Type

Apartment

Beds

1

Value

400000

Comment

It is a 1 Bedroom 1 bathroom 1 carpark apartment

Private

see notes on his other property We purchased it in 2017 for $367400. We currently have a loan of $335641 on the property so would ideally be aiming to clear that with the property sale if feasible. I’m expecting it may not be, so we are prepared to take a bit of a hit if it comes to that. I can’t see 1 BR apartment values increasing in the area over the next couple of years so we are keen to cutaway. It has been a good asset for negative gearing and currently returns us a monthly rent of $1998. We imposed a slight increase in January and could have asked higher but were happy to leave it under 2k as the occupant is a student. We have easily found tenants from the international and local student population of Latrobe University). Last FY we received a Gross rent of $22829. Outgoings were $11791 so our net income was $11038. Of course mortgage repayments were far more so we have been using it as a negative gearing opportunity since we purchased it. It was originally managed as a Hotel pool apartment like Mackay but the company went into receivership a couple of years ago. We then engaged Kingsford Property to manage the apartment for long term lease and the results have been excellent. This link is to Kingsford’s last advertising for the apartment in January. I did approach Kingsford Property for an appraisal in May. The agent (Martin Russell) they suggested revisiting in October as the market was very flat at the time. So I will speak with him separately. If you think we are likely to have success with around the 340K mark I would be keen to engage your good services again. A bit of info there but I look forward to hearing from you. I will hopefully have an answer for you on the Mackay Property late this week or early next week.

Owner

Grant Walsh

Owner's phone

0466 276 001 SMS