Rental Yields

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Chevron One, set to be Chevron Island's first high-rise, is no doubt set to attract the eye of interstate investors.

Developer Bensons Property Group are offering a range of incentives for investors in the 41 level tower designed in collaboration with Marchese Partners and Byrns Lardner Landscape Architecture.

[smartcode_project:default project_id=6515]

<h2>What investors need to know</h2>

Investors can bag a six per cent rental guarantee for five years, considerably stronger than the average yields on offer in the major capital cities.

CoreLogic calculated that gross rental yields in Sydney and Melbourne fell to fresh record lows in February, with Sydney at 2.9 per cent and Melbourne at three per cent.

Rental income is down -5.3 per cent in Sydney and -8 per cent in Melbourne annually, according to CoreLogic.

The yields on offer at Chevron One would outweigh other capital cities whose gross rental yields are around the mid-4 per cent mark or higher. Regional Queensland, the category in which Chevron Island falls in to, is at 5.1 per cent.

<a href="https://www.urban.com.au/new-apartments/chevron-one-36-44-stanhill-drive-surfers-paradise"><img alt="" height="615" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/chevron_one_pool.jpg" width="1200"></a>

Chevron One Residences offer a fully furnished, fully managed and hassle-free ‘turnkey’ lifestyle investment.

Interstate investors in particular will be keen on the 14 day free days of holiday accomodation per year for their apartment. Chevron One boasts close to 2000 sqm of resort-style amenities, with a Club One residents’ lounge, floating cinema, sculptured gardens and dining facilities.

The entry price to Chevron One is as low as $480,000 for a one bedroom, one bathroom apartment. A two bedroom, two bathroom apartment with parking is priced from $705,000.

<a href="https://www.urban.com.au/new-apartments/chevron-one-36-44-stanhill-drive-surfers-paradise"><img alt="" height="425" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/chevron_1_0.jpg" width="700"></a>

Repayments on a $700,000 apartment, with a low interest rate of around two per cent, would be around $14,630 of interest per annum, compared to the $42,000 in rental income per annum.

Hutchinson Builders have been appointed to build the tower having demolished the former building at 46 Stanhill Drive. Completion is slated for mid-2023.

 
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Chevron One Residences offer a fully furnished, fully managed and hassle-free ‘turnkey’ lifestyle investment.



Joel Robinson

Why interstate investors are eyeing up luxury Surfers Paradise apartment tower Chevron One

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The disparity in rental markets across Australia has been extreme. At one end of the spectrum we have extremely tight rental conditions in cities such as Perth and Darwin where both house and unit annual rental growth is above 10%. At the other end are the unit rental markets of Sydney and Melbourne where rents have plunged over the last year, down -5.3% in Sydney, and -8.0% lower in Melbourne. In a similar vein to housing values, rental markets are stronger within the detached housing sector relative to the unit sector.

“The strength in Perth and Darwin’s rental sector can be attributed to a mix of low supply, due to a recent history of low investor participation, and rising demand as interstate migration trends move into positive territory. The opposite trends in Sydney and Melbourne have seen rental markets weaken; higher rental supply due to a recent history of investor exuberance, weaker demand from negative interstate migration and, more recently, a demand shock from closed international borders where Melbourne and Sydney were the primary recipients of migrant arrivals,” Mr Lawless said.

However, the weak conditions across Sydney and Melbourne unit markets look to be turning. Sydney’s rental index for units has recorded two successive months of mild rises, while Melbourne unit rents edged higher in February after falling for nine of the previous ten months. The improvement in unit rents across Australia’s two largest cities is likely to be at least partially seasonal as demand from domestic students generally rises early in the year, but could also be attributable to more people returning to work in the inner cities as well as workers in some of the hardest hit industries such as hospitality, food and accommodation services returning to employment.

Until international borders re-open and migration rates return to their pre-COVID levels, a more substantial improvement in inner city apartment rents is unlikely.

