17/22 Ness Avenue, Dulwich Hill

I just watched the auction video for 17/22 Ness Avenue, Dulwich Hill
https://www.facebook.com/randwmarrickville/videos/941605099273559

We were thinking of bidding on it but didn't end up getting sorted in time.

I was prepared to pay up to $649,000, Jodie wanted to spend $675,000 (but I wouldn’t have let her do that) as 4% gross and 3% net roi is our minimum returns as you can see in the calculations below.

http://www.domain.com.au/17-22-ness-avenue-dulwich-hill-nsw-2203-2012999245  
 

Lol people are losing their minds……. at $726,000 way way overpaid. Basically overpaid by a brand new car (or two)....think about that for a moment.

I did some quick sums basically @$500pw rent with 20% deposit of $145,00 and $34,000 stamp duty and legal costs this will be cashflow negative for about 6.5 years……and that’s without interest rates moving so basically they will be losing roi month in month out for about 10 years and never see an investment return until they sell it.

I hope they like golf......

Great work by the sales team though, the vendor must be ecstatic.   :)