Deal or no Deal

Thank you, some good reasons to avoid this strategy!

 

Thank you to those who contributed on this... we decided not to proceed with this purchase and am feeling very comfortable with this decision.

Only problem now is back to square 1... where to from here?! Although square 1 looks a lot better with some great education from this group and some idea of key people to meet with to move me forward.

 

I know I'm new here but surely the old adage of supply and demand shouldn't be underestimated. Friends of mine bought near a large new development, one suburb away, and basically had to wait nearly 10 years until that development was full before they saw any hint of growth. I believe Springfield has a while to go before availability becomes scarce.

 

Yep... that's how it works....

 

It’s always dangerous to generalise.

We bought half an acre in Camira, suburb next to Springfield (before Springfield existed) in 1972. So far out of town that half acres were minimum size, water and electricity but no sewerage.
Build our first home on it in 1974.
Sold in 1978 for double our buying and building costs.
Allowed us to buy our dream PPOR where we still live.
Marg

 

True, or perhaps there are just exceptions to every rule, but certainly well done @Marg4000 that's a sweet ROI. Nice.