Just bought my 2nd off the plan apartment and would be intersted in views from everyone.
Both I bought in rising market of Sydney - first for 475k, a 1bd in city centre. I still haven't paid a cent (interest on deposit refunded) for it after 3 years and it's probably worth over 600k by now - will be mine at year end. Undecided whether to flip or rent out. Seems quite a good deal for no work and no stamp duty at the time.
Lane cove going nuts and old 3bd, 2bth flats going for over 900k. Bought off the plan similar for 990k - brand new of course - TBC in 2 years.
Am I missing something here? I have a good eye for rising markets and very good knowledge of Sydney (and zero reno skills so not interested in renos of older flats or dealing with overpriced Sydney tradys), but aside from that, why don't more people do this?
Both I bought in rising market of Sydney - first for 475k, a 1bd in city centre. I still haven't paid a cent (interest on deposit refunded) for it after 3 years and it's probably worth over 600k by now - will be mine at year end. Undecided whether to flip or rent out. Seems quite a good deal for no work and no stamp duty at the time.
Lane cove going nuts and old 3bd, 2bth flats going for over 900k. Bought off the plan similar for 990k - brand new of course - TBC in 2 years.
Am I missing something here? I have a good eye for rising markets and very good knowledge of Sydney (and zero reno skills so not interested in renos of older flats or dealing with overpriced Sydney tradys), but aside from that, why don't more people do this?