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Thank you Adprop.
Your reply was very helpful. I'm still waiting for a call back from the guy that performed the building report to get an idea of costs. The original asking price for the property was $249k, I negotiated down to $228k. I was aware that a few problems existed, but I just need to to know approximate repair costs before making a decision.
I felt that the $228k was a more realistic market value for the property as confirmed by the valuation I had done and comparing like kind sales in the area. The building is a corner block that can be subdivided as the house is built on one half on the block which is another appealing aspect to it.
Your information about how to walk out of the original contract and renegotiate new terms and price is very useful and I thank you for that. Some decisions to be made, but I need more costing information before I make that call.
I will post the outcome.
Martin
Well done Chefman, … If you'd done the research and everything points to a good investment then it doesn't really matter what others think anyway.
I have just bought a couple of properties in the Ipswich shire and I noticed that you built your units on land in the Ipswich area.
One of the properties I bought is a 800m2 corner block with the house on one half leaving the other half also with street frontage for future development. An Ipswich town planner told me that it shouldn't be a problem getting subdivision / dual occupancy approval.
Did you find the Ipswich council good to deal with and did you have any problems during the whole process with council and during the development that you could share? I understand you always have issues, but I suppose I'm looking for tips.
Thanks
Martin
Hi Adrian,
I'm not sure what's happening in Chermside or if this info is relavent, but My wife and I have just come back from Brisbane/Ipswich area where properties under $300k are moving very quickly. We bought two properties (Goodna & Redbank Plains). We were fortunate that we inspected them withing a few hours of them being listed as if you left it more than a day to inspect then they were sold.
This activity is driving rents up and attracting investors and first home buyers into the market according to the real estate agents. I took an eight page listing of properties to check out, .. half that list were under contract by the time we arrived. By the time we arrived home to NSW, 3 days later over 20 more properties on my list appeared on http://www.realestate.com.au as sold or under contract.
As I said, … I'm not sure if this is what is happening around Chermside, but it may be related to the Brisbane area in general.
Martin
