The Surry Hills Project (2012)
Buyers brief - manufacture equity via renovation, specifically via a simple change of configuration.
The project involved a dilapidated 2 bedroom, 1 bathroom, 51sqm terrace conversion into a 2 bedroom, 1 bathroom.
JZ Real Estate provided the buyers advocacy role.
Result - Purchase price - $608,000 New appraisal price - $850,000 Rental - $42,640 p.a. Timeframe - 9 months
Client comment - “Buying at the right time, at the right price was absolutely critical to the success of this project. When assessing the viability of the deal the numbers were tight when including renovation buffer and excluding possible capital growth. We had a firm understanding of the financial limits and held firm from the outset. The project came in on budget and the resultant market value gave an immediate capital return which has been used to fund the next project. All around a great outcome.”