Newcastle, NSW
Renovated post-war home in a rezoned corridor, purchased prior to public listing.
- Purchase price
- $1.12M
- Valuation uplift
- +$185K
- Gross yield
- 5.1%
- Income
- $1,100 pw
The brief
A second acquisition for an existing client, targeting a market with both rental strength and a medium-term rezoning catalyst that the wider market had not yet priced.
Why we bought it
- 01
Rezoning already gazetted
The corridor was rezoned twelve months prior; comparable sales had not yet adjusted to the new density allowance.
- 02
Rentable from day one
A 2023 renovation meant no capital works were required before leasing, protecting cash flow.
- 03
Vacancy under 1%
Sustained rental shortage across the LGA supported the rent assumption without relying on growth.
Asset detail
- Land area
- 556 sqm
- Configuration
- 3 bed · 1 bath · 2 car
- Year built
- 1948, renovated 2023
- Zoning
- R3 — medium density
- Vacancy rate
- 0.8% LGA
- Independent valuation
- $1.31M
The acquisition
- Step 1Capacity reconfirmed after the first purchase; equity release approved.
- Step 2Rezoned corridors mapped against sale evidence to find the pricing lag.
- Step 3Pre-listing access obtained; offer made before the first open home.
- Step 4Secured at $1.12M, $60K below the agent's expected campaign range.
Outcome
Leased within nine days at $1,100 per week; revalued at $1.31M for a subsequent equity release.