Comprising three storeys, this six-year-old four-bedroom townhouse is currently tenanted at $380 a week. The lease expires in December, and listing agent Jason Padula of Barry Plant says the tenant would be willing to sign another 12-month lease at the same rent, which he says is a good return for the area. The property has more than 225 square metres of living space and includes floorboards and a backyard.
Padula is marketing the property with price hopes of $379,000 plus, and if it sells for that price, that would secure an investor a gross rental yield of 5.2% at its current rent, above the gross rental yield for Westmeadows houses of 4.5%, according to RP Data. The gross rental yield does not consider the costs of maintaining the property, including council rates and other fees such as water bills and managing agent fees.
Washington Brown estimates the first-year tax depreciation deduction to be $10,000 and over five years to be $36,000.
The median house price in Westmeadows fell 3.7% in the past year but rose 49.1% in the past five years, according to RP Data.
For more information about prices and yields in Westmeadows, see the RP Data suburb page.
The property will be open for inspection Saturday, November 24 at 12.45pm and will go to auction Saturday, December 8 at 11am.