I bought an off the plan unit at VP.
Do someone can tell what people are saying about
this project?Will I make money there?
Best
NoamNoam,
You’ll undoubtable make money – but it may take an awfully long time.
Also keep in mind that effectively your return will be significantly lower than for someone who bought a decent dwelling in an established area.
The key thing you should worry about is whether you can afford the cost of the next five years to make that money…
Good luck!
Cheers,
Aceyducey
Dear Aceyducey
Thanks for your reply.
That is exactly the point that I am worried about.
The next question is how can and what should
I do to sell my off plan unit?
Best
NoamNoam,
I suggest you wait for more comments than simply mine – other people have have differing views of the situation.
I don’t have the expertise to help you with selling the property. Speak to some excellent agents & get their views.
You do need to check your contract, it may be such that if you sell & the person you sell to reneges, it reverts to YOU and YOU are liable.
Cheers,
Aceyducey
Hi there,
check out the following forum – it might help
https://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=8902
Kind Regards,
George.“If You never never ask, you’ll never never know”
Hi again,
also check
https://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=8638
also – try doing a search for this in all the forums.
Kind Regards,
George.“If You never never ask, you’ll never never know”
What did you expect when you bought off the plan?
How long were you expecting to hold it? Have you bought anything else off the plan before?
I live in Melbourne but dont know anything about Victoria Point.I think if your near Telstra Dome and can hold for the long term (10-15 yrs) you may do ok!!!! In 10 yrs time we may be saying – gee wish I bought then. But too risky for me…..
Hi Noam,
Could you tell us more about your apartment… When is it due for completion? How many bedrooms does it have? What level is it on? and if it is not too sensitive – How much was the contract for?
I am guessing that Docklands is a great long term investment, but you will need to carry it in the meantime. That seems to be the opinion of all the commentators.
You may find that you have trouble finding a lender who will lend in this area… maybe they might take another property as additional security or something like that (if you have enough equity that is!)
Mortgage Brokers -> Any comments guys?
Dear Everybody
Thank you for your sincere comments
I made the decision to sell my off plan apartment at Victoria Point.
The due date for completion-March 2006
Bought the unit which is on the 16F for AUD426000
and should get a refund for AUD10000 from the vendor on completion.
I paid AUD42600 for the contract
2 years ago. The unit is 1 bedroom+1 study room with one parkig lot(78sqm).Maybe someone can tell me what is the best way to sell my unit?I am ready
to give 5 percent discount on the contract.Best
NoamNoam,
Why do you want to sell? Why would you invest such a large amount of money to then sell at a 5% discount? Why do I feel you are pulling our legs? [jealous]
kay henry
Maybe he knows it aint going to be worth that much in 2006.
One bed one study, too much for me.
NEED THE MONEY URGENTLY!!!
this is my main reason for selling the unit.
Best
NoamNoam,
If I was thinking of buying, I would be looking at it this way. (I realise that it won’t be ready until 2006)
That is approximately $5460 per square metre. That is defiitely on the high side.
Rent for 1br plus study are probably around $320-$330. Don’t forget 10% vacancy rates so, one would probably need to provide some financial incentive to rent it out. Probably avergaing to about $300 per week.
Given the current climate and some other sales currently in the Docklands area, I think you may need to revise your expectations to ~$350k.
Don’t forget, many banks only lending 70%LVR on these properties.
If you really, really need the money, then sell it. Do what you can to avoide such a loss. Good luck.
James
Thanks James
I appreciate your advice.
Best
NoamNoam
Sorry to hear that you need the money urgently, but hate to tell you that you won’t see any of it until completion anyway. That’s the prob with OTP onsales.
Why not see if you can replace your cash deposit with a bank guarantee or a deposit bond? The developer may well go for it, and that way you’ll have your deposit back, and still be able to buy the place. Remembering that you’ll be up for full purchase cost when it comes time to settle though.
Good luck.
Cheers
MelI think if you sell at the moment you’d be taking a fair loss, 426k sounds pretty high for an apartment that size. The docklands seems to be an ugly place at the moment for many who have bought off the plan.
Dear mel and Paul thanks for your respond.
I will rechek this information with my solicitor.Best
Noam
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