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.
Morgan’s investment strategy focuses on adding quality blue-chip properties to her portfolio.
AT A GLANCE
Favourite investment: House in Alexandria, NSW
Purchase price: $770,000
Current value: $1.3m
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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