Pick of the month – 27 Lynstead St, Beckenham WA 6107
A success acquisition in our west coast! Secured by Right Property Group for our mutual client for the price of $365,000, this 3 bedroom, 1 bathroom house sitting on 856sqm block has an excellent potential for the following reasons:
- Location – Situated in a quite residential neighborhood area and only about 13km to Perth CBD and Perth airport.
- Building – Older style double brick house needing some tidy up due to it being a deceased estate. However after some tidy up it’ll be a polished gem!
- Value Add Potential – Subdivision potential without having to knock down the existing house! A site that every investor would want to have one so this can be executed later down the track.
- Yield – currently rented for $300 per week so a gross rental return of ~4.3%. Not the most fascinating gross rental yield however won’t be too difficult to keep in current low rate environment too 🙂
Another subdivision potential block of land but this time in WA! A great acquisition that doesn’t need to break the bank – at only $365K purchase price and an existing tenant paying $300/week it’s definitely a no brainer acquisition for any investor who has got grand plans for the future. Also worth noting next door has already been battle-axed into a front and rear LOT, hence there shouldn’t be any problem in council approving this LOT moving forward.
Client is very happy with this purchase and has plans to subdivide and build in the next few years, or may want to simply offload the rear block for an easy profit.
Beckenham is a suburb in the City of Gosnells and is only 13km South East of Perth CBD with an owner occupier of 65% to 35% renter split ratio. The suburb also consist of a good mix of age groups with 0 to 39 years consisting half of the suburb population. For the last 5 years the median house prices have gone down 21.93% (suffering from the WA downturn) while the latest 12 months median seeing a –5.93% decline, however the latest quarterly result shows a 2.56% increase, starting to show some signs of recovery. Note currently the median price of houses sit at $381,000 and median rent for houses sits at $350/week.
Contact us today if you need guidance to find similar investment properties!