Today’s value-add opportunity is at 11 Willow Street, Kippa-Ring.
The opportunity with this property is to convert the existing low-set 4 bedroom, 2 bathroom, 2 car house into Co-Living accommodation.
Co-Living is a term that describes a modern form of communal living in which residents get a private bedroom in a furnished housing complex, with shared common areas.
It is an emerging and popular form of affordable accommodation that appeals to a diverse range of renting cohorts, including young professionals, tradespeople, and single women over the age of 50.
Kippa-Ring is a well-established residential suburb on the Redcliffe Peninsula.
We think that certain pockets and product types within some of the suburbs on the Redcliffe Peninsular have above-average capital growth potential.
Kippa-Ring is one of those suburbs.
It’s located about 28 km north of central Brisbane.
In the 2016 census, Kippa-Ring had a population of 9,790 people.
Households in Kippa-Ring are primarily couples with children and are likely to repay between $1,400 – $1,799 per month on mortgage repayments.
In general, people in Kippa-Ring work in a trades occupation.
In 2016, 61.5% of the homes in Kippa-Ring were owner-occupied.
Currently, the median sales price of houses in the area is $650,000.
Property Market Performance
Kippa-Ring has a modest average monthly sales volume with eight houses sold.
The time taken to sell a house (days-on-market) currently is 51.
This has increased from 36 days 12 months ago.
The suburb Location Score for Kippa-Ring is 61.
The highest recorded score of any suburb in Australia is 71.
The prevailing market posture in Kippa-Ring can be described thus:
- Demand outweighs supply in this market, but only just.
- This is a healthy market for investors wanting to apply some value-adding strategy.
- Buyers are sometimes able to get away with low-ball offers.
- Sellers are getting the prices they ask for more often than not.
- Expect growth to exceed the national average marginally.
There are 2,798 similarly priced markets to Kippa-Ring, of which 390 have a higher Location Score.
So that means that Kippa-Ring has favourable conditions for investors who want to manufacture equity via value-add strategies like this potential co-living conversion at 11 Willow Street.
Value-Add Potential
The property is within the Moreton Bay Council area and falls into the General Residential – Suburban Neighbourhood Precinct as defined in MBRC Planning Scheme 2016 (v3.2).
It has a 17m frontage and an almost-level 896 m2 site area.
But it has no development upside.
It’s well located though being less than a five-minute walk to the Kippa-Ring Railway Station 400 m away.
Several schools, shopping centres, the Redcliffe Hospital, and other major facilities and services are conveniently located close by.
Importantly, there are a large number of small-to-medium-sized businesses operating from nearby industrial estates, that collectively are a significant employment generator.
Almost all of the businesses there seem to be active and transacting commerce.
So the opportunity to be investigated at 11 Willow Street, Kippa-Ring is the conversion of the existing 4-bedroom house into a Co-Living investment property.
Selling Agent For This Property
Today’s opportunity is on-market through the selling agent.
Contact Garth Kewley from Kindred (0480 079 895).
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