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y-man, what happens if the buyer defaults on the auction, surely the vendor can take them to the cleaners, if they have signed on the dotted line on the contract of sale. just wondering what would likely happen if the purchaser fails to follow through on winning an auction??

jingo, are you willing to pay in excess of 500K???

thanks for replying davidmc, i think i've also seen this apartment online. it looks very nice. running a few numbers purchase price $592000 BA $10000 approx Stamp $ 31180 LMI $13000 approx other in costs $ 2000 say total about $648,000 expected rent 425pw x 50 = $21,250pa...

DavidMc well done and sounds like a good one for long term, however i cant help thinking you must have overpaid @ 56% above asking price!!! nearly 600k for 2 bd apartment? what kind of yield are you expecting? i know inner melbourne is going crazy but geez