Invest
How a Hobart purchase set this investor up for a successful portfolio
A keen property investor has spoken out about how his purchase in the Hobart market kicked off the start of a successful portfolio.
How a Hobart purchase set this investor up for a successful portfolio
A keen property investor has spoken out about how his purchase in the Hobart market kicked off the start of a successful portfolio.
Speaking on a recent episode of nestegg's sister publication The Smart Property Investment Show, Jaccob Rodda shared some background on his investment journey, which includes a principal place of residence purchase in Colac, Victoria ,and two investment properties, in Hobart and Townsville, respectively.
“I’ve done extremely well out of that [Hobart investment property],” Mr Rodda told host Phil Tarrant.
“[My wife and I] went over there in early 2016 and had three days on the calendar marked out to see as many properties as we could over there. So, I think I probably saw a dozen properties in three days, back-to-back appointments, had some check sheets and things to run through, gave me all the information I needed. And then I narrowed it down to probably a top three to start working on negotiating on when I got home.
“Then I spoke to a lot of the agents and negotiated pretty hard. Soon found out that the property that I eventually secured, there was some structural defects which were putting people off. It was on a bit of a slope block and people were very put off by this. So, I just negotiated that in the settlement process, that these underpinning works had to be rectified.”
Overall, Mr Rodda explained the defects cost about $10,000, which was putting a lot of buyers off.
“It had been on the market for a fair while. I think the asking price was around $220,000,” Mr Rodda said.
“I eventually secured it for $198,000, and they completed all the underpinning work, with a structural certificate and everything. So, I overcome that barrier, which was nice. And that was renting the $250 per week at the time. Fast forward, 12 months later, I looked at it and it had gone up probably $70,000. I was thinking, ‘Well, that’s replaced my income for this year’, which was amazing.
“Fast forward to now, it’s probably worth about $370,000 and now renting for $375 [but I’m] renegotiating soon to probably be around about that $390 a week. And it’s bringing in about $6,000 positive cash flow the last financial year for me.”
Given his positive experience, Mr Rodda offered some key advice for listeners to consider.
“I did probably 12 months’ research – listening to podcasts; consuming books; following the right types of people on Twitter, on their socials; understanding, I guess, as much as I could about property before I actually jumped into it. And that led me to Hobart,” he said.
“I wouldn’t change the location. I wouldn’t change the house. I was very comfortable with the end result. There’s nothing glamorous about the house, but it’s definitely not in the worst street. It’s definitely not in the worst suburb. But the bare bones are good and solid, and the fundamentals are all right.”
RELATED ARTICLES
Property
New investment platform Arkus allows Australians to invest in property for just $1
In a groundbreaking move to democratise investment in property-backed mortgage funds, GPS Investment Fund Limited has launched Arkus™, a retail investment platform designed to make investing ...Read more
Property
Help to Buy goes live: What 40,000 new buyers mean for banks, builders and the bottom line
Australia’s Help to Buy has opened, lowering the deposit hurdle to 2 per cent and aiming to support up to 40,000 households over four years. That single policy lever will reverberate through mortgage ...Read more
Property
Australia’s mortgage knife‑fight: investors, first‑home buyers and the new rules of lender competition
The mortgage market is staying hot even as rate relief remains elusive, with investors and first‑home buyers chasing scarce stock and lenders fighting for share on price, speed and digital experienceRead more
Property
Breaking Australia’s three‑property ceiling: the finance‑first playbook for scalable portfolios
Most Australian investors don’t stall at three properties because they run out of ambition — they run out of borrowing capacity. The ceiling is a finance constraint disguised as an asset problem. The ...Read more
Property
Gen Z's secret weapon: Why their homebuying spree could flip Australia's housing market
A surprising share of younger Australians are preparing to buy despite affordability headwinds. One in three Gen Z Australians intend to purchase within a few years and 32 per cent say escaping rent ...Read more
Property
Tasmania’s pet-positive pivot: What landlords, BTR operators and insurers need to do now
Tasmania will soon require landlords to allow pets unless they can prove a valid reason to refuse. This is more than a tenancy tweak; it is a structural signal that the balance of power in rental ...Read more
Property
NSW underquoting crackdown: the compliance reset creating both cost and competitive edge
NSW is moving to sharply increase penalties for misleading price guides, including fines linked to agent commissions and maximum penalties up to $110,000. Behind the headlines sits a more ...Read more
Property
ANZ’s mortgage growth, profit slump: why volume without margin won’t pay the dividends
ANZ lifted home-lending volumes, yet profits fell under the weight of regulatory and restructuring costs—an object lesson in the futility of growth that doesn’t convert to margin and productivityRead more
Property
New investment platform Arkus allows Australians to invest in property for just $1
In a groundbreaking move to democratise investment in property-backed mortgage funds, GPS Investment Fund Limited has launched Arkus™, a retail investment platform designed to make investing ...Read more
Property
Help to Buy goes live: What 40,000 new buyers mean for banks, builders and the bottom line
Australia’s Help to Buy has opened, lowering the deposit hurdle to 2 per cent and aiming to support up to 40,000 households over four years. That single policy lever will reverberate through mortgage ...Read more
Property
Australia’s mortgage knife‑fight: investors, first‑home buyers and the new rules of lender competition
The mortgage market is staying hot even as rate relief remains elusive, with investors and first‑home buyers chasing scarce stock and lenders fighting for share on price, speed and digital experienceRead more
Property
Breaking Australia’s three‑property ceiling: the finance‑first playbook for scalable portfolios
Most Australian investors don’t stall at three properties because they run out of ambition — they run out of borrowing capacity. The ceiling is a finance constraint disguised as an asset problem. The ...Read more
Property
Gen Z's secret weapon: Why their homebuying spree could flip Australia's housing market
A surprising share of younger Australians are preparing to buy despite affordability headwinds. One in three Gen Z Australians intend to purchase within a few years and 32 per cent say escaping rent ...Read more
Property
Tasmania’s pet-positive pivot: What landlords, BTR operators and insurers need to do now
Tasmania will soon require landlords to allow pets unless they can prove a valid reason to refuse. This is more than a tenancy tweak; it is a structural signal that the balance of power in rental ...Read more
Property
NSW underquoting crackdown: the compliance reset creating both cost and competitive edge
NSW is moving to sharply increase penalties for misleading price guides, including fines linked to agent commissions and maximum penalties up to $110,000. Behind the headlines sits a more ...Read more
Property
ANZ’s mortgage growth, profit slump: why volume without margin won’t pay the dividends
ANZ lifted home-lending volumes, yet profits fell under the weight of regulatory and restructuring costs—an object lesson in the futility of growth that doesn’t convert to margin and productivityRead more