<img alt="" height="342" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/rental_market_feb.jpg" width="583">

Weaker rental conditions in Sydney and Melbourne relative to rising home values is evident in the gross rental yields, with yields across both cities falling to fresh record lows in February. Gross rental yields in Sydney were recorded at 2.9% at the end of February, while in Melbourne yields averaged 3.0%. Every other capital city is recording gross rental yields around the mid-4% mark or higher, implying positive cash flow opportunities are more likely in these markets.

Australian home values surged 2.1% higher in February; the largest month-on-month change in CoreLogic’s national home value index since August 2003. Spurred on by a combination of record low mortgage rates, improving economic conditions, government incentives and low advertised supply levels, Australia’s housing market is in the midst of a broad-based boom.

Housing values are rising across each of the capital city and rest of state regions, demonstrating the diverse nature of this housing upswing.

According to CoreLogic’s research director, Tim Lawless, a synchronised growth phase like this hasn’t been seen in Australia for more than a decade. “The last time we saw a sustained period where every capital city and rest of state region was rising in value was mid-2009 through to early 2010, as post-GFC stimulus fueled buyer demand.”

Sydney and Melbourne were among the strongest performing markets, recording a 2.5% and 2.1% lift in home values over the month respectively, as Australia’s two largest cities caught up from weaker performance through 2020. The quarterly trend however, is still favouring the smaller cities; Darwin housing values rose 5.5% over the past three months, Hobart values rose 4.8% and Perth was up 4.2%.

“Whether this new found growth in Sydney and Melbourne can be sustained is unclear. Both cities are still recording values below their earlier peaks, however at this current rate of appreciation it won’t be long before Australia’s two most expensive capital city markets are moving through new record highs. With household incomes expected to remain subdued and stimulus winding down, it is likely affordability will once again become a challenge in these cities,” Mr Lawless said.

A housing market trend that has persisted through the COVID period to-date is the weaker performance of unit markets relative to detached housing. Across CoreLogic’s combined capitals index, house values (+4.4% over the past three months) have recorded a growth rate more than three times higher than that of its unit counterparts (+1.4%). There are some tentative signs this trend could become less obvious, with Sydney unit values recording their first month of growth since April last year and Melbourne unit values recording their largest gain since late 2019.
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The disparity in rental markets across Australia has been extreme

jordan_55689

Unit rents down -8% in Melbourne but soar 10% in Perth and Darwin

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A broad trend that is becoming increasingly evident is the outperformance of houses over units, according to the latest report from CoreLogic.

They found that at a national level, house values have risen by 3.5% over the past six months while unit values are unchanged. More recently, the past three months has seen every capital city record a stronger result for houses over units.

“Demand for units has diminished through COVID-19 amidst record low levels of investor participation and changing living preferences. At the same time supply levels are heightened in some precincts. While demand and supply remain imbalanced we are likely to see units continue to underperform relative to detached housing markets,” Tim Lawless said.

The rental market dynamic has changed substantially through COVID but there are some early signs that weakness across the unit sector is starting to level out, if not turn around.

<img alt="" height="663" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/jan_rents_cl.png" width="706">

Rental demand has transitioned towards detached and lower density housing markets since the pandemic, partly reflecting the disruption to rental demand from overseas migration, but also the stress of changed working conditions, caused by COVID restrictions, in industry sectors that are traditionally more aligned with rental demand. Additionally, with more people working from home, demand for larger housing options has lifted.

Unit rents in Melbourne and Sydney are down 7.8% and 5.6% respectively over the past year, but in some positive news for landlords, the rate of decline is easing across these markets; in fact Sydney unit rents posted the first month-on-month rise in January (+0.8%) since March last year and Melbourne unit rents held firm over the month.

Unit rents across Brisbane and Hobart have also been on a downwards trajectory through COVID, however recent months have shown a similar trend of rising rents as conditions start to stabilise.

Part time job numbers have now fully recovered back to pre-COVID levels and more businesses are embarking on a return to work program which could be helping to support renewed demand towards inner city rental accommodation. Additionally, with rental rates now lower for inner city units, improved rental affordability could be attracting more people back to inner city renting.

