Guys, Is it good to buy Sydney CBD apartments right now?. I see more and more are for sale in realestate.com.au and domain.com.au.
Interested to know the opinion of others?
Ta, Paul
well you can look at it two ways..
the first, if alot are for sale, this makes them cheap, as they are in over suply..
the second, theres alot for sale, why, coz no one wants them…
everything is a risk, i think if you do your due deligance you’ll be the only one who can tell if its a good time for YOU to buy or not
why not make 100 offers 30 pct below the market and see what pops up. in melbourne (docklands area) i have heard of investor groups, say 10 people each putting in 100k, and they basically have registered themselves with all the local realesate agents waiting for fire sales. aparently
there have been the occassional bargain ie 30 pct reductions, but the details never make the press as everyone has a vested interest to keep the sale ‘off market’.i reckon if you can get a ‘legitimate’ 30 pct off anything then its a good deal..
Aussie rogue is right. They are getting desperate and will be more desperate. Get$$$$$ or at least pre-approval. And offer cash contracts at 30-40% below market value. Who knows, you might get a seller trying to rip off his wife in a divorse settlement or a potential mortgagee just waiting for the bank to evict them. Units will get ugly in Sydney and Melbourne. Just add time
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