Just Purched in Woolloomooloo/pots point apartment 1 1 1. Now the gloom and doom has me worried. This is IP. will be I/O loan and high strata so neg geared. We were hoping to retire in 3-4. Years and sell in about 5. Do u think we will see a profit?
Centrally located in Sydney , it's possible . Time will tell . Centrally located properties tend to move up on a more regular basis . If you'd bought in Mt Druitt or the ponds I'd say you'd have a problem . Reality is that not many of the long term forumites are looking at Sydney at the moment , but not many buy in wooloomoolo . We looked at the finger Warfe a few years ago and you could pick up 1 bedders for around 600 . Now 1.5 .... Cliff
Worse comes to worst, it will likely do well as a short term let/holiday stay/executive rental if there is no opposition from the strata. So you might be able to get better rents than you thought.
If as many pundits say that there will be a correction in 2018-20, there'll be a few years of pain ahead before things level our let alone turn around say 2025ish. Enjoy the ride.
