A studio apartment purchased in the late 1990s kicked off Veronica Morgan’s journey to becoming one of the most recognisable faces in the Australian property industry.
“I lived in it for a year before renting it out. If I knew then what I know now, I would’ve stretched myself instead of selling it five years later when I upgraded to a house,” she says.
AT A GLANCE
Favourite investment: House in Alexandria, NSW
Purchase price: $770,000
Current value: $1.3m
Veronica Morgan’s investment strategy focuses on
adding quality blue-chip properties to her portfolio
Morgan now holds to the philosophy that “every property is an investment, whether we live in it or not”.
She found her favourite investment in Alexandria, a suburb just 4km from the Sydney CBD, in the form of a semi-detached “nana house”.
“I paid $770,000 and spent $20,000 updating it, adding an immediate $40,000 in value. The timing was perfect: it was the end of 2012, just before the latest Sydney boom. It has increased in value by around 75%,” she says.
A big advocate of adding value through renovation, Morgan believes property will always be a part of her life. “I’ll probably continue to invest in select properties that I can add value to, even after ‘retiring’!”
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