House earned owner $32k a year without lifting a finger

first_img Upsizing for the ‘cat’ Land prices rocket across capitals The kitchen inside 3 Drake StHe said the house, believed to have been built in the 1930s, had been a rental property and still had the original carpet. “The new owners moved from Sydney about a year ago,” he said. “We had three registered bidders on the day but they (new owners) hadn’t even attended an open house.“They just turned up on the auction day and bought it.” Rental demand jumps in Qld And one of the bedroomsThe house was on the market for just 25 days — 37 days less than the median days on market for West End, according to CoreLogic.Mr Hatzifotis said bidding started at $800,000 and quickly rose to $1.06 million.He said the new owners planned to raise the house, put in a carport and renovate. Estate home sold 2.5 times above median MORE: Place Kangaroo Point agent Michael Hatzifotis said the owner had three houses in the street — numbers 1, 3 and 5.“We are selling number 5 as well. It goes to auction on November 18,” he said. But the block is big by inner city standards. Inside 3 Drake St at West End The owner’s other property at 5 Drake St is expected to fetch an even bigger priceMore from newsParks and wildlife the new lust-haves post coronavirus16 hours agoNoosa’s best beachfront penthouse is about to hit the market16 hours agoAs for 3 Drake St, Mr Hatzifotis said the owner “had barely lifted a finger, maybe just a lick of paint inside”. FOLLOW THE COURIER-MAIL REAL ESTATE ON FACEBOOK The bathroom is no master ensuite“I grew up in West End and we are now seeing a new generation coming in,” he said, noting proximity to good school catchment zones was drawing in families.“A lot of properties have been in the same hands for decades and those vendors are now downsizing, cashing in, and making way for a younger demographic who are not afraid of a big renovation.“Everything that is on the market now will be gone by Christmas.” Bought for $67,000 and sold for $1.06 million, 3 Drake St has been a constant money-spinner forIMAGINE earning $32,000 a year without lifting a finger. This original cottage has, on average, seen its value increase by roughly half the Aussie median wage every year since the owner bought it.It was also being rented for upwards of $500 a week, according to CoreLogic.Bought in 1987 for $67,000, the three bedroom house at 3 Drake St in West End recently sold for $1.06 million — almost 1500 per cent more than its original price.To put that in perspective, $67,000 worth of goods and services in 1987 would be worth about $160,446 now, according to the Reserve Bank of Australia.Not a bad little money-spinner. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:51Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:51 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD576p576p432p432p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenStarting your hunt for a dream home00:51last_img

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