NSW Any movement in asking price for off the plan/new apartments?

Hi all.

I'm looking to buy a modern 3 bedroom apartment in the Roseville /Lindfield /Killara /Gordon /Pymble corridor with easy access to trains.

Budget is 1.3-1.4M.

Around April I inspected a display unit for the 'Cascade Gardens' development in Pymble being built within 200m of the station, with asking price of 1.45M for a smallish 3 bedder.

6 months on and no end to the COVID-19 restrictions on international arrivals, I'm thinking there has to be some significant drop in prices as the developer would need to meet sales targets.

So is anyone seeing any drops in asking prices?

I'm happy to hold off purchasing for up to a year if it means I'll buy at a lower price.

 

Everything negotiable - whether it works or not is the question. For OTP, i've seen it happen a number of times in the past. It often happens best towards the final few lots of a development. Not sure about this development, market fundamentals, reasons, etc.

There's plenty of OTP sales that are doing well across the country given the incentives on offer - so negotiating may be trickier now than in the past. Also they generally don't like adjusting the marker price as it impacts other sales - so the incentives are loaded in the back end separately.

 

Some properties have a built in allowance for discount and others dont. The buyer then thinks they got a "discount" when it was contemplated or dangled like a carrot eg If you sign before Friday. You can ask but dont necessarily accept a no as a final no and their discount may be a token discount and they are avoiding that. You never know.

Its like all listings. You see $700,000 and offer $680,000 and its accepted. Would they have taken $670,000 ? Less ?

I would argue knowing what the value of the acquisition is more important. A $1.45m Pymple apt could sell for $1.4m and still come in with a independent val of $1.385m Was the discount a bargain ? And waiting for a price fall suggests it a oversupply risk anyway.

 

Thanks they've been selling since early this year, so I plan to maybe make some enquiries early next year to see if they are willing to offload some at a discount.