Hi
I would really appreciate any advice on buying an OTP apartment in Burswood, Perth. This is a Mirvac Fini development and my husband is very keen to buy for approx 850k and then sell just before completion.
Any advice would be welcomed.
Thanks
DPThat’s very similar to speculation. Ask someone who bought in Docklands during the boom.
Having said that, can your husband afford to hold a $850,000 property if he can’t offload it?
What happens if the Perth boom stops while you are holding it and you can only get offers for $700K?
Don’t get caught holding the baby at the end of the boom!
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Hi DP,
Be very very carefull with this type of investment, It is essential that you do your homework!!
Can you really predict what the market will be like by the time the apartment is complete, sure its hot now but how long will that last?
You and your husband need to sit down and really pull this thing apart before you proceed, Think about your end buyer and how much demand there will be for your apartment when it is complete.
Ill give you a quick example of what happened to a mate of mine last year:
bought at the height of a boom in hungary for 125k GBP, whilst the apartment was under construction the market dipped and by the time it was finished the max offer he got was 90,000!!!! ouch!!
You need to understand where the market is going.
Good luck
You must be logged in to reply to this topic. If you don't have an account, you can register here.
