CAN’T FIND A STATISTIC EVEN IF YOU WANTED TO!

I thought I’d take a peek at where I rent to see how the rumoured ‘re-sales’ have been going.  You know I couldn’t find the place for love nor money. I searched in every way possible.  Gone. Vanished. Never existed.  Ka-Boom!

Turns out the Valuer General (VG) has our Apartment Complex listed as being in an adjacent street!  No wonder I couldn’t find it!  The very nice lady at VG contacted the local Council and Australia Post, who both confirmed the address I have, and she promised to immediately (if not sooner) amend their records to reflect the change!  Imagine the confusion this has caused lawyers, conveyancers and real estate agents?

Anyway, I managed my good deed for the month and now the records are slowly being updated.  And now I could see exactly what’s been going on and whether buying one of these (rather nice) apartments would have been a good idea…

Good News first.  Apt 7 was bought for $580,000 in Dec 2010 and re-sold for $610,000 in Oct 2012.  A profit?  NOPE.  By the time you add stamp duty and legals to the purchase (lets see, maybe $20,000 (not including Bank Fees if there was a mortgage) and take out Agents fees, legals and perhaps some advertising at the sale end, ( lets say around $16,000) the net result was probably a $6,000.00 to $10,000.00 loss (if lucky).

The other 6 purchases and re-sales within a 3.5 year period yielded losses ranging from a minimum $80,000.00 to a staggering $155,000.00.

I don’t know where this BOOM is happening?  Do you?

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