Today’s property is at 56 Glenmorgan Street, Keperra in Brisbane.
The opportunity is to convert the 5 bedroom, 2 bathroom, 2 car dwelling into a 5-person Rooming Accommodation, with a future one-into-two-lot subdivision.
Another more familiar way to describe Rooming Accommodation is Co-Living.
It’s an emerging and popular form of affordable accommodation that appeals to a diverse range of renting cohorts, including young professionals and single women over the age of 50.
Keperra is 14 km from Brisbane’s CBD with a travel time to the City by car of approximately 30 minutes off-peak.
In the 2016 census, Keperra had a population of 6,807 people.
The predominant age group in this well-regarded suburb is 30-39 years.
Households in Keperra are primarily couples with children and are likely to be repaying $1,800 – $2,399 per month on mortgage repayments.
In general, people in Keperra work in a professional occupation.
In 2016, 62.2% of the homes in Keperra were owner-occupied.
Currently, the median sales price of houses in the area is $787,000.
Property Market Performance
Keperra 4054 has a modest average monthly sales volume with nine houses sold.
That’s a function of constrained supply rather than weak demand.
The time taken to sell a house (days-on-market) currently is 30.
This has increased from 21 days 12 months ago, reflecting the absence of FOMO and a degree of caution among buyers that require funding.
The median house asking price for Keperra is $819,000.
The suburb Location Score for Keperra is 66.
The highest recorded score of any suburb in Australia is 71.
So Keperra enjoys above-average demand and constrained supply.
The prevailing market posture in Keperra can be described thus:
- Sellers are in no panic and buyers are making decent offers.
- This is a healthy market for investors.
- Demand is ahead of supply, but not alarmingly.
- Buyers are rarely able to get away with low-ball offers.
- Sellers are usually getting the prices they ask for.
- Expect growth to exceed the national average.
There are 2,364 similarly priced markets.
But only 64 of them have a higher Location Score than Keperra.
So that establishes this location as one with favorable conditions for investors that want to capture accelerated capital growth via value-add strategies.
Value-Add and Development Potential
The property has a Low-Density Residential zoning.
With its 33m frontage, 728m2 site area, and 200m walking distance from a Centre Activity of 2,000m2 +, small lots with a minimum area of 300m2 and a 7.5m frontage are permitted on the subject site.
This form of development is supported by an established precedent for a one-into-two-lot subdivision immediately next door to the subject property at 58 and 58A Glenmorgan Street.
So the opportunity to be investigated here has a near-term value-add with longer-term development upside, via:
- the conversion of the existing dwelling into a 5-person Rooming Accommodation
- a future one-into-two-lot subdivision that creates two small lots, each of 364m2
Once converted, the Rooming Accommodation could be held indefinitely and the subdivision and construction of new houses done later, once the existing improvements had been fully depreciated.
Potential issues to discuss with a Town Planner include:
- Dwelling House Character
- State-designated Road Noise Corridor
- Industrial Amenity
- Ward Boundaries
- Airport Environs
- Critical Infrastructure And Movement Network
- Transport Air Quality Corridor
Whilst sewer, water, power, and telecoms are in close proximity, always discuss in detail the constraints, opportunities, and costs of creating and servicing a new lot with a Town Planner, Surveyor, and Civil Engineer, before acquisition.
Selling Agent For This Property
Today’s opportunity is on-market through the selling agent.
Contact Jackson Oram from Coronis Inner North (0411 584 585).
Property Listing
Property Report
Trusted Resources
Whenever you buy a value-add investment property or development opportunity, you’ll greatly increase your prospects for success and mitigate project risks when you have a trusted team standing shoulder-to-shoulder with you.
We recommend this battle-proven team.
You can rely on them and trust their advice.
But as always, do your own meticulous due diligence.
That’s on you.
So don’t attempt to outsource that.
Three ways we can help you
1. Contact us for behind-the-scenes information about today’s property. That often includes useful market intel, field trip photos, meeting notes, consultants’ input, and market insights.
2. As Buyer’s Agents operating in growth suburbs across South East Queensland, we help value-add investors, developers, and builders buy profitable property opportunities. Our minimum engagement level fee is $15,000 plus GST.
3. If you’re on our Daily Deal Alerts list, we’ll email you another potential opportunity every weekday at 11 am AEST. Not on the list? Sign up below.