Saturday, August 15, 2009

Tennyson Reach Auctions

Two apartments went to auction today at Mirvac's Tennyson Reach. Both were 3 bedroom, 2 bathroom apartment on level 3. They have river and mangrove views.
See Apt 4108 listing and Apt 3205 listing.
For both apartments, there were no bids. Passed in.
This does not bode well for Tennyson Reach. So far, there have been no resales, even though there are about 30 apartments listed for resale. In addition, from what I can determine, between 15 and 20 apartments failed to settle.
When compared with similar quality apartments located in inner city areas, I would say these apartments are worth less than a million, but I am not a valuer. I suspect that the owners (who paid more than $1.3M) will take a bath if they sell.
A warning against buying of the plan during a boom.

No comments: