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OK Guys, Thanks for all your feedback Its great to hear I’m not alone. The property is located in West Melbourne and it’s a 2 Bedroom (1 & a study) Purchased for around $395000.00 I would discribe it as an executive style complex. We’re currenty getting about 325.00pw for it. (from what I can tell that seems to be pretty good for the current climate) The complex has about 58 apartments and includes a gym & lap pool.
We were unfortunate that when we purchased the property (off the plan) we found out that we we were also liable for stamp duty. another 18,000.00. (Agent had not told us about this, not sure if we could sue them for the mis information, however I chalked it up to buyer beware) so that’s why we’d be faced with the large loss if we chose to sell now. I am obviosly keen to hold for as long as I can and see what happens. my accountant feels the same way and we should watch closely tghe costs vs gains over the next few years. looks like it will take around 5 years to get back to where we started! If thats the case then I ok with waiting it out. I have spoken with a few “specialists” and they seem to thin I should be looking for another property within the next 12 months to help counter act the heavey loss.
Thanks again for all your help!!!
[blush2]
Drew
