Hi all,
I'm a FHB and I've been reading your very useful advice on buying OTP. I understand that there are a lot of risks involved (e.g. changing financial situation post exchange and under purchase price valuation at settlement).
However, I was wondering whether there could be some differences in the Canberra market which could make OTP a good deal? I'm interested in some level-headed advice from this forum
Things I'm considering:
- Property prices expected to continue rising in 2009-10
- The rental market tends to be strong with the influx of students, public servants etc
- The competition is fierce in the FHB territory and a number of open houses I've attended there is not even a question of offering below the asking price, it's a matter of how much more you are prepared to offer. For example a 2 bedroom in Phillip ended up selling for $350K when the asking price was $330K plus (in one day). Buying OTP means you by pass some of the competition.
- I could buy in a small development and in an area where there are no other OTPs.
If I lived in Melbourne or Sydney I probably wouldn't consider OTPs but I'm wondering whether (like everything else) things are different in Canberra??
Appreciate any advice.
I'm a FHB and I've been reading your very useful advice on buying OTP. I understand that there are a lot of risks involved (e.g. changing financial situation post exchange and under purchase price valuation at settlement).
However, I was wondering whether there could be some differences in the Canberra market which could make OTP a good deal? I'm interested in some level-headed advice from this forum
Things I'm considering:
- Property prices expected to continue rising in 2009-10
- The rental market tends to be strong with the influx of students, public servants etc
- The competition is fierce in the FHB territory and a number of open houses I've attended there is not even a question of offering below the asking price, it's a matter of how much more you are prepared to offer. For example a 2 bedroom in Phillip ended up selling for $350K when the asking price was $330K plus (in one day). Buying OTP means you by pass some of the competition.
- I could buy in a small development and in an area where there are no other OTPs.
If I lived in Melbourne or Sydney I probably wouldn't consider OTPs but I'm wondering whether (like everything else) things are different in Canberra??
Appreciate any advice.