BRICKX’s portfolio was previously comprised of properties solely located in Sydney and Melbourne, however its 14th property represents the platform’s first foray into a third capital city.
CEO Anthony Millet said the company was pleased to offer investors continuing diversity.
He also noted the St Peters property represented BRICKX’s “third capital city since launching in September 2016 and our 14th property”.
The St Peters property: a close-up
The newest BRICKX property is a “contemporary” two bedroom, two bathroom home with sandstone fronting, as well as parking and an outdoor pavilion area, which extends out from the open-plan kitchen.
Bricks in the property will start at $74, which is both the third-lowest brick price currently available in the BRICKX portfolio and the third-lowest “initial brick price” that BRICKX has listed to date.
Elaborating on why BRICKX chose St Peters in particular for its first SA property, Mr Millet pointed to its inner-city location and leafy streets as strong selling points.
“St Peters is one of Adelaide’s most desirable suburbs and this home, in beautiful tree-lined Third Avenue, offers convenient living just three kilometres from the city,” he said.
Additionally, St Peters has recorded an 8.8% p.a. uptick in house prices according to CoreLogic research, which CoreLogic Head of Research Tim Lawless (also a member of the BRICKX Adviser Panel) says can be largely attributed to the suburb’s location.
Mr Lawless said the suburb, situated close to the city, schools, and social precincts, has “a strong rental market which has contributed to ongoing low vacancy rates and high demand.
“This affluent area is particularly popular with couples and families,” he added.
How BRICKX works
When BRICKX acquires a property, it is divvied up into 10,000 individual units called ‘bricks’.
These bricks are then offered for sale through BRICKX’s website, and brick owners earn capital returns and monthly net rental income in an amount proportionate to the number of bricks they own in the property.
Investors can also sell their bricks at any point after purchase, making them available on the website for other investors to buy.
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