Our pick of the week this week is 2 Ballinderry St, Everton Park QLD 4053. Currently under offer, this 3 bedroom, 2 bathroom highset house sitting on 600sqm block is a classic dual-living potential property with good value add:
- Location – 200m to EP State School, bus stop nearby that goes to CBD, within 1km to North West private hospital and about 2km to EP shopping centre (Coles/Woolies etc)
- Value Add Potential – scope to turn downstairs into true dual-living (legal height!). Also some quick wins can be achieved by replacing dated carpet, freshen up the kitchen & bathroom etc
- If dual income (upstairs + downstairs) then can boost potential rent to $550 per week so would be around 5% gross rental yield
- Downside – on busy road and irregular land shape with slope
When I saw this property online I thought this is like a really good textbook style property that you can easily turn into true dual-living (with downstairs being legal height and full bathroom) and boost rental return! It ticks almost all my boxes except for the fact it’s sitting on South Pine road which is a busy road. That’s unfortunately the deal killer as you simply cannot change the location of a house. Nevertheless I thought it would be worth sharing this property so everyone gets a chance to learn from this so next time when you spot something similar you know it’s one to pick up!
Everton Park is situated about 7km north from Brisbane CBD. Recent upgrade of bus expressway make this suburb even more sought after and the upcoming Laneway Dining Precinct will continue to drive suburb desirability to attract family, professionals and DINK who wishes to maintain good lifestyle with easy commute to Brisbane CBD for work. It’s one of the suburbs that ticks lots of boxes with steady capital growth in the next couple of years.
Contact us today if you need assistance to find similar investment properties!