Can you double your property deposit in 12 months?
Can you double your property deposit in 12 months?
Recently I was asked by a journalist “can you double your property deposit in 12 months? ” in the Melbourne property market at the moment. My answer was “yes” and I have an example for you.
Buyer Solutions recently bought 2 bedroom apartment in East St Kilda. Bought at auction for just over $400,000 it was crying out for an update. The purchaser has done a $30,000 renovation and added a new kitchen, new bathroom, polished the floorboards, added a new heater and window coverings and of course given it a fresh coat of paint. WOW FACTOR is what it has now and the agents believe it is now worth $480,000 to $490,000 if put back on the market less than six months after purchase. Just shows what a bit of hard work and a makeover can do for your investment. This investor has made a profit of $40,000 to $50,000 and doubled their deposit in under twelve months.
The property is located in a Melbourne suburb that is 6.7 kilometres South-East of the CBD, bordering St Kilda, Caulfield, Prahran, Windsor and Elsternwick, this little pocket of Melbourne has lots to offer.
Trams run along Dandenong and Glenhuntly Roads and Chapel Street. Some of the best shopping in Australia is a quick walk or tram ride away in eclectic Chapel Street. Glenhuntly Road offers a great selection of strip retail shops. You can spend hours in the boutiques or minutes in the Supermarket.
Lots of locals work at the Alfred Hospital and love to socialise after a hard days work in the many local bars and restaurants.
According to Suburb Profile the median unit value is $534,900 and the median rental is $375 per week. In St Kilda East, there are more units than houses, mostly small apartment blocks built in the 1960’s and also a selection of Art Deco offerings. Affordability for first home buyers and investors is therefore very good, without compromising on lifestyle.
In terms of schools, there are numerous options including:
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To read the City of Port Phillip profile of East St Kilda please click here
For up to date information on what’s happening in real estate in Melbourne, contact Janet at jspencer@buyersolutions.com.au or 0418 101 146.
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