Geographically, Perth and Darwin stand out with the largest rental increases. The annual lift in house rents is well into double digit territory while unit rents are also posting strong gains.

The strong rental conditions in these regions comes after a long run of falling rents and low levels of investment activity. The result is extremely tight rental supply at a time of rising demand, while affordability is relatively healthy due to the sustained fall in rents between 2013 and 2018.

<img alt="" height="603" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/jan_rents_cl_2.png" width="492">

Despite the substantial lift in Perth and Darwin rents over the past year, the median rental rate in Perth is still $90/week lower than the 2013 peak, and Darwin rents remain $145/week below their previous record high in 2014.

Gross rental yields have been under some downwards pressure as housing values outperform rents, with gross rental yields across the combined capital city yields down 9 basis points, and the combined regional areas have recorded a 19 basis point drop.

Although the general trend is towards yield compressions, there are a few broad regions where rents have risen faster than housing values, resulting in higher yields over the year. The gross yield in Perth is up 11 basis points to reach 4.4% and Darwin yields are 16 basis points higher at 6.0%.
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Rental yields in Perth and Dawin are up over 8% especially when compared to Sydney and Melbourne which are down over -5%

urban.com.au

Perth and Darwin buck the trend of weakening rental yields: CoreLogic

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The cheapest property sold at weekend auction was a $315,000 Surfers Paradise apartment.

Having been grossing $46,000 in holiday rental, the two bedroom, one bathroom apartment price reflects a 14 percent yield before costs.

The body corporate fee was advised as $159 per week, the water bill as  $420 per quarter and council rates at $3500 per annum.

The Chevron Renaissance apartment (pictured above), at 2167/23 Ferny Avenue, had previously sold to Hoxton Park investors in 2002 at $330,000, according to CoreLogic.

Prospective buyers were told "the exceptionally motivated interstate sellers must urgently liquidate" due to other commitments.

The fully furnished two bedroom apartment came with ocean, river and hinterland views from its mid-floor of the Skyline North Tower.

"Chevron Renaissance is highly regarded as a premier holiday high rise, centrally located in the heart of Surfers Paradise," the Ray White lisiting agent Harry Ranchhod advised in the marketing.

His last sale in the much traded complex was in December when 1274/23 Ferny Avenue, a two bedroom, two bathroom unit, fetched $455,000 having sold in 2003 off the plan at $658,000.
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The cheapest property sold at weekend auction was a $315,000 Surfers Paradise apartment, grossing $46,000 in holiday rental revenue

