Im looking into buying a unit in Brisbanes CBD area, i have come accross a few properties, something strikes me as odd
7 units are for sale in the one building, there is a new tower construction going right next door but most of these apartments are on the other side so noise wont be that bad.
my question is do the current owners know something there not telling us?
Noise and inconvenience are one thing but there are many other considerations.
Are you buying for your own occupation or as investment property.
Have you considered the high body corporate contributions.
Looking thru the link i notice that a few of the Sellers were overseas which leads me to think they were probably sold over priced properties by marketing firms originally and with Developers doing incentive deals all over the City want to get out quick before they cant get anything like the listed price because of the competition.
I can think of a few financing issues in the CBD but they are for another post.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
To me the number one issue that investors buying into units need to be wary of is what's actually next door, across the road, and around the suburb generally in terms of possible supply of new units that may come on stream.
There is no greater killer of capital growth than somebody putting up another block of units in the local area.
I know this from first hand experience.
The owners of units in the block you are looking at know supply is coming on stream and are hoping of getting out asap before the value of their properties go south or at best stay at the same level for the next 5 years.
Good luck.
I think it'd be hard to pinpoint exactly the reasons why.
One way you can find out is to actually ask the real estate agent or the vendors themselves (if you can reach them) as to the reason why they are selling. Sure, they may not tell you the exact reason why sometimes, but you'll be able to get a feel for what kind of reasons they are selling. They may just tell you a genuine reason.
Another way to find out is if you actually pay a visit to the area and ask around from neighbours or from local businesses there about their opinions about the area. It may give you some valuable insight if you're serious about really buying in the area.
Agree with Richard comments…
No offense, but I am amazed that people still look to buy units and appartments as investment properties.
cash flow is horrible due to strata levies and costs, and being there will be another development being built next door, the value of your property then will be watered down.
there are so many better options to consider that will be far better from a cash flow and growth point of view.
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