Hahahahah Run away mate! hahahaha 900k for 2 bed O.O''
I bought a relatively new low rise apartment 4 years old (2 bed 2 bath 1 car-space) in Westmead for low 500k..... That gives you the idea on how crazy OTP prices are (Almost double the price).
Agree... Blue chip suburb must be in an established suburb.
Example
Eastern suburb: Double bay, Bondi, Coogee, etc
Lower north shore: Cremorne, Kiribilli, Milson Point, etc
Inner West: Lewisham, Petersham, Erskensville, etc
I wouldn't recommend house and land package.. Just like OTP The prices is controlled by the developer. If market turned backward, or if developer cannot sell the new release land+house package, they can reduce the price and will effect the surrounding.
Also there are are still lots of land...
Im not sure about houses.. I don't think houses will be affected with the apartment over supply. Generally apartment especially those who bought 2 bed OTP in inner city for like 1.5 mill lol
Yeah agree that rate will stay low for some time, but Melbourne are more prone to over supply. Their vacancies rate is passed 3.5%, where Sydney still in 1.5%. But imo even in Sydney we'll see some correction in some area soon
As what other said, don't do it. I've been to the Altitude apartment display suite. The price for 2 bed is 850-950..... The old established apartment in Parramatta is only 550-600.
I dont think the number add up for it to be a good investment.