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Renee & Alan’s Journey

I met two wonderful clients at a home show last year. They had been dreaming of investing in property, but for various reasons hadn’t made the firm decision to commit to a strategy. Perhaps they hadn’t devised a strategy, or perhaps the idea of risk scared them. Whatever the reason, they took the plunge this month and engaged me to find them a property that would suit their investment needs.

Many prospective investors wonder how on earth a property investment strategy could be a tailored approach – after all, doesn’t all property in any given capital city behave the same? The answer is no. My clients preferred a higher yielding property, one that could deliver a consistent rent which would almost completely cover their mortgage.

They were keen to keep their purchase price in the $300,000s and they wanted attractive capital growth. Challenging? Yes. Impossible? Not at all.

I targeted Maribyrnong – an inner ring suburb in Melbourne’s north west, just 8km from the city, located on the Maribyrnong River and in many parts, showing off great city views.

Why Maribyrnong? Maribyrnong’s community ranges from families to singles, developers to home owners and tenants. It’s a convenient, accessible, and well-supported suburb, and it offers excellent buying for any investor looking at sub-$350,000 investment properties and attractive rental returns.

This particular unit was going to auction and had an advertised quote range of $290,000 to $320,000. It had been refurbished internally and offered everything a young professional single or couple could ask for; a sparkling new bathroom and kitchen, good sized bedrooms, separate toilet, bath over shower, room for laundry, a friendly boutique block and a tram stop within 150m. Cafes are minutes away, and The Boathouse on the bank of the river is a great drawcard for those who like to dine out. Highpoint Shopping Centre could be walking distance for those who like a good walk, and the 57 tram running along Maribyrnong Road takes commuters to Ascot Vale Station, where a train ride into Southern Cross is 11 minutes.

This property suited the brief perfectly and I was keen not to let it get away.

I spoke with the agent all the way through the campaign and established what fair price could take it off the market earlier than auction day.
We pounced on it with an unconditional offer of $330,000 and secured it last week; a wonderful win that spared my clients the trauma of going to auction and chancing another buyer getting it. With a rental appraisal of $300 to $320 per week and a corresponding yield of around 4.9 per cent, this would be one of the highest yielding residential properties I’ve come across in Melbourne’s inner suburbs.

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