89 LUCAN PLACE
In this section, we take a dive into the nitty-gritty of the property - 89 Lucan Place, Aspley. We analyse the property itself, its surrounds and the numbers that matter. We also take a look at the comparable sales in the area and how they stack up against the property.
3 - Bedroom
1 - Bathroom
1 - Car space
Logical: $570,000 - $590,000 Emotional: $590,000 - $595,000
Target: $575,000 - $591,751
22/01/2020 for $591,751
$460 - $470/wk
Zillmere Station: 1.5km (19-minute walk | 3-minute drive)
1.7% of properties in Aspley are vacant we like this to be under 2%.
Auction Clearance Rates
39%: Aspley, nor Brisbane is an "Auction region", this is not a negative thing
Ratio of Renters to Owner Occupied
25% are renters / 75% are owner-occupied and/or purchasing. We like renters to be under 35%. More owner occupiers generally mean properties are better looked after in the area and there is a greater demand for tenants
Building, contents & landlord
Tax Depreciation Report
BMT $770 inc. GST
Location: The subject property is located in the desirable suburb of Aspley, albeit, the northern part that borders Zillmere. However, we have provided a walk score of 10, given the access this property has to both small and large shops, schools (both primary and secondary), busses and trains. All amenities are achievable on foot. The immediate area is nice with well equipped and renovated homes. For a dry time of year, it does feel very lush with mature trees and family-friendly gardens throughout. The property is located to the rear of Aspley East State School, with the school tennis courts adjacent to the rear fence. The street is a cul-de-sac and towards the end of the cul-de-sac. We have checked the flood maps and there are no concerns with flooding for the subject property.
Subject Property: Brick home on concrete piers finished with weatherboard cladding. It is a neat 3-bedroom home with 1 bathroom and laundry. The property has been updated and is in a condition that can be leased immediately without any concerns (subject to building & pest reports). The highlights are the polished timber floors, the oversized rear deck and garden area for families. The kitchen is appointed with gas cooking whilst reverse cycle AC is in three rooms (Living, Master and Bed 2). The curbside appeal is a 10 out of 10 and presents well appealing to young families who don't want to do anything further with the home. The front yard is also enclosed and this provides two spaces for pets and kids. To the left-hand side of the house is a separate driveway to a single lock-up garage. In the rear garden, there is an old shed, whilst useful, we would want to ensure it is safe when conducting building & pest reports.
Opportunities: The home is on concrete piers that provide future opportunities to lift the current house and build in underneath with a minimum ceiling height downstairs of 2.4m (to be considered a habitable area). With this in mind, there is room to also extend out to the rear, however, you would need to ensure the deck sits above the sewer easement that runs across the rear of the property and not the house extension. Where it currently runs would not affect an extension as it sits in the rear 3rd of the block. Internally there is also the opportunity to create an ensuite for either bedroom 2 or 3 utilising the current laundry. The laundry can either be repositioned downstairs underneath the house (common for properties of this style) or internally in the kitchen as a European laundry. A general cosmetic update internally could be useful in years to come too.
Risks: The sewer easement running through the rear yard (see map here). As per the opportunities above, by raising the home to create more floor space alleviates concerns for the easement, secondly, we believe if there was an opportunity to extend, there is ample room to push out to the current easement whilst going up.
Summary: All in all, it ticks all the boxes for your requirements now, whilst leaving ample opportunities in the future to add value. Our team attended the first open where there was approx. 25 people through. The agent has advised that they have received an offer, potentially two on the COS. We will need to move quickly to secure the property.
We have completed the property valuation and as you can see above, we are sitting between $570,000 - $591,751. Buying in at the max purchase price of $591,751 sees your total purchase costs at $107,222 (with a 10% deposit).
Given the above, we are comfortable to proceed by making a formal written offer as per the below:
First Offer: $575,000 (we'd be willing to negotiate up to $591,751)
Deposit: $1,437.50 (paid within 2-days of signing contract) then $27,312.50 (paid within 2-days of the DD clause expiry)
14-day due diligence clause (not business days): The buyer will be entitled to a due diligence period to undertake their due diligence for a period of 14-days after the date of the contract. This special condition is for the benefit of the buyer only. If the buyer advises the seller that they are not satisfied with their due diligence, the buyer will be entitled to terminate the contract and will be entitled to a full refund of their deposit.
Additionally: We will request access to the property during the settlement period tenant viewings and access to the sales photography
Jack & Tuna to review the numbers and recommendations
MC to supply our purchase advice, giving authority to negotiate up to our recommended max purchase price via DocuSign
MC to supply a blank copy of the COS for Jack & Tuna to sign via DocuSign
Jack & Tuna to complete both in DocuSign
MC commence negotiations with the agent keeping Jack & Tuna up to speed throughout the process.
Housing Commission Heat Map
1% of residents rent from a state or federal housing authority in Aspley. The neighbouring suburb to the North (Carseldine) sits at 0%, the suburbs to the East (Zillmere & Geebung) sits at 16% and 1% respectively. The suburbs to the South (Chermside & Chermside West) sits at 12% and 0% respectively. Finally, the suburbs to the West (McDowall & Bridgeman Downs) both sit at 0%.
0% of residents rent from a state or federal housing authority in Aspley. The neighbouring blocks to the North, West, South-West and South all sit at 0%. The block to the East sits at 29%.
Comparable Recent Sales
Here we provide the most recent sales in the area that are no more than 1km from your property and not older than three months. We also provide a rating (superior, equal or inferior) of the comparable property against your property across three categories; market timing, location and overall. Generally speaking, if the property ranks overall inferior, then we can expect your property to be valued higher and vice versa if rated superior. Market timing refers to the strength of the market when the comparable property was purchased compared to now.
* Milk Chocolate price data used on this website is sourced and relies upon information supplied by a number of external sources (including governmental authorities). This data is supplied on the basis that while Milk Chocolate believes all the information provided will be correct at the time of writing, it does not warrant its accuracy or completeness and to the full extent allowed by law excludes liability in contract, tort or otherwise, for any loss or damage sustained by you, or by any other person or body corporate arising from or in connection with the supply or use of the whole or any part of the information on this website through any cause whatsoever and limits any liability it may have to the amount paid to the external sources for the supply of such information.