This house earns more than a heart surgeon

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577 Ipswich Road, Annerley, has loads of parking space in the back, but that’s not where the income comes from.

This house earns more than an average heart surgeon thanks to 22 quirky features — just one of several like it on the market in Brisbane.

Investment property specialists Adam Holmes-Barry and Clive O’Kelly of Ray White West End have property in Brisbane’s southside on the market with a whopping 22 fully furnished bedrooms.

It’s part of what they call “a unique investment property” at 577 Ipswich Road, Annerley, that nets around $200,000 a year in income, according to Mr O’Kelly.

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The home has 22 bedrooms which are individually let out.

The layout is a revelation in use of space.

Mr O’Kelly said a 30-bedroom investment property sold yesterday at 65-67 Eureka St, Kelvin Grove for $2.55m.

“Income there was just under $300,000 a year,” he said, “Close to 12 per cent return”.

According to payscale.com the average cardiac surgeon in Australia earned a salary of earned a median salary of $203,000 — though the top level got about half a million.

Mr O’Kelly said properties like the rooming houses were proving popular with investors in the city. “There’s a huge market in Brisbane at the moment for budget accommodation.”

65-67 Eureka Street, Kelvin Grove, sold for $2.55m yesterday.

It has 30 beds, 4 baths and 10 carparks on a large 810sq m block.

Mr Holmes-Barry said the properties included student accommodation, guesthouses, boarding houses, and “bed and breakfasts”.

“Rooming accommodation is what rents to young single professionals, there are a lot of blocks of units, 12 packs and six packs as well.”

Among other recent sales was a building with 13 single-bedrooms in Fortitude Valley that sold for $1.65m.

12 Vulture Street, West End, has 29 fully furnished rooms.

The property earns about $280,000 a year.

Another property at 12 Vulture Street, West End, currently earning about $280,000 a year, with 29 rooms was on the market for around $3m.

“This is what we do,” Mr O’Kelly said. “Last week we had three (sell), another one settled today.”

“Winter makes no difference whatsoever. The demand is there. Vacancy is very low at less than 2 per cent.”

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