More than 200 investors attended the inaugural Smart Property Investment open house over the weekend, proving interest in bricks and mortar as an investment strategy is still as strong as ever.
The industry-first event, which took place in Cambridge Park in Sydney’s West, revealed a striking renovation which resulted in a 50 per cent increase in equity in just a few months.
Investors had the opportunity to learn first-hand how Smart Property Investment approached its own renovation project and speak to the experts involved.
The project objective was to buy under market value and undertake a cost-effective renovation to boost capital value as well as rental returns – a goal that was achieved.
With the help of buyer’s agent Right Property Group, Smart Property Investment purchased the four bedroom Cambridge Park house for just $236,000 – well below the suburb’s median house price.
A cost effective renovation has now boosted the property’s value by 50 per cent to between $350,000-360,000, according to recent agent appraisals, as well as increased the rental income by over 100 per cent.
According to Smart Property Investment editor Phillip Tarrant, the project confirms there are still affordable investment opportunities on offer for savvy investors.
“Investors who can pick the right property, buy it at the appropriate price and complete a focused renovation can secure some great returns in Sydney’s west,” he said.
The project also reaffirms the leading property title’s commitment to its readers, Mr Tarrant said.
“We’re doing something which no one else in the consumer property investment title market is doing – investing in property ourselves and tracking it through the pages of Smart Property Investment.”