"Gee Wizz, You have to be quick in this place!!"

[WebBoard]

From: Robert Longmore


Just listed last week, Studio apartment, 7th floor, Pyrmont. (just behind Darling Harbour in Sydney) Currently rented for $290 per week. $170,000.
rang the agent on Sunday, had a look at it on Monday. went back today (tuesday) to buy it, sorry, to late, already sold.!! my jaw hit the floor, I said "your Kidding?" the agent said, contracts signed a hour ago.
This has to be some kind of record. only wish i had $170K in my wallet at the time. oh well, maybee next time.

 

[paulzag]

Reply: 1
From: Paul Zagoridis


Well it's a 8.87% gross yield in Sydney! It wouldn't meet my criteria, but I'm fussy.

You could always tell the agent to call if if the deal falls through. Studios aren't the easiest things to finance. Plus banks are reluctant to let LVR's go to LMI.

Good Luck

 

[yuch.]

Reply: 2
From: Yuch .


Hi Robert,

If you are interested in this kind of properties, there are a lot in Potts Point that give better return than the one you saw in Pyrmont.

And there is a RE agent called Ramsey in Potts Point specialises in high return studio apartments. Don't forget to take strata and sink funds into your equation when you do your numbers.

Good luck!!

Regards
yuchun
~ The secret to success is to start from scratch and keep on scratching. ~

 

[WebBoard]

Reply: 2.1
From: Robert Longmore


i have had a look at a few in potts point, but i might wait to see what happens in the next few months, general consensus is there is a glut of inner city units,and this might drive down rents, so i might sit on the sidelines for a while there, but things seam ok over on the western side inner sydney.