Bargain property in Brisbane? Quay Street penthouse with water views listed
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 two storey inner-city Brisbane investment — with water views — has been listed at $730,000.
The property was sold brand new for $855,000 by FKP.
Its next sale was $960,000 in 2010.
The current vendors bought the property off a stress sale for just $710,000.
The agent Johnston Dixon’s John Johnston said they just "want to clear (the sale).”
The owners wanted an “immediate sale” however it has hasn't found a buyer in the 5 weeks it's been on market.
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.
As a part of this series, we've already had a look at properties in Mount Eliza, and Central Geelong and East Perth.