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A productive week of property purchases

Lucia reflects on a busy week and celebrates success stories.

What a productive week! Not only have I pushed through a number of applications but I also managed to help a client secure two purchases.

One is a large family home at One Tree Hill which was converted from two dwellings—so this would also bring my client some additional income from the minor dwelling—situated on a corner site on Campbell Road. I passed this listing to a client who was after a home-and-income in a central location. However, it turned out that my other two clients, with whom I have arranged the pre-approvals, were also interested in the same listing. There were 8 bidders on auction day and the property went for 30% more than the reserve price, a happy elderly vendor and her senior son couldn’t stop dancing outside the meeting room when the contract was signed. My client was happy too as the two bedroom units were selling at 50% of the purchase price. They have two of these, the land and the future development opportunity being the mixed house suburban. A win-win situation for all of them!

I now have a couple of clients to assist with finding suitable properties. One is after a home-and-income with a budget of 1.3M. Another client is after a two or three income stream with a budget of 1.5M. both in Central Auckland. Let me know if you have any of these.

Another client I helped got a one bedroom unit at Royal Oak, 60m2 on a ¼ share of 1250m2. As the vendor had done the extension, the CCC was obtained, but the title hadn’t been updated. The agent was struggling to sell it. A close relationship with the agent brought this deal to me. One of the mainstream lenders was happy to accept it with the condition that my client corrects the title after the settlement. With the conversion to two bedrooms, the valuation would be increased by approx.. 30% from the discounted purchase price. This again is another win-win situation for the vendor, the buyer and the agent!

 

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Lucia Xiao Finax

Finax founder, Lucia Xiao regularly publishes thoughtful articles sharing market insights as well as tips to help you succeed.

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