BANK VALUATION LOWER THAN PURCHASE PRICE

I appreciate everyones opinions and feedback. The main questions i had were to do with:

• If the banks struggle to find comparable sales, but there is plenty of similar type new developments in construction selling around what i paid, would it be fair to say that they had a hard time getting a figure therefore they went very conservative &
• Is it worth negotiating with a developer after a poor valuation.

General consensus is that yes i should negotiate with the developer (seeing as i have leverage being in a position to rescind the contract with no financial consequence to me).

The other question hasn't really been addressed, check out the area Hughesdale VIC. There's nothing of the sort.

FYI, the project is http://www.lantanaapartments.com.au just to give you an idea as to where it's situated etc.

Shahin, what would you base your "don't like my chances" on?

The fact is, i can rescind my contract at any stage, so here's whats against the developer:

• He has someone who can leave a contract 6 weeks out from settlement who paid $485k
• He would need to put the unit back on the market, pay the agents fees all over again, and then try and get at least the $485k (keeping in mind the he knows the banks are only valuing at around 460k).
• He would have to spend more time/money to sell something that has already cost him some money therefore 12.5k is not ideal, but the lesser of two evils.

I don't understand what you mean by "if he drops the price, he drops the valuation on future properties in the complex?

All 36 apartments have been sold, all 36 apartments are being settled in 5 – 6 weeks time. Keep in mind, that i purchased in 2010, and i am the only person that can rescind my contact, with all others purchasing in 2011 onwards.

Not sure what you mean by droppingvaluations on future properties because they are all owned by different people and will have been settled in 5 weeks time.