Is an OTP apartment EVER a good idea?

Discussion in 'Investment Strategy' started by jodes, 24th Feb, 2017.

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  1. Vee

    Vee Member

    Joined:
    24th Aug, 2016
    Posts:
    7
    Location:
    Melbourne
    I bought an OTP apartment back in 2009 and settled in 2010. Valuation came back 5% lower. Yes you need a GOOD lawyer to go through the contract. My ****** lawyer did not highlight some clauses and mentioned it was a common contract like others. Fast-track now... it is at least 10% below purchase price (as quoted by an agent) due to the supply... Interesting that the new apartments are priced more expensive than my apartment!
     
  2. Redwood

    Redwood Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    691
    Location:
    Melbourne
    Hi Zoolander.

    The media has been bashing property for a while FAKE news,,, Developers will always be protected by their contracts and I just wish people read the due diligence statement on a contract. I donot believe it will change as apartments continue to sell, so why would they change?

    Cheers Ivan
     

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