Encouraged by the improving Sydney property market, flippers are back in the game

Encouraged by the improving Sydney property market, flippers are back in the game

Now that the property market has more spark, electrician Lee Killigrew and his wife, interior designer Pia Smeaton, are back in the flipping game.

Having given the Coogee apartment that they bought for $1.48 million in 2014 a makeover, they’ve put it on the market.

McGrath Coogee agent Nicholas Wise has a $1,675,000 price guide for the three-bedroom, two-bathroom apartment with off-street parking at 1/138 Beach St.

The dream location of 1/138 Beach St, Coogee.

The idea is to use the money from this sale to fund the renovation of a house they’re doing up in Maroubra, which they’ll be promptly selling.

“There’ve been some nice Coogee sales recently and we’ve been putting a bit of a plan together moving forward,” Mr Killigrew said.

They’d taken advantage of the cooler market last year to buy the Maroubra property. “We’re putting a first floor on the Maroubra house … if all goes to plan we’ll move that and do it all again,” Mr Killigrew said.

The facade of the Beach St block.

The couple were among those with sufficient foresight during the recent downturn — commonly known as the “smart money” — to capitalise on the opportunities.

But Mr Wise says it’s not too late as there are still some good deals around. “We’re seeing an influx of buyers that have the desire to want to buy and on-sell properties because they feel that the market will continue to improve and we’ll still see good capital growth over the next 12 to 18 months,” he said.

The marine-ply bunks and whitewashed floor give the apartment a beachy look.

“The stability of the government and access to capital is helping drive that.”

Mr Killigrew and Ms Smeaton have a few rules when buying property to flip — they always buy within walking distance of the ocean and they like to think about who it might accommodate.

For example, their Coogee apartment might be able to be rented out on AirBnB or a house might have a self-contained area for grandparents or teenagers to move into.

The terrace of the Beach St, Coogee, apartment has an ocean view.

Mr Killigrew and Ms Smeaton’s “beachy” renovation — the whitewashed floor, marine-ply bunks in the bedrooms and new joinery — was winning hearts ahead of this Saturday’s auction.

“In three weeks, we’ve had 85 buyers through,” Mr Wise said. “We should have multiple buyers on Saturday.”

With the $1300 rent, he has investor interest.

Investors are coming back. Mr Wise sold a one-bedroom apartment at 9/73 Mount St, Coogee, for $806,000 — $30,000 above reserve — to an investor last Tuesday.

There were six registered bidders, five of them active.

“We’ve got very strong demand from the investor market,” Mr Wise said.

Meanwhile, at one Clovelly auction on Saturday, a three bedroom semi in Clifton Rd sold for $2,506,000 — $306,000 above reserve — through Phillips Pantzer Donnelley.


Source link