Hi All, Looking at this OTP option in blacktown. Specifically this one. Address available on request, Blacktown Anyone heard about this developers before or does it look like an alright offering? Would love to get some opinion. Thanks
Personally I feel like there shouldn’t be issue with the market since it’s supposed to finish in November, the only issue might be they might not finish in November. Is that it or am I missing something else? I did look at some other posts and everyone says to not get it but no one explains why in depth. Can you point me somewhere where it explains the issues? Thanks
There's no scarcity in the apartment space in this area for a start. Having known the Blacktown market quite well or at least seeing it over the past 20 - 25 years, grew up in St Mary's and had an uncle live off Sunnyholt Rd my whole life, I was there for the first time in a year or so the other day and the amount of units going up is astonishing.. I could go on and give you 10 - 15 reasons against this investment but you get the message . The question you have to ask yourself is why someone is going to pay you more than the $479K odd you're going to pay for this property.. Investors in Melbourne's southbank have seen minimal if any growth in the past 5 to 10 years due to the amount of supply coming on the market.. Much better investments to put your $400K odd into although with everyone telling you not to go ahead, you've gotta make that call yourself !
agree with @Propertunity, don't buy the OTP in Blacktown, unless you can buy at half price on the serious front: 1. the market in Blacktown is going down, so why buy there? 2. OTP, you may have to pay a large deposit ( valuation could come back much lower than contract price) 3. no scarcity, so many identical apartment ( or nearly identical), what is unique about this apartment? 4. again, so many apartments, not easy to increase rent. 5. when it comes to sell, too much competition from sellers, less chance to get a good price.
There are still quite a few 2/2/1 existing apartments in Blacktown closer to the CBD and cheaper than this one. I don't see a reason to risk loss of value over the first few years, as well as all the other OTP headaches like whether they delay construction or whether you get exactly the standard of fittings you paid for, etc. Just my two cents as a person who lives in the area.
