IF YOU are paying rent in Wonthaggi at the moment, you’ll absolutely kick yourself if you don’t give some thought to buying one or both properties going to public auction in Brown Street, Wonthaggi next Saturday.
It’s highly likely that they could be the cheapest residential properties sold in town for many a long day.
In fact, there’s talk of them getting knocked down for around the $100,000 mark.
And if you do your maths, it could allow you to cut your weekly payments in half, or better, turning dead rent money into an investment in one fell swoop!
In real estate agent’s parlance, it’s an opportunity that we are unlikely to ever see again.
Well, the properties at 16 Brown Street and 18 Brown Street have quite an unusual configuration but according to selling agent, Scott Hughes of LJ Hooker in Wonthaggi, that doesn’t make them any less attractive to prospective buyers.
Number 16 Brown Street is a micro-sized property at just 288m2 but it does have the benefit of being located on the popular south side of town and, with a little work, its two-bedroom home could be ready to rent out or live in very quickly.
The next door property, at Number 18, is considerably bigger at 433m2 in size, also with a habitable, single bedroom residence on a separate title.
Interestingly enough, the home on the property is a duplex style house, meaning that it shares a common wall but because it straddles two titles, it can be sold separately and lived in by two different tenants.
“It’s a great opportunity to get into Wonthaggi’s residential property market on the ground floor,” said Mr Hughes last weekend.
“Buy one and live in it now or consider buying both and rent the other one out. Either way it’s an opportunity that’s well worth considering.”
Mr Hughes said there wasn’t a lot available on the local rental market at the moment and with a small amount of work, both homes could be ready for rent or to live in.
“I like this part of town and it’s only going to be in more demand in the future. There’d be no problem renting them out now and you could look at redeveloping, subject to council approval, sometime later on.
“What I would recommend is that you arrange an inspection this week and then go and see your bank manager to discuss the finances.
“I think you’ll have to agree, it represents a terrific opportunity on a lot of levels, but especially as a way to beat the rent trap.”
The properties will be sold separately next Saturday, March 15 starting with the smaller property, Number 16 Brown Street at 12 noon, followed by Number 18 at 12.30pm but there’s certainly nothing stopping you buying both.
At the very least, take a drive down Brown Street during the week and have a sticky beak on your own. At the price they are talking about, it could be a nice little earner for your retirement fund.