The strategy was to secure a property with strong growth potential in an area where rental demand remains consistently high. Geelong’s rapid industry expansion continues to create jobs, driving demand for quality rentals, and Grovedale stood out for its central location and established suburban appeal.
After reviewing comparable sales between $755,000 and $805,000, and knowing the vendor was highly motivated, we strategically opened below this range to leave room for adjustment if needed. We recognised they were seeking a quick, uncomplicated sale, so we offered a 45-day settlement and completed a building and pest inspection within 48 hours to deliver an unconditional contract.
The property offered a 3.94% yield and a clear X-factor: our strong relationship with the agent. Having worked together on multiple transactions, the agent knew we could move quickly and accommodate the vendor’s preference to keep the existing tenants and avoid the cost and disruption of preparing the home for sale. We inspected the property immediately, it met all of our criteria, and our below-range offer was accepted — securing a high-demand rental asset in a fast-growing region.
