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ROMA QLD IP - How to sell the IP

Discussion in 'General Property Chat' started by JJ1081, 15th May, 2016.

  1. JJ1081

    JJ1081 Member

    Joined:
    23rd Feb, 2016
    Posts:
    17
    Location:
    Perth
    Hi All,

    I purchased the house and land package for $420k in Roma QLD in 2013. Construction started in early 2014 and half way through builder went into administration and finished the construction through QBCC in Jun 2015. This IP is currently rented out with $330pw but I want to sell this property as Roma has fallen with property prices and rents have fallen from $550 to $295 pw.
    Any idea how can I sell this house or any other strategy to make up the loss. I am not sure what could be the house price in this current market situation in Roma QLD.
     
  2. Marg4000

    Marg4000 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    937
    Location:
    Qld
    Roma has been affected by the mining downturn.

    A quick look at realestate.com.au should give you an accurate idea of asking prices for similar houses. Look up sold prices to see what is actually being paid.
    Marg
     
  3. JJ1081

    JJ1081 Member

    Joined:
    23rd Feb, 2016
    Posts:
    17
    Location:
    Perth
    Thanks Marg,

    The problem with Roma is there are total 9 sells in Roma for this year. So you can imagine how slow the market is. That is why I want to know what can be done as alternative to sell the property in very slow (stall) property market.
     
  4. lucy

    lucy New Member

    Joined:
    25th Jun, 2016
    Posts:
    1
    Location:
    ACT
    We are in the same situation with Roma, it is such nuisance that property prices have gone down dramatically. We are most likely looking to sell early next year, just hoping the market rises a bit over spring once the new hospital is built in September. Time will tell I suppose...........