Unit Glut Spreading
Jan 13th 2004, 3:39 am
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Unit Glut Spreading
http://www.smh.com.au/articles/2004/...877763426.html
The oversupply problem that has dogged the city apartment market has spread to the suburbs, with some off-the-plan buyers having trouble recouping costs when they try to sell.
At the Strathbelle development in Beresford Road, Strathfield, several off-the-plan buyers have been trying to off-load since early spring.
"Desperate vendor" is the heading of one advertisement for a two-bedroom apartment in the building, with an asking price of $399,000. The vendor paid about $400,000 off-the-plan, said Lawrence Chong, of Richardson & Wrench Strathfield.
"If they want to get it sold they really need to listen to the market and perhaps not make a profit at all," said Mr Chong, who represents three vendors in the building.
The present owners would have paid stamp duty of more than $13,000 on each unit, making it "even more difficult for the vendors to accept that they can only sell it for what they paid".
The oversupply problem that has dogged the city apartment market has spread to the suburbs, with some off-the-plan buyers having trouble recouping costs when they try to sell.
At the Strathbelle development in Beresford Road, Strathfield, several off-the-plan buyers have been trying to off-load since early spring.
"Desperate vendor" is the heading of one advertisement for a two-bedroom apartment in the building, with an asking price of $399,000. The vendor paid about $400,000 off-the-plan, said Lawrence Chong, of Richardson & Wrench Strathfield.
"If they want to get it sold they really need to listen to the market and perhaps not make a profit at all," said Mr Chong, who represents three vendors in the building.
The present owners would have paid stamp duty of more than $13,000 on each unit, making it "even more difficult for the vendors to accept that they can only sell it for what they paid".
