I have been wondering for some time which direction the market is likely to be heading for 2003. While the year is still young nothing can be certain.
Last weekend I inspected a newly advertised property in a borderline inner suburb of Canberra. The property was in reasaonable condition 3-bedroom, new paint, ducted gas, new fences- basically nothing much else to spend. I first looked at it on Saturday and then returned on the Sunday after some further research on suburb prices/area.
The money asked ($279,950) was about the right price judging from recent sales in the area. Realising that an offer had been made of $275,000 we made the bold move of offering full price. Later that afternoon we were advised that the vendors had accepted the full price (which is more or less what you would expect).
However, later that evening the agents rang back to indicate that another offer had been made above the full price at $282,500 and the vendors were considering both amounts. I attempted to take the moral high ground and conveyed my disappointment to the agent that the full price was now insufficient. I advised the agent to keep me informed on the vendors decision in order to discuss further if necessary.
Late today the agent advised me that the property had been sold to another party for $285,000 and a contract was being issued.
My question is should I offer more ($290,000)? - all properties in the area are tightly held and the capital growth is likely in the long term to justify the initial layout; or
as I know another good investment property is just around the corner should I just bide my time?
Brinkdude
"A bank is place which will lend you money if you can prove that you don't need it" - Bob Hope (Telegralph 14/01/03)
PS - I could have sworn that I saw GeoffW there with his flash new Landrover and clipboard in hand....
Last weekend I inspected a newly advertised property in a borderline inner suburb of Canberra. The property was in reasaonable condition 3-bedroom, new paint, ducted gas, new fences- basically nothing much else to spend. I first looked at it on Saturday and then returned on the Sunday after some further research on suburb prices/area.
The money asked ($279,950) was about the right price judging from recent sales in the area. Realising that an offer had been made of $275,000 we made the bold move of offering full price. Later that afternoon we were advised that the vendors had accepted the full price (which is more or less what you would expect).
However, later that evening the agents rang back to indicate that another offer had been made above the full price at $282,500 and the vendors were considering both amounts. I attempted to take the moral high ground and conveyed my disappointment to the agent that the full price was now insufficient. I advised the agent to keep me informed on the vendors decision in order to discuss further if necessary.
Late today the agent advised me that the property had been sold to another party for $285,000 and a contract was being issued.
My question is should I offer more ($290,000)? - all properties in the area are tightly held and the capital growth is likely in the long term to justify the initial layout; or
as I know another good investment property is just around the corner should I just bide my time?
Brinkdude
"A bank is place which will lend you money if you can prove that you don't need it" - Bob Hope (Telegralph 14/01/03)
PS - I could have sworn that I saw GeoffW there with his flash new Landrover and clipboard in hand....
