Giuseppe came to us with the goal of purchasing his first investment property. Him and his wife decided rentvesting was the strategy they wanted to pursue to grow their wealth. For his first purchase, Giuseppe had a preference for New South Wales. With a budget under $650,000, he was looking to purchase either a house or a duplex.
After assessing the market, we identified Cessnock in the Hunter Region as an ideal location. The area has demonstrated consistent capital growth, with houses appreciating at over 8.5% per year over the past decade. More recently, it has been designated as a major town centre in New South Wales’ property reforms, due to its population growth and strategic location within the growing Upper Hunter and Newcastle regions.
Once we had pinpointed the right location, we explored a variety of properties. Giuseppe was leaning towards something low-maintenanceâmore of a “set and forget” investment and something that would provide a solid rental return. We came across a well-maintained duplex in a new estate near the golf course, which seemed to fit the bill. With a recent sale next door providing a solid benchmark, we moved forward with negotiations and successfully secured the property at a price below that of the adjoining property, purchasing the property at $625,000 and with a rental appraisal of $600 per week! Not long after settlement we got to work to find a property manager and managed to secure him a tenant prior to the property even settling.
