The pros & cons? Any actual 1st hand advice would be welcomed on theis subject, and please correct me if I am wrong.
(Case study) Property is a 3 bed apartment right on the Brisbane river off the plan. Purchase price is $2 million. Down payment is 10% or $200k. Terms are settlement on completion late 2010.
I see this as a no brainer. My intension is to secure a 3 bedroom apartment with a 10% deposit, and place back on the market in the future and sell sometime prior to completion.
Forum, your thoughts would be very kindly welcomed.
Wont comment on the location or price but have you considered the Qld Stamp Duty on a $2 Mil purchase.
Richard Taylor | Australia's leading private lender
If this property is in the Riverbank Apartments on Riverside Drive in West End, I would be extremly careful. At this point in time there are in excess ov 30 Million Dollar plus apartments on the market and more being built, Last year there was a total of 24 sales in this price range. Speculating on this type of property can be ok but I believe that this market has been saturated in Brisbane. Millenium Towers in Kangaroo Point are not selling and Castlebar Cove prices have dropped from an ask of over 3 million to last sale of 2,1 Million.
Do more research,
Thanks for your comments Jon. The apartments are actually the new Mirvac development, Newstead waterfront. I think hat I will stick to buying and selling in the Dubai & Abu Dhabi market for now. Thanks.
You would be using a deposit bond rather than $200K, yes?
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