Latest aquisition

Hi everybody!

I've just negotiated my latest deal in Nerang QLD.

It's a 3 bedroom strata titled villa, 5 years old and quite modern looking in a nice area. The original asking price was $319,000, but the vendor is sick and reduced for quick sale to $298,000, as she has to relocate overseas. I was able to negotiate down to $287,000, but saw that the agent was able to trick me into signing on at $290,000... I just noticed he changed the print last night. Seems like a real sneaky bugger. He's quite nasty really because he laughed at having a conversation with the vendor whilst she was throwing up on the telephone, and then went on to say "at least you caught her at her weakest point!", shes gravely ill. An evil sort of chap. So I've written to the agent asking what happened, and then enquired how long the cooling off period is, that should have him squirming :D

Anyhow I still think I got a good deal even if we can't change to $287,000 but my broker thinks other-wise. He has a good friend in Southport who is a REA that says the bottom is falling out of the market and to be very careful.. Which has me a little on edge, I see contradicting sales data and am wondering if the area is really in a good capital growth area?

API states 10% growth p/a to date
Investsmart states 12% total growth over the past 3 years
And RP Data states 14% over the past 3 years, which is very low.
But the area still managed to double over the past 10 years so I'm happy enough and I like the cheaper median price because I've done very well with lower median priced property.
I personally believe I've made a good investment decision because the area matches my criterea of high growth/demand suburb with good rental yield.
Rents for $330p/w currently by the way.


Just thought I'd share. Cheers guys :)
 
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Well done W2BW

5.92% from purchase is good and no doubt you have a plan to slightly increase that.
What's the strata like?

I haven't purchased a villa/unit/townhouse yet.

All the best
RH
 
He has a good friend in Southport who is a REA that says the bottom is falling out of the market and to be very careful.. Which has me a little on edge, I see contradicting sales data and am wondering if the area is really in a good capital growth area?

We were advised in 2001 not to buy into sydney property by a REA. He said prices had risen too fast and it was time for a correction. :(
 
Thanks for the support everyone :)

The body corp is CHEAP!
Just under $800 per annum, I notice that many units on the Gold Coast are around $50 per week.. :eek: I also saw many of these for sale, most likely unwary investors who didn't think of that. Good negative gearing benefits though? :eek: :D

Yes, I see this a great time to buy while the outlook is a little gloomy for QLD. I remember the same circumstance within the media when I bought my first property in Darwin almost 3 years ago. It has almost doubled in value since then. I really don't see Gold Coast property staying this low for long..
 
, but the vendor is sick and reduced for quick sale to $298,000, as she has to relocate overseas. I was able to negotiate down to $287,000, but saw that the agent was able to trick me into signing on at $290,000... I just noticed he changed the print last night. Seems like a real sneaky bugger. He's quite nasty really because he laughed at having a conversation with the vendor whilst she was throwing up on the telephone, and then went on to say "at least you caught her at her weakest point!", shes gravely ill. An evil sort of chap.

And you intend to let this RE getaway with that,2k is 2 k,i was the middle man a few years ago helping one of my old aunties who was selling a very large hillside inner city property in Brisbane,i cleaned painted took all the years of rubbish to the tip prior to sale,but she wanted this well known L;ady agent,she had been ringing my Auntie for a few years buttering her up,the day came to listing the agent turns up looking for all the downsides all the paperwork goes on the table i told the agent the price,everything
seems fine,normal contract my auntie was happy,by the time i went out too the ute to pack up my tools and back into the kitchen to check
the Agent had changed the numbers down 65 k,and my auntie had the pen in her hand just about to sign the paperwork,all i said was hold on just give me a quick look before you sign,the lady agents jaw droped and her face went blood red,65 k is 65 k,her sidekick said it's nothing to do with me,he was first out the door and on the footpath i ripped that contract up in her face and threw it at her,, my auntie was in shock,and people wonder why i can't stand door mat re agents,i would go this agent all the way 2k is 2k..willair.
btw the lady agent is still working even after all the phone calls i made to finish her off,the REIQ ONLY LOOKS AFTER THEIR OWN just hope she understands the way karma works,..
 
Thanks Rob! :)
I was meaning to tell you personally as I said I would but I've just been really busy. Thanks for the chat the other day mate. You really got me thinking and everything turned out fine.

Oh and by the way; Turns out the REA didn't trick me, I just forgot the vendor requested $290k instead. I have the worst memory sometimes I swear.. But it was a stressful day and I had so much going on. My apologies.
 
Hiya

Im your new neighbour :)

Dunno bout the bottom falling out of the market, but you gotta take a little care in what you buy.

like in Coomera there is a fair bit of medium density stock

ta
rolf
 
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