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From: Robert Longmore
At the moment i am living in the inner city area, Paddington to be exact. Over the last 2 yrs there has been a very large number of Units, apartments and terrace houses built, even right next door, there has been over 300 units built and 45 terraces in the last 12 months. now this development is complete, another development is under construction just across the road. everywhere you look in sydneys eastern suburbs, there are massive redevelopments going up everywhere.
Now the banks want 40% deposit on any units bought in the area. their reasoning is there will be a massive oversupply in the area resulting in falling prices, rents in the area are already falling. I was just about to start looking for an Investment Unit in the area, now i am having second thoughts, My opinion is that the area will suffer falling values and rent returns as the completion of all this development draws near. and as a result i will hold off buying in this area for about 2 yrs, hopefully by then, prices will be a lot lower than now and people will be more desperate to sell. untill then i will start looking for other growth areas in sydney.
Any other opinions on this emerging situation?
At the moment i am living in the inner city area, Paddington to be exact. Over the last 2 yrs there has been a very large number of Units, apartments and terrace houses built, even right next door, there has been over 300 units built and 45 terraces in the last 12 months. now this development is complete, another development is under construction just across the road. everywhere you look in sydneys eastern suburbs, there are massive redevelopments going up everywhere.
Now the banks want 40% deposit on any units bought in the area. their reasoning is there will be a massive oversupply in the area resulting in falling prices, rents in the area are already falling. I was just about to start looking for an Investment Unit in the area, now i am having second thoughts, My opinion is that the area will suffer falling values and rent returns as the completion of all this development draws near. and as a result i will hold off buying in this area for about 2 yrs, hopefully by then, prices will be a lot lower than now and people will be more desperate to sell. untill then i will start looking for other growth areas in sydney.
Any other opinions on this emerging situation?
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