It says it was last sold for $419,000 in Feb 2015 but now searching for it the value seems to have dropped to an estimated buy price of low to mid 300's. Would anyone be able to tell me why this would have dropped in value over the last 10 years and would it be a good buy in terms of growth?
@fisherman4christ If you look at other apartments in the same complex it looks like a bunch were sold for that 400s sort of value, $419k specifically even, which had all been bought at 224k. Maybe one investor sold to another, and they haven't got rid of them. The most recently sold ones are more around the low 300s, so the price seems reasonable on that basis. Seems to me like the current owner got ripped off, or like the other user stated there might be some issue that is impacting the whole building lowering the values wholesale... try to find out what's in the sinking fund / if there's been any special levies from body corp.
@fisherman4christ Doesn't seem to be on trend with the suburb at all.
Probably a question for the agent and some further digging. It has to be something that specifically affects this specific building... My guess is structural damage, floods, crackhouse, tannery next to it etc.
@fisherman4christ Its probably better to compare or use the sale price in 2013 as the baseline. It should never have gone from 200k to 400k (in 2 years) for that property
