Ipswich Property Investment Case Study: Raceview Qld

The Granny Flat Revolution : A first for Ipswich Granny Flats and some young first time investors in Victoria …

OVERVIEW :

• Purchase price for the land for the project in September 2012 was at a good price – $150,000
• Land was ‘flat as a tack’, 628m2 with a 20m frontage and side boundaries of approximately 31.5m
• The project had some initial delays due to the soil type, extra engineering and costs associated with this
• Construction work commenced early 2013 with completion June 2013
• Photos were provided during the construction process so that the investors were able to see the work in progress
• Handover was July 2013 with tenants waiting to move in even prior to completion – and a wait list to move!

DETAILS :

This was a really exciting project as this is the first new build here in Ipswich purely for investment purposes!!

As a licenced agent I sold a block of land in Raceview to a young couple from Victoria with a view to building a new 3 bedroom x 2 bathroom x SLUG + a Granny Flat – 2 bedroom x 1 bathroom + single carport : purely as an investment. This was their first foray into investing in property …

This property was carefully chosen for the client for development for two main reasons :

1. The land. A 628m2 level block of land with good northerly aspect, making it a perfect building block, Granny Flat included
2. The Location. The land is situated in an older established estate, Sanctuary Vista

As the investors were interstate and expecting their first baby, it was organized to have photos sent of the progress on a regular basis. Ipswich Granny Flats is based very close to the property, and it was great to see the progress of the build and a feel good thing all around.

TOTAL SPACE :

Granny Flat : 64.96m2 + carport 21.45m2
Main House : 143.53m2 + SLUG 21.82m2
TOTAL Area : 251.76m2

RENT RETURNS :

The 3 x 2 x SLUG is rented for $315pw
The 2 x 1 x single carport (Granny Flat) is rented for $250pw = $565pw
Total rent return $565 x 52 = $29,380

=  Gross Yield : 6%

And the finished product looks like the image to the right – notice the Granny Flat on the left hand side of the picture – 2 bedroom x 1 bathroom x single carport :

SUMMARY :

Another successful
Vision Property Group (Qld) & Ipswich Granny Flat initiative
Ask us at Ipswich Granny Flats how we can
DOUBLE your rent return
Phone Sonia on 0403 309 136