Research Into IP Units

[mitchp]

Hi,

Currently I am scouting around looking at units as IP. What do forum members consider are the best ways of researching them? In order to be clear about potential developments on the block and nearby, would the local council be the best information source? Is there are a standard series of questions I could ask so that I am confident 1) the block isn't going to be levelled, 2) a high rise won't be built next door, 3) a freeway won't greet me at the letterbox in 3 years' time, 4) etc etc? Also, due to the unit's common walls/roofing etc, is a building inspection report as necessary as when one buys a house?

Another issue I have regards making an offer for a property, what do forumites suggest is a good starting point as general rule? 10% below lowest asking price seems reasonable...
Cheers
Mitch

 

[BayView]

depends where the unit is.

If you are buying in an area that is booming, you may need to offer asking price or more to get it.

If it is an area that is flat, and has been for a long time, offer half. Maybe too low, but you know what I mean.

The other good yardstick is to look at the selling price of recently sold units in the immediate area, that are similar to the one you are interested in.

You can do that by looking on the sold properties on realestate.com.au and domain.com.au, or ring up the local agents, or go to the local council, or all of the above.

The Council will be able to answer all the future development questions.