I knew this was the only way I'd pick it up over the other 3 buyers).

I've managed to secure tenants prior to the settlement date for $375/week. It is a 3 bedroom freestanding brick house with a large utility and store room that could later be converted to a fourth bedroom. The property has a 2 car carport and sits on a 630m2 block. The location is pretty great with centre walking distance overlays. My broker went to view the property the following week and said it was solid with no evident structural issues or need for improvement.

Happy to be getting geared up for IP number 4 in the coming months!

 

Good work! Keep it up

 

Never thought to use my broker for building reports, I usually just get my barber to do it.

 

that is good buying

 

My builder not broker. Typo.

 

Great work!

 

Go Kallangur...

 

$354k is not cheap in current Kallangur..that is the fair market price.

The other consideration is the vacancy rates....it is very high there due to a large number of investors.

I had a friend but a highset in Kallangur for 285k......so far he has had the same tenant but he does worry about it becoming vacant.

 

I’m seeing a fair amount of properties in Kallangur sub $330K. Your property might be unique (example closer to shopping, transport). But based on your post it’s hard to say if it’s fair value or not.

Would be great if you post location (even approximately).

Very clean home with beautiful beams for $335K. Probably can sell for $315?
49 Brickworks Road Kallangur Qld 4503 - House for Sale #127814810 - realestate.com.au

House needing work for $299K. Could be low balled for day $275K?
53 Kent Street Kallangur Qld 4503 - House for Sale #127895418 - realestate.com.au

Petrie. Which I believe is better than Kallangur on 855m2 block for sub $350K

43 Voltaire Cres Petrie Qld 4502 - House for Sale #128034354 - realestate.com.au

 

Another 100k and could of bought a Studio in Darlinghurst !

 

I wonder how bad the termite damage was? No photos.

Edit - photos https://www.propertyvalue.com.au/property/53-kent-street-kallangur-qld-4503/5263647
Renovator indeed

 

By those pictures, i would of stayed away im not experienced enough for that haha

 

Haha yep! I'd be game to have a closer look, see what's under the carpet/lino (nice floorboards?) and what's going on, but overall it doesn't look too attractive. Looks like asbestos sheeting too? With structural damage from termites too one might suspect it would cost more to renovate than would be worth doing.

 

Lost me at asbestos, call the bull dozer haha

 

Oh but you see with asbestos you can't just bulldoze it

 

Curious, I found out 63 Kent St sold for $255,000. Land value says: $225,000. Nice garages. Not a bad deal if you love to demolish. Sadly, you cant move the land closer to the sea.