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From: David Brady
Hi all,
10 years ago I bought a block of land across the road from a waterfront block in Smiths Lakes near Foster,NSW for $42K. My worst property lesson - never buy a non income producing investment!!!
Prices have gone big time backwards, after being for sale for the last 3 years I finally get an offer from the agent for 25K which I was able to squeeze up to 26K. Apparently another similar positioned larger block sold recently for 25K - so the price is probably about right.
Growth in the area is still 0% according to Domain.
Hate losing this sort of money, which you could probably double with inflation and council rates - not to mention the interest over 5 years to pay it off.
I will probably take out the emotion and cut my loses.
Anyone with local knowledge out there advise me to do otherwise.
Thanks.
David.
Hi all,
10 years ago I bought a block of land across the road from a waterfront block in Smiths Lakes near Foster,NSW for $42K. My worst property lesson - never buy a non income producing investment!!!
Prices have gone big time backwards, after being for sale for the last 3 years I finally get an offer from the agent for 25K which I was able to squeeze up to 26K. Apparently another similar positioned larger block sold recently for 25K - so the price is probably about right.
Growth in the area is still 0% according to Domain.
Hate losing this sort of money, which you could probably double with inflation and council rates - not to mention the interest over 5 years to pay it off.
I will probably take out the emotion and cut my loses.
Anyone with local knowledge out there advise me to do otherwise.
Thanks.
David.
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