Mitchelton Worst House in the Street. Buying cheap in an expensive suburb, Mitchelton prices increasing drastically and expected to do so again, this property came up well under the median house price. It had already fallen over twice at the contract stage due to the building and pest inspection reports. We had been given access to the report and knew exactly what the issues were but we still engaged my own inspectors so we could be there with them to discuss and analyse the property our selves.
The issues were not that bad, the house was solid but the roof leaked and it had drainage issues. All easily resolved and with the property being about $70,000 under the median house price, it was decided to purchase and invest in a new roof which was asbestos anyway and needed to go.
9 Kilometres from the Brisbane CBD, this is a prime location for an investment property and located in a street where it seems all the houses are being renovated.
After 12 months the owners of the property decided to invest in replacing the old asbestos roof with a colour bond roof. This has given the property a huge facelift and resulted in a significant increase in value.
