This house is approximately 10 years old and was a “knock down rebuild”.
Our client purchased the property on 16/02/2021 for $750,000, purely as an investment.
Since then, Arnold Property has had 2 tenancies showing attractive returns and depreciation allowances.
The property is situated on a corner block on Wansbeck Valley Road with easy access to the Cardiff Retail and industrial areas. Lake Macquarie foreshore is only minutes away.
Our clients’ circumstances recently changed, which meant needing to sell this valuable asset.
As the managing agent Arnold Property were invited to sell this modern well-maintained home.
After completing our research, we were unable to locate many similar properties. It was necessary to make some upward adjustments to the nearest other most comparable sale.
The property was listed for sale with a price guide of $950,000 to $1,000,000.
The first open home was well attended with numerous buyers, several offers were submitted at the lower end of the asking guide. After negotiating with 3 buyers, we were successful in securing a sale of $995,000. The vendor was very happy with the result, an increase of $245,000 in three and a half years!
The property has been purchased by another investor and we will be managing this property again for the new owner.
The rental income has also increased from 2021 by $150 p/w.
This is proof that thoroughly researching the market in any suburb is the key to achieving results for our clients.
Once again, I prove you do not have to be a local agent to manage and sell properties outside of where your office is located.
Looking to sell your property? Get in touch with our office today on (02) 4969 2600 and speak with Steve or Michael Arnold.
