Shoe Box Apartment Sales Slow

The sale of inner city shoe box apartments seems to have slowed quite dramatically of late. One of the most obvious reasons could well be the new loan regulations. Typically many of these small investments would have been bought by low deposit first home owners or smaller investors.  These could make great long term investments for the more cashed up.

An apartment with hefty remediation bills was sold under the hammer at City Sales’ auction yesterday, the only sale out of 5 apartments on the auction list. One unit was withdrawn after the reserve price couldn’t be confirmed by the Singaporean owner.

Shortly after the auction a second unit was sold – unit GF in City Lights, sold for $228,000 – and a conditional contract has been entered into on unit 11E in the Rodney.

 

Columbia, 15 Whitaker Place, unit 18F:
Features: 27m², fully furnished 2 bedrooms
Outgoings: rates $831/year including gst; body corp levy $4227/year
Income assessment: $350-400/week
Outcome: withdrawn

508 Queen, 508 Queen St, unit 9l:
Features: 28m², one bedroom, deck
Outgoings: rates $921/year including gst; body corp levy $2340/year, remediation special levy $33,279, litigation special levy $2229
Income assessment: $310/week, fixed until February
Outcome: sold for $129,000

Bianco off Queen, 2 White St, unit 4G:
Features: 68m², fully furnished 2 bedrooms, deck, parking space
Outgoings: rates $4927/year including gst; body corp levy $6754/year
Income assessment: not given
Outcome: passed in at $320,000

City Lights, 16 Liverpool St, unit GF:
Features: 40m², one bedroom, parking space
Outgoings: rates $828/year including gst; body corp levy $2706/year
Income assessment: not given
Outcome: passed in at $220,000, sold for $228,000

The Rodney, 109 Vincent St, unit 11E:
Features: 37m² studio
Outgoings: rates $875/year including gst; body corp levy $3870/year
Income assessment: not given
Outcome: passed in at $167,500, under conditional contract

(Bob Dey)

Posted in News & Articles | Leave a reply

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>