jchancellor

Surfers Paradise Chevron Renaissance apartment sale reflects a 14% yield

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Combined capital city home values have increased substantially since the financial crisis in 2008 however, this is largely being driven by Sydney and Melbourne with value growth muted in most other capital cities.
As the financial crisis hit in 2007/08, Australia’s combined capital city housing markets experienced a -6.1% decline in home values between March and December 2008.  Due to aggressive interest rate cuts by the Reserve Bank (RBA) and the introduction of the boost to the First Home Owners Grant, further home value declines were averted.  In fact, home values began to rise across two cycles; from December 2008 and in June 2016, 7.5 years later, combined capital city home values are now 54.9 percent higher.
The first chart highlights the increases in home values over the past 7.5 years.  What is immediately noticeable is that the increases have been all about Sydney (87.9 percent) and Melbourne (71.8 percent).  In fact, most other capital cities have recorded growth which is around or below the rate of inflation.
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<h3>Total change in capital city dwelling values December 2008 to June 2016</h3>
<a href="/images/2016/07/19/2016-07-15--image1.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/07/19/2016-07-15--image1.jpg" alt="">
From December 2008, combined capital city home values increased until October 2010, rising by 21.8 percent. 
Official interest rates were first increased coming out of the financial crisis in October 2009, rising by 175 basis points to November 2010.  The boost to the First Home Buyers Grant was partially removed in September 2009 and completely removed after December 31 2010.  These combined factors saw the rate of value growth slow, followed by a decline in dwelling values. 
The second chart highlights that from December 2008 to October 2010 dwelling values rose in all cities with Sydney, Melbourne and Darwin the standouts.  Despite very low interest rates, Brisbane, Adelaide, Perth and Hobart recorded little value growth over this period.
<h3>Total change in capital city dwelling values December 2008 to October 2010</h3>
<a href="/images/2016/07/19/2016-07-15--image2.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/07/19/2016-07-15--image2.jpg" alt="">
Between October 2010 and May 2012 as stimulus was removed from the housing market, combined capital city home values fell by -7.4 percent.  Darwin, Melbourne and Brisbane recorded the largest falls over the period.  Looking back at this period it is clear that low interest rates and first home buyer incentives stimulated the market and, as they were removed, demand was shown to be fragile. 
In October 2010, official interest rates were recorded at 4.75 percent and by May 2012 they had fallen by 100 basis points to 3.75 percent.
<h3>Total change in capital city dwelling values October 2010  to May 2012</h3>
<a href="/images/2016/07/19/2016-07-15--image3.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/07/19/2016-07-15--image3.jpg" alt="">
From May 2012 to June 2016, combined capital city home values have increased by 37.3 percent while official interest rates fell by 200 basis points to 1.75 percent.  Although home values have increased over the period, Sydney and Melbourne have recorded a substantially higher rate of value growth than all other capital cities. 
<h3>Total change in capital city dwelling values May 2012 to June 2016</h3>
<a href="/images/2016/07/19/2016-07-15--image4.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/07/19/2016-07-15--image4.jpg" alt="">
The data indicates that since the financial crisis the capital city housing market could be described as being extremely interest rate sensitive.  Digging deeper into the data shows that in reality it is only Sydney and Melbourne that have really responded to the stimulus of low interest rates.  The relative strength of the Sydney and Melbourne economies and the much greater employment growth has clearly assisted drive housing values higher in these cities.
Until the economic performance improves outside of Sydney and Melbourne it seems unlikely that sustainable growth will return in these areas despite the extremely low interest rates which are set to potentially move even lower over the coming months.  For Sydney and Melbourne although affordability is increasingly becoming stretched home owners have experienced a substantial increase in equity. 
With historically weak rental markets and record low yields it will be interesting to see if investors and upgraders in the two largest capital cities continue to show a thirst for housing in these cities given the growth phase has now been running for more than four years.
Cameron Kusher is research analyst for CoreLogic RP Data. You can contact him <a href="https://blog.corelogic.com.au/about/">here</a>.
 
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ckusher-ujnxiKuFQs

Home value growth remains all about Sydney and Melbourne: Cameron Kusher

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Some investors have sought to move money away from the major capitals and into regional areas, according to a recent Herron Todd White (HTW) residential report. 
The valuation firm took a look at rental yields across the nation. 
The report noted the Southern Highlands has remained relatively popular due to its good proximity to Sydney while still being relatively affordable in selected areas close to the main local townships of Bowral, Mittagong and Moss Vale.
"For example, a basic 1990s three to four bedroom project home in East Bowral can be purchased for between $650,000 and $750,000 in the present market and we are seeing rental returns on these in the mid to high $500 per week range," the valuation firm said. 
Brand new project homes in Renwick and Braemar are a similar range with a slightly higher rental return.
These properties are generally achieving good rental returns as they have lower vacancy rates due to good proximity to the highway and central shopping hubs.
Overall the Southern Highlands would most likely be considered to have good rental yields but nothing exceptional due to also typically benefiting from reasonable capital growth, again off the back of its good proximity to Sydney.
"As far as the best rental yields go, we are mostly seeing these come from properties that have multiple areas of occupancy, whether that be semi- detached duplex or apartment style properties which are seeing yields in the high 5% to 6% region.
"This is mostly due to the lowest rental available in the Highlands region being around the $350 to $400 per week range, so these smaller (two to three bedroom) dual occupancy style dwellings are achieving good rental returns," the valuation firm said. 
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j.ballantyne1990-6AQqhLzZaK

Smaller dual occupancy style dwellings achieving good rental returns in the Southern Highlands: HTW

