It seems that everywhere you look around the Perth CBD there are new apartments going up left right and centre, along with full page adverts enticing people to buy now and pay later. The latest one that has caught my attention is 1 bedroom from $280 000 with $5000 now and balance payable when completed at end of 2007. I am wondering whether this would be a good thing or not? One of my fears is that come 2007 you are going to see a <edited>load of people advertising to sell or rent in 2007/8 and a glut of properties on the market that won’t shift. Can someone help please with some research on this?
these are the ones that uninformed investors buy because they sought investment advice from real estate agents.
If there is a downturn in the market, these uninformed investors will be the first to feel the blow!!
I wouldn’t touch them except at 60% of their registered valuation!
We buy properties in Adelaide. Immediate Cash Settlements, No Agent Fees.
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phone 0412 437 582Hi,
As a Buyers Agent (that do NOT recieve financial kickbacks from developers or agencies!) i can say for a fact that a LOT of my enquiries have come regarding Perth. I have made a few recent trips there for property that while priced OK, is that way because building costs have not escalated as they have on the Eastern Seaboard. In saying this though, I just have not seen figures to suggest that increases in population, etc will stack up to make this that viable in the timelines you say.
I suppose I am saying that I tend to agree with you! Other areas (s/e qld corridoor) do (while still having MUCH overpriced building and some ridiculous agent margins – up to $50K+) have the statistics to at least say that their population WILL amount to a certain amount of growth to the area to support a good investment.
Thank Dr X for his input, it couldn’t have come any blunter – but ANOTHER word of warning, there are many other people purporting to be buyers agents out there (wolf in sheeps clothing) that still get unbelievable referral fees (up to 4%) for getting you into a property.
Without sounding tacky, if you are unsophisticated investor, someone like me will always have the time to chat (on phone or otherwise) for an obligation free (and cost free) chat, to make you aware of some of these, as it is cut throat out there. We do this because I have a passion that dictates out company philosphy. That is, keeping real estate sustainable now and in the long term! and believe me, our clients, from as little as $3kto have their proeprty sourced and negotiated say the same thing rather than making a HUGE mistake and taking 5 yeasr for the value to make them a cent.
Good luck, and feel free to call me if you ever need, and sound advice from people on this site who can provide their bona fides first.
Gavin
Gavin McPherson
Licensee in Charge – Property Consultant
Oasis Property BuyersLicense #: 1341480 (pers)
License #: 1345831 (corp)Ph: 1300 55 1980
Fax: (02) 9898 1031
Mob: 0414 576 314
Email: [email protected]
http://www.oasisproperty.com.au
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