NSW Worth it? 40 / 105 Church St Parramatta

My landlord has been selling the apartment since Jan this year. We are interested in buying it at first, however, they asked for $1.1M, which we thought is seriously overpriced.
The ceiling of the apartment has severe leaking issue after heavy rain in Apr. it is a split level apartment, both levels have some spots leak like raining in rainy days, which we believe has also affect the electricity.
Recently, they have lowered the price to around $900k. How much do you think it would took for repairing those issues? Do you think it worth the price?
The address is 40 / 105 - 107 church st Parramatta. It is in a really convenient location next to westfield parramatta.

 

Why do you want to buy that apartment? You have many to choose from in Parramatta

 

Central Parramatta through to Northmead including the North Parra release is going to be an over supply for a LONG time. Within 300m of that address are several huge towers underway or recently completed and unsold and probably thousands of potential apartments that are new builds.

If Westfields Scentre wants to expand they may take out your building and you may not get a choice if council allow it to be compulsory. They may already control the strata !!

 

You need to check the AGM report and suss out any ongoing issues associated with the complex, check out how much money is in the sinking fund, etc.

That said though I would stay away from units period - there is just a massive oversupply in a lot of areas - if you want to live in a unit then rent. If you want to grow your portfolio buy land/house.

Even in this market (Sydney metro) valuations are coming back much lower than houses.

 

I was appointed as the selling agent,I found mould and mildrew all over the ceiling and apparently it was like raining inside on a rainny day,there are electrical problem as well,I advised the owner to contact body Corp to fix,however owner decided to ignore it all and went with another selling agent,also there is unauthorized alternation to the original plan as well,any known material defect should be fully disclosed in the contract,very sonky and irresponsible,do not be receive,walk away