Cash flow a positive for this dwelling double up

first_imgThe two homes at 151 Orange Grove Rd, Coopers Plains sold for $1.1 million at auctionA CRACKING rental income had three registered bidders vying for two homes on one title in Coopers Plains.The winner paid $1.1 million for 151 Orange Grove Rd, which should boost their income by $2300 per week, said LJ Hooker Sunnybank agent Emily Xiong.“The rental income pretty much covers the home loans,” Miss Xiong said.CoreLogic records show the seller bought the original three-bedroom home on its 809sq m block for $560,000 in April 2014.More from newsCrowd expected as mega estate goes under the hammer7 Aug 2020Hard work, resourcefulness and $17k bring old Ipswich home back to life20 Apr 2020A renovation of the older house and the addition of a contemporary seven-bedroom, seven-ensuite dwelling just prior to sale drove the $1 million-plus result.Miss Xiong said although the property was close to Griffith University, it didn’t have council approval for student accommodation and would most likely rent to two or three separate families. Bidders who missed out have a second chance with the agent set to list another two-home holding this week.Miss Xiong said buyer demand for multiple incomes was growing.“When I had my first one (listing), people didn’t understand and were quite scared to buy this kind of property,” she said. “At the moment they understand this type of property brings them a good income.”Miss Xiong said there were more opportunities for development in the suburb and demand for the end product was increasing, but small developers needed to carefully assess each property’s potential.“Subdivision is better than two-on-one,” she said.last_img

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