Bargain property in Parramatta? Apartment sale shows 30% drop in value

Bargain property in Parramatta? Apartment sale shows 30% drop in value
Staff reporterDecember 7, 2020

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 three bedroom Parramatta apartment in the Meriton-built Altitude complex has been bought by an investor for $990,000.

This represents a 30% drop in value since purchase when it was sold for $1,285,000 off the plan in May 2015.

The unit at 4803/330 Church Street has three bedrooms, two bathrooms and two parking spots.

Located on the 48th floor, the apartment features 110 sqm of internal space.

In 2017, shortly after construction was completed, the unit was listed twice for $1.35 million.

It was re-listed in 2019 with a price guide of $1 million to $1.1 million which was reduced to $999,950 before its sale.

Two months after it sold the property was advertised as a rental with for $720/pw on a 3.7 percent yield.

Bargain property in Parramatta? Apartment sale shows 30% drop in value

Property Observer advise that 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.

As a part of this series, we've already had a look at properties in Mount Eliza, and Central Geelong and East Perth.

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