Aussie boasts about buying whole unit block

A millionaire property developer who bought an entire block of apartments in a major Aussie city has boasted about the price of the significant investment.

“This whole block of units, on double the size of land, was like half the price of land in Strathfield.”“I believe that’s worth five million, so I was able to get such a really good price for that.” “Where as I bought a unit for $210,000 in Perth and I rent that out for $390 a week roughly, so that would be 9.5 per cent yield. That’s quadruple 2.7 per cent.”

It’s why he has very clear advice for Sydneysiders looking to buy an investment property: “Buy in Perth”. “When I first started out, I couldn’t afford a property to live in. So I bought cheap little properties all across Queensland and Adelaide and they’ve all gone up because they’re affordable properties, and they go up with inflation.”

Source: Real Estate Daily Report (realestatedailyreport.net)

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