Any advice?? selling a unit near Gladstone

[jud79]

Hi
Firstly, I am a new forum member I have enjoyed reading peoples stories,comments, posts over the past year they have been very insightful and helpful.

I currently have a 2bed/1bath unit on the market in Tannum Sands which is 20min from Gladstone QLD. My problem is I have had no serious interest it has been on the market for 4 months. I have priced it below what the next door unit sold recently and have completed cosmetic renovations inside.

Is there anything more that I can do to achieve a sale I have included the link to the property any advice is much appreciated.

http://www.realestate.com.au/property-unit-qld-tannum+sands-111180379

Thanks

 

[matto_]

do you think your target market is own occupiers or investors.

If investors - the ad really needs to have some estimation around return.

I thought the Gladdy market was hot at the moment?

 

[jud79]

Hi Thanks for the reply the market has definitely cooled down in the last 6 months a lot of stock isn't moving..

There is another ad from a different agent on real-estate.com and the ad does mention a rental return figure of $400 per week.

There is still a big demand for rentals though from the projects currently running at the moment.

 

[mattnz]

The biggest thing that dates it is the exposed block work.

I personally think that your best target market is young people from Gladstone, who are struggling to get into the market. It presents an affordable opportunity to get in for about the same cost as renting.

Cheers,
Matt

 

[mattnz]

I would see this as your competition as a rental investment opportunity. http://www.realestate.com.au/property-unit-qld-gladstone+central-111756111

It is cheaper, fully furnished and prime location, without the exposed block work. It would rent well for a good rental return (higher than yours in tannum would).

 

[jud79]

Hi Matt,

Thanks for the comments and I agree with both of the points you made.

I definitely think that my target market is young persons who already live in the local area. I have discussed price with the agents and their advice is to leave it as is although I am not so sure.

Thanks

 

[Rooster]

do you think your target market is own occupiers or investors.

If investors - the ad really needs to have some estimation around return.

I thought the Gladdy market was hot at the moment?

The gladdy market is far from hot. It's been a buyers market for over 12 months and will probably remain that way until the new year.

If you want it sold then you need to meet the market, change the listing up and possibly look at changing agents.

How did you come to choose "Found" realty?

Rooster

 

[jud79]

Cheers for ur comments rooster.

I went with found property because they are friends of mine, not the best way to choose an agent.

Do you think it is wise to take it off the market for a period of time and then relist at a new price with a new agent I currently have it with century 21 as well they have sold similar units to mine recently.

Thanks

 

[Ed Barton]

something about the copy turned me off.

edit - re read it. The two references to it being cheap made me think it's overpriced. A bargain sells itself, an overpriced product bangs on about being a bargain. (I have no idea if your place is overpriced or not)

 

[mattnz]

Maybe remarket it as "Best offer over $299k".

Finding anything in Gladstone area starting with a 2 is pretty amazing and demonstrates an affordable entry point. It is really the same as your current price point, but presents better and may get a couple of offers you could play off against each other.

 

[jud79]

I like the idea of changing the listing and remarketing at best offers over $299'000 to try and capture an offer. Otherwise I may take it off the market and try again next year when maybe conditions improve....

Thanks for your replys

 

[jud79]

Update any thoughts??

Have just taken the unit off the market the unit is currently in my partners name who is a stay at home mum.

I was thinking of a spousal sale and transferring the unit into my name.
The reason we wanted to sell was to lower our non-deductible debt when we move to the coast.

Debt on property on coast $660,000 both names
Remaining mortgage on unit $90,000 in partners name
Market value on unit $335,000

No CGT payable it will be exempt
Is there any stamp duty exemption for transferring between partners or is that only the case in Victoria?

I figure if we did it this way we could pay down the loan on the coast and I could still have a deductible debt for the unit.

Thoughts???