15 Renwick St, Albion
When you see a property which has undergone such extensive change in such a short space of time you have to admire the vision and clear direction from the inspired renovators (flippers) who undertook this project.
This property located at 15 Renwick St, Albion on 554m2 of land was purchased in April 2017 for $768,000 and sold in October 2018 for $1,475,000. That is about 18 months in total from start to finish. Over this timeframe the sellers managed to create a $707,000 increase in value or 92% return on the initial investment. These are truly phenomenal figures!
We can estimate the bulk of the cost to undertake this project was spent in the additions such as adding a second level, swimming pool, landscaping, roofing and total internal renovation.
You would conservatively expect these costs to sit somewhere between $300,000-$400,000 for such a project.
Excluding stamp duty, agents commission, holding costs and legal fees you would then expect a gross profit reaching around $300,000 during the timeframe. Equating to over $4,100 profit per week.
David Treloar and Jamie Charman of Ray White marketed the property and did a great job in my opinion.
Besides the well executed renovation, I think the other reasons why this property achieved such a strong result was it’s close proximity to Brisbane CBD, grocery stores, restaurants, cafes and amenities like schools, shops and 550m walk to Albion train station.
Brisbane has become a fan favourite for investing due to it’s reasonable price point compared to Sydney and Melbourne, whilst being a lovely place for families and offering jobs through it’s diversified economy.