Bargain property in Sydney Olympic Park? Apartment listed at $180,000 value discount
There are certainly opportunities in the current 2019 market to pay less than the last price.
But is there really such a thing as buying a bargain when it comes to property? And where are they?
This series of articles looks are specific examples of sale price or asking price falling.
We take a look at where and if possible why this is happening.
We came across this property for consideration.
A Sydney Olympic Park apartment in the Meriton built Botania complex has been listed for $720,000.
This asking price represents a drop in value of $178,000 when compared to when it was purchased off the plan in 2016.
Tony Fang of JR Landing is marketing the property which transacted for $902,000 in 2016.
Situated at 321/2 Betty Cuthbert Avenue, the property is a two bedroom two bathroom unit.
The near new property was constructed in 2017.
Set on 115 square metres, it features 97 square metres of internal space as well as access to facilities which include swimming pool, spa, sauna, and state of the art fitness centre
Stuck on the market for over a year now, the unit was originally seeking $729,000 - $769,000 in July 2018.
The listing then described it as an "urgent sale" and the asking price saw a reduction to $720,000 in November 2018 where it has remained.
Property Observer advise that it is up to you to determine if the offering is a truly beneficial bargain.
Remember buying at the bottom of the cycle is fraught – as you can't really precisely pick the bottom nor know just how long until you see some price growth.
Be aware you could be buying a poor quality property in an area with ongoing issues of oversupply of stock.
The oversupply could be also putting downward pressure on rents.
Other price declines could be because the vendor needs a quick sale or paid way over the top on its last purchase chase.
Property Observer suggests property purchasing really does need to be a very well considered proposition with a long term mindset.
As a part of this series, we've already had a look at properties in Mount Eliza, and Central Geelong and East Perth.
