Five Seaton properties hitting the market as a package deal has buyers taking note – realestate.com.au

News Corp Australia Network

An investment package including five properties in Seaton is proving hot property with buyers seeking to capitalise on growing rental yields.

Offered to the market for the first time in decades, 2-4 Meakin Tce comprises a four-bedroom family home and four two-bedroom units – all currently rented to long term tenants.

Each of the units is currently tenanted for around $210 a week, giving its current owner an annual return of around $47,060.

However, with units in Seaton having experienced a rental yield growth of 29.2 per cent over the past 12 month and 12.8 per cent for houses, according to PropTrack, the properties could provide an attractive return of over $100,000 a year, if price adjustments were made.

The average unit in Seaton currently rents for around $373 a week and houses for $550.

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Sales Consultant Steve Moffatt, of Harcourts Smith, said the property – which will be auctioned without a price guide later this month – offered an exceptional investment prospect with phones ringing hot since the listing went live last week.

“We’ve had a fair few phone calls already, so we’re thinking it’s going to be a cracker of an auction,” he said.

“The four units and the house have been (owned) by the same family for forever and all have had longtime tenants in it, so they’ve kept the rent very fair and reasonable for them.

“But as they vacate, you could expect the rents to go up substantially … and there is also scope for further development.”

The 2317sq m corner allotment spans two separate titles, with the 1960s-built family home at 4 Meakin Tce taking up over 1357sq m of the total space.

The four-bedroom home has a simple but spacious floorplan, with retro decor that is ready for a makeover.

The four units at 2 Meakin Tce each comprise two bedrooms, a combined kitchen and living area and a well-appointed bathroom and external laundry.

The property also offered parking for up to 10 vehicles.

Mr Moffatt said the vendors were keen to take the property to auction but would consider all offers made in advance.

He said due to the property’s unique nature, offering five properties as a package was difficult to advise buyers on a price guide.

“Because of the property’s dual purpose, we think it will attract a lot of interest at auction,” Mr Moffatt said.

The property will be auctioned on at 11am on June 25.

Seaton has a median house price of $750,000 and a median unit price of $492,500, according to PropTrack.