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The rental market in Mildura has been tight in recent years, with agents reporting very low vacancy rates, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm took a look at rental yields across the nation. 
The report notes rents have been steadily increasing as a result. Gross yields of around 6% are typical for cheaper houses, in say the $225,000 to $275,000 range, stepping down to around 5% for more expensive houses in the $300,000 to $400,000 range.
"Investors who buy cheaper residential units can expect to get higher gross yields of up to 7%, however this has in the past been counterbalanced by reduced potential for longer term capital gain," the valuation firm said. 
"Investors also need to be mindful of the need for maintenance and eventual upgrading when buying older units or houses."
Demand for rental housing appears to come from a range of tenants and we regularly hear of families who move to Mildura for employment reasons (teachers, police officers etc.) having difficulty in finding suitable rental accommodation.
The growth in the areas planted to table grapes and citrus in the Mildura region has also created demand for seasonal workers and it is clear that there is a shortage of cheaper accommodation options for this sector.
Many older houses and cottages scattered throughout the surrounding rural area, together with a number of old motels are now generating comparatively strong rental returns as a result of being let to these seasonal workers.
"Our advice to investors is always to buy a property that you could imagine living in yourself. There are numerous examples of compact four-bedroom houses that have been built intentionally for the rental market and which have little if any verandah areas," the valuation firm said. 
"Mildura’s long hot summers are always more pleasurable when there is a covered outdoor area and we would expect tenant churn will be higher in the plainer homes that are not well suited to our climate.
"While yields are generally lower for newer homes and units, there will be lower maintenance costs and also the potential to claim depreciation allowances.
"We recommend any investors who would like to consider the option of claiming depreciation allowances contact our office for more details." 
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Rents steadily increasing in Mildura: HTW residential 

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Melbourne’s outer south-eastern suburbs continue to prove to be a popular region amongst buyers, according to the latest Herron Todd White (HTW) residential report. 
It's particularly the case for newly settled migrant families, young couples and first home buyers who are taking advantage of the affordable land prices in areas of the Casey and Cardinia districts.
The valuation firm took a look at rental yield across the country to dissect where to find the best returns in their residential markets.
The report suggests there are many estates to choose from in these fast-developing areas.
"House and land packages are attractive for first home buyers and young families as they allow flexibility in designing their own home to cater to their individual needs," the valuation firm said. 
In the ever-expanding Cardinia Shire municipality, the median house price is $552,385 and $396,469 for a unit respectively, according to Corelogic.
In recent years, Pakenham has become a major growth area for the outer south-eastern suburbs of Melbourne appealing to young families with its proximity to parks, shopping retail outlets, schools and child care centres.
In the suburb of Pakenham, statistics show that houses are priced at an average of $485,000, generating a weekly rent of $360 per week, yielding at a rate of 3.5% to 4%.
The HTW report provides two examples, including a house and a unit. 
A single storey house at<a href="https://www.realestate.com.au/sold/property-house-vic-pakenham-131806650" target="_blank"> 16 Jacaranda Way, Pakenham</a> (pictured below) has recently been sold for $595,000.
Set on a 645 square metre block, the house comprises four bedrooms plus study, two living areas, two bathrooms, double garage and alfresco.
The home is close to Heritage Springs shopping centre, primary school and Hippity Hop Child Care centre.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/10/16/pakenham%201.jpg" alt="">
A three bedroom unit at<a href="https://www.realestate.com.au/sold/property-unit-vic-pakenham-131609490" target="_blank"> 2/16-20 Honeysuckle Close, Pakenham</a> (pictured below) has been sold for $437,000.
The 174 square metre home comprises three bedrooms, two bathrooms, outdoor entertaining area and single car space. 
Overlooking parkland, the unit is within walking distance from the lakeside shops.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/10/16/pakenham%202.jpg" alt="">
"Whilst the rental yields in the outer south-eastern suburbs may not be as high as properties in the CBD and inner suburbs, homeowners and investors can experience an average annual capital growth of 9.3% a year for houses and 14.49% for units in these growth corridor areas," the valuation firm said, 
"This just shows that different investors have different strategies when it comes to investing in property and it all comes down to the individual’s end goal as some may look for properties that generate high yields and others look for higher capital growth."
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Melbourne South Eastern suburbs tipped for 9.3% annual capital growth: HTW residential 

