Five houses for $1 million: Instant property portfolio for sale earning $60K per year
If you’ve ever dreamed of owning a high-yielding nest egg, here’s your chance to snap up an entire property portfolio with development potential in one fell swoop.
A property made up of five houses on one title has just hit the market in Kerang, a small town in northern Victoria with a bright future.
Priced at $1 million and made up of three free-standing houses and two semi-detached homes, the 1997sqm property has the potential to return an income of $60,000 annually with all five homes leased, according to the listing.
The commercial-zoned corner block has significant upside, subject to council approval, owing to its prime position near the centre of town and opposite the local Woolworths.
The houses are zoned commercial and located across the road from the town’s largest supermarket, giving the property potential upside as a development opportunity. Picture: realestate.com.au/buy
“The expansive allotment provides the flexibility for substantial projects, such as a shopping centre or a supermarket, tapping into the increasing population and economic activity in the area,” the listing states.
Selling agent Nathan Hipworth of Graeme Hayes Real Estate said minor enhancements could increase the rental return of each of the houses.
Selling agent Nathan Hipworth said the rental return could be boosted with cosmetic enhancements. Picture: realestate.com.au/buy
“They’re all on the cheap side and there’s definitely room to improve the dwellings and get them up to a better standard,” he said.
Mr Hipworth said the properties could return a strong income if set up as furnished workers accommodation, owing to several infrastructure and mining projects on the horizon in the region.
One of the houses has vehicle access to the backyard, which runs behind the other four houses. Picture: realestate.com.au/buy
“I’ve already had people from South Australia look at it to take advantage of all the construction workers who are going to come.”
Kerang has been earmarked as a green energy hub, with a pipeline of major electricity projects in the area including high voltage transmission lines and solar farms.
The houses would be ideal for accommodation for workers flocking to the area for infrastructure projects, selling agent Nathan Hipworth said. Picture: realestate.com.au/buy
Several major solar farms have already been completed or are underway in Kerang, which enjoys an average of 124 days of sunshine each year.
More projects are in the works, including KerangLink, a major transmission line project that will connect the energy grids of Victoria and New South Wales, which is scheduled for completion by 2027.
A number of major solar projects near Kerang are operational or in the pipeline, including the Gannawarra Solar Farm. Picture: Gannawarra Shire Council
Kerang is also 45 minutes from a proposed rare earth and mineral sands mining project at Goschen by miner VHM Limited, which is currently under review by Victoria’s minister for planning Sonya Kilkenny.
House prices in Kerang jumped 17% over the past year to a median of $310,000, according to PropTrack. The town has a population of just under 4,000, according to the Australian Bureau of Statistics.
