Saturday, March 3, 2018

New or resale apartment?

I am often asked whether it is better to buy a new or a resale apartment.  Often, you get better value in a resale apartment.  There are less marketing and agent costs, and the seller does not have to achieve a price to satisfy a bank or investors.  A resale apartment may have an older kitchen or bathroom, but will often be larger.

Before buying a new off the plan apartment, look at what is available today for resale.  For example, this apartment in Admiralty Towers Two, on a high floor, is listed for sale at $749,000.  This is in a good location on Queen Street, near the Marriott Hotel and the Howard Smith Wharf development.   It is direct river front, has excellent views, deducted air-conditioning (not a split system) and is 116 sqm (much larger than most new two bedrooms.)  Currently, it achieves $670 a week rent.

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