Aussie expats: investment or future family home
Address: 73 Onslow Street, Rose Bay
Price: $3,135,000
Land: 308sqm
Brief
Open to all the ideas, this London-based executive couple were looking to build on their existing property holdings in Australia. They had two aspects to their brief: a high-yielding investment property $1.6-1.8m (4%+ based on selling agent advice), or a site for their future re-settlement in Sydney with a more specific set of target suburbs – budget $3.2m
Ultimately it would be one or the other, depending upon the opportunities. Both needed to be houses rather than apartments to complement their existing portfolio.
Challenge
On the investment scenario, a significant amount of research was required upfront to determine both high-yielding and high-growth corridors. Generally speaking, more traditional suburbs with a proven track record of higher capital growth, offer lower yields. So a significant amount of research was conducted to identify suburbs in which an affordable house was available, with superb rental return and capital gain upside. Focus ended up being on the undervalued middle ring suburbs along the soon-to-open South West Metro Line. Critical location factors included proximity to transport and ongoing rental demand drivers (such as hospitals).
Solution
When an opportunity arose in the client’s preferred primary home location, the focus shifted to an urgent pre-auction assessment of that. The house condition was less important, given the fact my clients would likely do a substantial renovation some time in the future upon return to Australia. However, there were a number of critical considerations to assess: such as precedents for the likely additional storey, discussions with pool builders about a future pool and encroachment of neighbouring trees. Armed with that fact base, with deposit funds available and an assessment of value based on historical local sales, we were able to confidently bid at auction to secure the property.
Result
A 2 bedroom house on a smaller block opposite sold a few months prior for just $250k less, so this result was excellent and slap bang in the range our assessment suggested was appropriate pricing. What was unexpected was the departure of the existing tenant and some subsequent delays in re-leasing the property. Whilst this is outside my normal remit, I was able to be ears and eyes on the ground making it a little easier for the client who was midway through a move from the UK to the USA.
“Mark’s dedication, efficiency, and genuine care for his clients are unmatched. He doesn’t just help you buy a property — he makes the whole experience easy, stress-free, and even enjoyable. Couldn’t recommend him more highly!
Honestly, this case study undersells the impact you had!”