South Australia (Adelaide) - Nov 22

I had a recent client who wanted to make instant equity on a purchase.

There are usually 2 ways of making instant equity:

1. Buy under market value

2. Cosmetic renovation

I secured a property for him meeting the above conditions. To make it even sweeter the property was purchased in market that was still rising up in value.

The property selected needed a bit of work on it. However, the property was secured at an excellent price below market value.

Here are the details :

Location : Adelaide

Purchase price : 339K ( suburb median was close to 450K at the time of purchase)

Specs : 714m2(3,1,1)

Vacancy rate < 0.5% (super tight rental market)

Renovation costs ~30K

Valuation after renovation ~420K

Rent after renovation ~ 440/week

Current market value ~450K and moving up

Equity gain over 10 months - 111K

This client now has a solid deposit to get on to his next purchase.