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Weekly Update: 10/03

March 10, 2018

Hi Fiona, 

 

I hope you're well. 

 

There's a property I'd like to chat with you about, 21/16 Batman St, Braddon. We inspected this apartment a month ago and although it ticked a lot of boxes we didn't present in full as it doesn't meet our apartment investment criteria of a boutique block of 24 or fewer apartments, this block has 74. We have continued to monitor the sale and it has now been on the market for 38 days, with a price guide of $385K +. It's in a superior position to 10/57 Lowanna St, being a stone's throw to the Canberra Centre, Glebe Park, Lonsdale St and the city centre. However, the apartment at Lowanna St is superior given the high ceilings, large windows and courtyard.

 

The apartment is owner/occupier quality, on the corner with windows on two sides and only a small common wall (the bathroom). The building is in mint condition, with very well maintained common areas and gardens. Our recommendation is not to purchase an apartment in a complex with more than 24 units, however, given the length of time it has been on the market and the negotiation potential I thought you might like to discuss further and also see a full presentation on the property? To note, I have called and emailed the agent today to confirm no offers were made on the property today and am still waiting to hear back. 

 

There are plenty of apartments in Canberra that we could be presenting to you, however, they just don't meet the requirements that we have to ensure you get the best investment property. As mentioned in my WhatsApp, we have a social media ad targeting homeowners in Braddon that are thinking of selling and have also letterbox dropped 1 bedroom apartments in boutique blocks of 24 or under (including all the 1 bedders in 57 Lowanna St)

 

To recap on last week: 

 

- 10/57 Lowanna St is under offer at $370K, I'm keeping in contact with the agent in case this offer falls over for any reason 

- You've confirmed your conveyancer, Michael James of Trinity Law and I will coordinate the process with Michael, keeping you CC'd and updated at all times. 

 

Let me know if you are available for a call tomorrow, mid-morning your time? 

 

Thanks, Michael 

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