The apartment we secured was a 2 bed, 2 bath, 2 secured parking, just 400m walk to the beach, in a quiet leafy street. We negotiated a purchase price of $960 000 which was really a bargain in the market conditions. The nearest comparable apartment in the same building (lower level), with only 1 parking space sold very recently, just 5 days prior, for $1,040,000. This was instant equity of at least $80 000 that we successfully negotiated for our client plus an extra car space!

Considering apartments in coastal suburbs in Sydney typically have low cash flow, this opportunity also offered a great yield for our client and in a suburb with under 2% vacancy rates.

The tenanted apartment offered $820 per week rent, providing a yield of 4.5% which was an excellent result, and above average in the area where the average yield for apartments is 3.4%.

We will now be targeting another state and capital city as the next part of the strategy for our client and he is already focussed on his next purchase.