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How to save $100K on a new apartment

Discussion in 'General Property Chat' started by Propertunity, 8th Sep, 2016.

  1. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

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    I've been anticipating this for a while. Some good times on their way for buyers (unfortunately for others where OTP risks have materialized for those who cannot settle).

    High-rise Harry warns of China crisis
     
  2. Scott No Mates

    Scott No Mates Well-Known Member

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    The vultures are circling.
     
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  3. dabbler

    dabbler Well-Known Member

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    Read that, but it does not add up, wont really be true 100k discount.

    The old bloke is only trying to further feather his own nest. If he gets councils to cut anything it will all be to benefit him.
     
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  4. virgo

    virgo Well-Known Member

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    You are not refering it to me are you:)?

    http://www.theaustralian.com.au/bus...s/news-story/85bca62df3c98693e1ad6832a9cd9b65


    In the last 3 months; i've had:

    a) a Korean friend who had paid 680K for a 1 bedder in Macquarie Park who has asked me to buy it off her..she had to sell another property as she could not stump up the next set of instalment...her family has bought 4 in the same complex

    b) another friend who is trying to persuade me to buy his 3 bedder Epping (older) apartment...guess he is nervous about his own rents should all the new apartments come up all around him

    c) my Chinese friend in kogarah who has regaled me with anecdotal evidence of foreign investors intending to walk away and forfeit their deposits...

    So, what should a gal like me do?
     
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  5. virgo

    virgo Well-Known Member

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    Hmm...you don't think i could buy two 2 bedders brand new in Epping for 500K can i?

    (putting this down here to challenge myself ..i will check in in 12 months time, 24 months time ...)
     
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  6. larrylarry

    larrylarry Well-Known Member

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    That would be awesome.
     
  7. virgo

    virgo Well-Known Member

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    Phew! forgot to mention i just came back from Westfield Hornsby shopping and had to dodge my trolley past 3 pop up stands selling OTP apartments and staffed by young Chinese guys and girls....if interested they are just outside and near Woolies...some signs are in Chinese though so you might not understand?
     
  8. larrylarry

    larrylarry Well-Known Member

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    I don't shop in hornsby. That's very common. A lot of these pop up stalls appear in shopping centres. Small developmers mostly. Perhaps in another 12 months you might see the impact.
     
  9. dabbler

    dabbler Well-Known Member

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    Take them all up if offers are good.

    There is a huge monstrosity being build at Liverpool, each time we pass I look at the floors, it is up to 29 now and still going, prob is, they would have to be 100k in total, not a 100k off to look worthwhile to me :) When I looked at the block when it was starting about a year ago, they had Chinese sales people on the ground there and groups of non English speaking Chinese as a captive audience, I cannot recall them advertising here at all, so potentially 30 floors of towering apartments mainly marketed to Chinese. IIRC there is supposed to be an ajoining tower....
     
  10. Barny

    Barny Well-Known Member

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    My mate just saved over 100k apartment in Footscray. Chinese investor failed to get funds and agent offered original prices.
     
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  11. dabbler

    dabbler Well-Known Member

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    Well, that is good going if a true 100k.

    But your saying he paid the same price as the original buyer ? What is a unit worth in that neck of the woods ?
     
  12. virgo

    virgo Well-Known Member

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    i think the ugliest of them all are the ones at the junction of Windsor Road and James Ruse Drive , near North Rocks....wah...view of Windsor Road at all times of the day...

    And i am waiting with bated breadth for the rumoured 90 storey new apt building in Paramatta...i will have to bring my binoculars to see the views from above ...
     
  13. RetireRich101

    RetireRich101 Well-Known Member

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    same old same old in 2003-2004. the slight difference in this cycle is that we also seeing OTP/H&L in Schofields/Marsden park. Previous cycle these were still unzoned rural land..
     
  14. RetireRich101

    RetireRich101 Well-Known Member

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    help me out Jen... I need to upgrade my ppor to 200m2+ apartment in coming years.
     
  15. virgo

    virgo Well-Known Member

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    Hypothetical question:
    Refering to my Korean friend who paid 680K for that 1 bedder in Macquarie. Including strata fees and blah blah blah...even if she can settle, she would need to rent it out for at least what? 800 or 900 per week to break even? For a one bedder? And of course she is targetting uni students...

    How long do you think these investors will grin and bear with it? That will indicate our waiting period...
     
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  16. virgo

    virgo Well-Known Member

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    Can't help you Ken..i have a few kids to buy apartments for o_O
    Remember i am three to your one:D
     
  17. EN710

    EN710 Well-Known Member

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    ...
    I would not ask my friend to buy apartment off me :eek:
    Your Macquarie park friend must have bought recent OTP? There's currently 2 complex fully build, and at least another 3 complex coming
     
  18. RetireRich101

    RetireRich101 Well-Known Member

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    just build a 3 studio room, 60m2 granny flat in your backyard..and lock them up.
     
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  19. Air_Bender

    Air_Bender Well-Known Member

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    I agree. Although he didn't specifically advocate letting people dip into their Super to buy property you can tell that's what he was alluding to in the last paragraph.
     
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  20. Barny

    Barny Well-Known Member

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    She was offered to buy it at the original price offered. Not sure on price