Bargain property in Malvern East? Apartment price down 30 percent

There are certainly opportunities in the current 2019 market to pay less than the last price.

But is there really such a thing as buying a bargain when it comes to property? And where are they?

This series of articles looks are specific examples of sale price or asking price falling. 

We take a look at where and if possible why this is happening.  

We came across this property for consideration.

A one bedroom, one bathroom Malvern East apartment has sold for $103,000.

This marks a $44,000 price reduction on it's previous sale price of $147,000 in 2008.

Situated at 203/60 Waverley Road Malvern East, the 2003 built unit was sold at auction.

It is Student Only Accommodation, meaning it can only be rented out to students, and it is a 5 minute walk to the Monash Uni Caulfield Campus which has more than 18,000 enrolled students.

The secure entry complex includes swipe security via lifts, and access to a common room, BBQ area, and bike racks, just 13 minutes from the Melbourne CBD.

Last listed as a rental in December 2017 at $275/pw, the price is significantly lower than the December 2016 rental price of $410/pw.

It is up to you to determine if the offering is a truly beneficial bargain.

Remember buying at the bottom of the cycle is fraught – as you can't really precisely pick the bottom nor know just how long until you see some price growth.

Be aware you could be buying a poor quality property in an area with ongoing issues of oversupply of stock.

The oversupply could be also putting downward pressure on rents.

Other price declines could be because the vendor needs a quick sale or paid way over the top on its last purchase chase.

Property Observer suggests property purchasing really does need to be a very well considered proposition with a long term mindset.