Buying an off-market for an interstate investor…

It’s not an unusual occurrence for us to buy for a trusting investor who makes a purchase decision without sighting the property themselves. In fact, that is our job – to guide investors through the steps, mitigate as much risk as possible, share our media clips and pictures of the property we’ve set our sights on to match their brief, and to execute the purchase well.

They rely on our feedback and glean what they can also from the advertising copy and the online listing.

But when the property is an off-market opportunity, all they have is our description.

Which is what happened for two wonderful interstate investors last week. This exciting block of eight townhouses in vibrant Brunswick has been a stand-out block for us over this past year. The owner and developer had decided to part with the few units he’d retained…. and over the course of eighteen months we’ve been able to pursue one for an investor and one for a home buyer. When the last one came up, we pounced. Happily the price tag remained the same, despite the market movement over the past eighteen months.

At $625,000 and returning a rent of $520 per week, our clients’ gross rental return is a stellar 4.3%; a strong figure for this location.

The ‘reverse-living’ floorplan enables the residents to host rooftop parties on their upstairs decking; expanding out from the open-plan living and kitchen space. The clever layout downstairs offers separate laundry space, a small outdoor area and two well sized, quiet bedrooms. These formats work particularly well in the higher density, inner-ring areas because residents love an outdoor sunny space, and when price is at a premium, a gloriously light-filled private deck with a nice outlook of the street is a great place to spend a lazy afternoon.

But the real draw-card to this asset is the location. Minute’s walk to both Anstey and Moreland train stations,offering trams which run every few minutes up and down Sydney Road and across Moreland Road, and with a secure garage on title, access around Melbourne is never an issue for a tenant or owner.

Sydney Road boasts some of the best bars, restaurants, cafes and deli’s and it’s little wonder that rental inspection reports sometimes show an unused oven in this postcode.

After all, why would a tenant need to bother with all of the choices they have just past their door step?

Wishing our Tassie-based investors a wonderful investment journey filled with lots of strong, year-on-year capital growth!