Flip­ping for fun and profit

Southern Gazette (South Perth) - - NEWS - Ary­lene West­lake-Jen­nings BE­FORE BE­FORE

FLIP­PING 10 houses in 12 years is no mean feat, but WA’s The Block 2017 con­tes­tants Ronnie and Ge­or­gia Cac­eres make it look like a walk in the park.

The self-con­fessed ren­o­va­tion ad­dicts and par­ents to three chil­dren are ren­o­vat­ing and sell­ing their 11th prop­erty un­der the watch­ful eye of view­ers of the pop­u­lar TV show, which aired from Sun­day night on Chan­nel 9.

The cou­ple’s strong track record of earn­ing a profit from re­do­ing and sell­ing prop­er­ties con­tin­ues to shine de­spite Perth’s de­pressed real es­tate mar­ket.

Their most re­cent project in Mt Law­ley, which won the pres­ti­gious De­sign Ex­cel­lence award at this year’s Build­ing De­sign­ers As­so­ci­a­tion of WA De­sign Awards, is un­der of­fer.

The 100-year-old res­i­dence, which was ex­tended and most re­cently ad­ver­tised with an ask­ing price from $1.249 mil­lion, was orig­i­nally bought for $1.24 mil­lion as a 1012sq m triplex block. It was then sub­di­vided and the two rear blocks sold off.

The cou­ple used the same for­mula on their her­itage-listed North Perth home af­ter pur­chas­ing it for $1.6 mil­lion in 2014.

The sub­di­vided blocks sold for $480,000 and $545,000, while the fully re­vamped and ex­tended in­ter­war Cal­i­for­nian bun­ga­low sold late last year for $1.34 mil­lion.

“When flip­ping houses, you can ac­tu­ally make good money out of it if you se­lect the right house in the right street in the right sub­urb,” Mr Cac­eres said.

“Gone are the days of pur­chas­ing a prop­erty, spend­ing $100,000 on ren­o­vat­ing it and ex­pect­ing a $100,000 profit.

“That is why you only make money flip­ping houses in Perth when you do it with a devel­op­ment site – you buy a du­plex or triplex, you sell the land and ren­o­vate the house at the front but the house has to be an old­style char­ac­ter home to make good money.”

So when Mr and Mrs Cac­eres ar­rived in the Vic­to­rian sub­urb of El­stern­wick for The Block, they could not be­lieve their luck when they dis­cov­ered they had to ren­o­vate a Fed­er­a­tion home with a mod­ern ex­ten­sion for the show.

“It was a bless­ing in dis­guise and we were like, ‘oh my God, this is amaz­ing’. To tell you the truth, if it was an apart­ment I don’t know how we would have gone,” Mr Cac­eres said

Touted as the ones to beat in this year’s com­pe­ti­tion, Mr and Mrs Cac­eres said it was a nice change to be able to in­vest all of their time and en­ergy into a prop­erty with­out dis­trac­tions.

“I’m just so proud be­cause it’s been a long time since WA has had a cou­ple it can get be­hind,” Mr Cac­eres said.

Ronnie and Ge­or­gia Cac­eres The cou­ple's most re­cent Mt Law­ley project is un­der of­fer and ex­pected to de­liver them another fi­nan­cial win.

The Cac­eres used their triedand-tested for­mula to flip this North Perth home for a size­able profit.

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