Flipping for fun and profit
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’,” Mr Caceres said.
“To tell you the truth, if it was an apartment, I don’t know how we would have gone.”
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 BEFORE BEFORE The couple's most recent Mt Lawley project is under offer and expected to deliver them another financial win.
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The Caceres used their triedand-tested formula to flip this North Perth home for a sizeable profit.