Hi everyone,
In veiw of the reserve bank goveners recent statements re property investing ,with particular reference to the inner city / high rise market and how there will probally be a bit of shake out with some fairly heavy losses taken, got me thinking.
I and most people i know decided about 2 years ago that this market was overheated, and relying on very slick marketing to draw in unexperienced and eager investors to whom the term due diligence was latin.
I must say there is very little discussion in this forum about this subject.
I have alI think the reason there’s been little discussion of these properties is because most people on this forum are seeking cashflow +ive properties in rural areas – houses that cost $50k in a town of 3,000 people returning gross yields of more than 9%-10%. There’s also a heavy focus on wraps and lease options here.
If you want more info on this market, have a look at a more diverse forum such as Jan Somers at:
http://www.somersoft.com/forums/There’s also a specialised forum of people who drool over highrise apartments at:
http://www.skyscrapercity.com/forumdisplay.php?forumid=65This market has been overheated for several years now, and in my opinion people always pay a premium for brand new apartments OTP.
It’s never been a part of my strategy because of the premium price attached, and i also prefer lowrise walkups that i can add value to (sweat equity).
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