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?