Annandale house provides biggest boost to BrickX investors with 7.4 percent growth in six months
Fractional property investing platform BrickX has updated the valuations for six of its properties in Sydney and Melbourne, with growth varying from 0 to 7.4 per cent.
The valuations were done by independent valuation firm Preston Rowe Paterson in June 2017.
BrickX, which buys properties and splits each one into 10,000 units or ‘Bricks’ which investors can then buy, has been on a buying spree in the last few months. It purchased six properties between April and June, five in Sydney and one in Melbourne.
In its year-end sale, the investing platform waived the transaction fees for buying or pre-ordering ‘bricks’ for its Brunswick property (above). The company charges a the transaction fee of 1.75% on every purchase of ‘brick’ or while selling ‘bricks’.
The biggest change in valuation was for a two-bedroom house in Annandale, where the property value rose 7.4 per cent in the last six months to $1.45 million as at June. The growth was in line with the wider suburb index, BrickX said.
Brick valuation increased 8.81 per cent to $112.84, taking into account the acquisition costs and cash reserve, BrickX said.
Meanwhile, a one-bedroom unit in the Sydney suburb of Enmore remained constant at $650,000 compared with six months before. In fact, the new value of a ‘brick’ is $67.48, a slight fall from December’s $67.82. The same was the case with a two-bedroom unit at Mosman, which was steady from its December valuation.
The property was valued at $1.4 million in June while the ‘brick’ price actually edged down 0.51 percent to $143.43 per ‘brick’.
Among other properties with notable growth was a two-bedroom unit in Bondi Beach, which increased 3.7 percent in value to $1.4 million from its initial purchase price of $1.35 million. BrickX said the growth was also in line with the overall growth in the suburb.
The brick price rose to $100.19 from an initial $96.
Another two-bedroom unit in Double Bay showed a growth of 3.4 percent in value at $1.35 million on the initial purchase price in September 2016. This property exceeded the suburb index, said BrickX.
The value of a ‘brick’ is now $98.46, a 3.64 percent increase from the initial $95.
The only property with an updated valuation from Melbourne, was in Prahran. This two-bedroom unit rose 1.3 percent to $1.19 million and BrickX said it performed in line with the wider suburb index.
The ‘brick’ also rose a modest 0.44 percent to $123.88.
