Investor looking to buy in a high capital growth area and to add value through renovation. This 2 bedroom townhouse with 2 side-by-side undercover parking space was listed for sale at $420,000. Final purchase price was $380,000, which is $19,000 below what the seller paid for the property 5 years earlier ($399,000).
Renovations undertaken included:
Kitchen (including knocking down half a wall to open up the living area)
Laundry (including adding an extra toilet and basin downstairs)
New fencing around balcony downstairs and upstairs (fully paid by Strata)
New bedroom blinds
Un-renovated properties on the same or adjacent complexes are selling at $475,000 one year later.