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The Federal Budget’s recent updates looking to wind back negative gearing and capital gains tax concessions didn’t stop Brandon and Lahanna Cittadini from buying their sixth investment property on the Gold Coast last week.
The couple snapped up 33 Sweetgum Street, Ashmore, at auction for $1.31 million outbidding seven other potential buyers.
The property was marketed by Ray White Advantage agent Max Kenny who said multiple investors had been interested.
“Most of the bidders were owner occupiers looking to renovate and live in, and three bidders were investors,” Mr Kenny said.
“But the majority of bidders had a building background or connections within the industry.”
Mr Cittadini said when buying an investment property he always looks at the end value.
“It’s in a nice area of Ashmore, it’s a corner block with dual entry, and it’s a decent sized block with good potential,” he said.
“We hope to renovate it and rent it out for a couple of years and then put in a development application and redevelop.
“This is the sixth investment property. We’ve bought about two per year over the last two years. We enjoy the upside of renovating, especially my wife, she does all the design and manages all our investments.”
Mr Cittadini, who owns a commercial painting company, said he was committed to buying investment properties despite the changes to negative gearing and capital gains tax.
“It’s a market that can be hard to get into but you have to focus on your core values and not worry about all the noise,” he said.
“We are okay because negative gearing has been grandfathered with the first five properties, but it will impact this sixth property we’ve bought.
“When you're buying properties you need to make sure it’s structured so when governments do make changes you don’t have to worry about selling.”