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About 25% of Lismore’s population lives in rental accommodation with the median rent now being $395 per week for houses and a median rental yield of just under 4.7%, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm took a look at the rental yields across the country to dissect where to find best returns in residential markets. 
The official population of Lismore City as at 30 June 2018 was 43,843 according to the Australian Bureau of Statistics.
The median rent for units in the Lismore area is $275 per week, with a median rental yield of just over 5%.
With a low vacancy rate relative to many regional centres of 1% and the ability to buy a four-bedroom, two-bathroom dwelling for under $400,000, Lismore and its surrounding suburbs represents an opportunity to invest in property without going into debt up to the eyeballs.
"The trade-off for this relative stability is normally lower capital growth, however for the first time investor, building a stable base for a property portfolio is important," the valuation firm said. 
<a href="https://www.propertyobserver.com.au/images/2019/10/21/lismore%20median%20sale%20price.jpg" target="_blank">Click here </a>to enlarge: 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/10/21/lismore%20median%20sale%20price.jpg" alt=""> 
Source: HTW 
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Lismore's median rental yields just over 5%: HTW residential 

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For those chasing income rather than growth, Tamworth offers a range of options all with attractive returns, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm took a look at rental yields across the nation. 
"Whether it be single residential or a unit block, there is something for all investors. Tamworth sees all types of investors and no particular strategy (growth versus yield) dominates," the valuation firm said. 
"To begin with, let’s take a look at single residential investments. The average return throughout Tamworth sits around the 5% mark (say 4.5% to 6%) for most single residential dwellings.
"Now, while this is certainly a better yield than that found in the larger cities, it is still not amazing. The area we find attracts yield investors is that of West Tamworth, in particular Coledale." 
This area has a lot of housing commission and is not a desirable location for owner occupiers, however with sub-$200,000 buy in and returns north of 8%, it is certainly attractive for investors.
A recent sale of <a href="https://www.realestate.com.au/sold/property-house-nsw-tamworth-131112554" target="_blank">47 Cossa Street</a> (pictured below) at $130,000 showed a gross return of 9.6% with a tenant in place at $240 per week.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/10/16/tamworth%201.jpg" alt="">
"If single residential or properties in undesirable locations isn’t your cup of tea and you prefer multiple-occupancy properties than do not stress, Tamworth has that covered as well," the valuation firm added. 
Duplexes and triplexes typically see gross returns of 6% to 8% depending on the location, with those in the more desirable areas of East and North Tamworth falling towards the lower end.
The report suggests the benefit of a multiple occupancy property is less risk with less chance of all units being empty as well as higher capital growth than the properties mentioned previously.
<a href="https://www.realestate.com.au/sold/property-duplex+semi-detached-nsw-tamworth-129465162" target="_blank">22 Charles Coxen Close, Oxley Vale</a> (pictured below), recently sold for $429,000 with an assessed weekly return of $560 or an annual gross return of 6.8%.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/10/16/tamworth%202.jpg" alt="">
"For the last style of investment property we check out unit blocks (four or more units on one title)," the valuation firm added. 
While these properties are bought and sold less frequently, they certainly have a place within the market.
The returns for unit blocks are not dissimilar to those of duplexes or triplexes, with investors expecting 6% plus returns.
<a href="https://www.realestate.com.au/sold/property-apartment-nsw-tamworth-129881678" target="_blank">100-102 Belmore Street, West Tamworth</a> (pictured below) which consists of a four unit building and a separate three-bedroom dwelling sold for $1.090 million earlier this year.
"With a gross return of $68,120 or 6.2% and the potential to subdivide or build more units, this was an attractive buy for any investor with the cash," the valuation firm commented. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/10/16/tamworth%203.jpg" alt="">
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