Pick of the month – 21 Jennings St, Zillmere QLD 4034
This month we are sharing another success story in Brisbane! Secured by Simon Loo from HouseFinder for our mutual client for the price of $469,000, this 3 bedroom, 1 bathroom, 3 garage house sitting on 531sqm block is a great starting point for any investor:
- Location – Sitting on a corner block and only few mins walk to Zillmere train station plus local shopping. Zillmere is about 13km from Brisbane CBD and about 15 mins to Brisbane airport.
- Building – highset brick house with time cladding. Recent renovations was done to the place so no further cost required to be forked out.
- Value Add Potential – Currently a DA approval is in place to build 2 townhouses next to the existing house! This can be built at any time.
- Yield – currently advertised for rent for $430 per week so a gross rental return of ~4.7% – a great rental yield given proximity to Brisbane CBD
An excellent acquisition to any investor’s portfolio – ticks the boxes of close proximity and great value add down the track! With a current DA approval already in place for 2 additional townhouses (without knocking down the existing house!), the site really shines as it gives so much flexibility to investors down the track. In addition, this property was purchased for $505K back in 2016 so not only secured below previous purchase price but also all the hardwork of DA application is already been done. All that’s required is to execute the build of additional town houses when our client is ready!
Zillmere is a suburb in the Brisbane City Council and is only 13km north of Brisbane CBD with an owner occupier of 57% to 43% renter split ratio. Family composition-wise the suburb are primarily couples with no kids. For the last 5 years the median house prices have gone up 13.58% while the latest 12 months median showing a 4.17% decline and the latest quarterly 1.08% decline, indicating some value properties can be picked up at this point. Note currently the median price of houses sit at $460,000.
Contact us today if you need guidance to find similar investment properties!