Gday guys/gals
Hope all is well. Currently looking to add to my small portfolio and have been looking at purchasing an apartment as an IP and was suggested to look into a new development Wentworth Point Marinas developed by Billbergia.
It will be a 1 bedder+Study + 1 car space 61SQM. Price for this is $425k (off plan) with the developer saying it will take approx 24 months to complete. The block will not have any of the luxury ammenities such as gym or pool. Is this a benefit or a disadvantage?
There is a plan for a marina to be built, a walkbridge linking to rhodes, cafes, parks etc. Overall it looks like a 10 year development plan. It all sounds quite positive? I have tried to run a search on these forums to check if there have been discussions relating to this area but there are only 2 threads which have come up with limited discussion. The plan is to hold onto the property as an IP and hopefully enjoy some growth, I'm not looking at making quick cash or anything.
My concern is oversupply affecting CG. But if I intend to hold onto this property then over a period of time once all developed should experience good growth? Just looking at such areas with a roughly similar circumstance as WP, breakfast point and even meadowbank.
This will be the first apartment I purchase, is there anything that I would need to know ie any particulars regarding financing the property once its completed, also just to seek further clarification I would also benefit from the NSW state government stamp exemption on this property?
Any guidence would be greatly appreciated.
Cheers
Jt
Hope all is well. Currently looking to add to my small portfolio and have been looking at purchasing an apartment as an IP and was suggested to look into a new development Wentworth Point Marinas developed by Billbergia.
It will be a 1 bedder+Study + 1 car space 61SQM. Price for this is $425k (off plan) with the developer saying it will take approx 24 months to complete. The block will not have any of the luxury ammenities such as gym or pool. Is this a benefit or a disadvantage?
There is a plan for a marina to be built, a walkbridge linking to rhodes, cafes, parks etc. Overall it looks like a 10 year development plan. It all sounds quite positive? I have tried to run a search on these forums to check if there have been discussions relating to this area but there are only 2 threads which have come up with limited discussion. The plan is to hold onto the property as an IP and hopefully enjoy some growth, I'm not looking at making quick cash or anything.
My concern is oversupply affecting CG. But if I intend to hold onto this property then over a period of time once all developed should experience good growth? Just looking at such areas with a roughly similar circumstance as WP, breakfast point and even meadowbank.
This will be the first apartment I purchase, is there anything that I would need to know ie any particulars regarding financing the property once its completed, also just to seek further clarification I would also benefit from the NSW state government stamp exemption on this property?
Any guidence would be greatly appreciated.
Cheers
Jt