Why Use A Buyers Advocate When Buying An Apartment?
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The RIGHT Apartment, At The RIGHT Price
A looming apartment glut has many analysts concerned about further pain in off the plan apartments. Recent forecasts from Morgan Stanley point to a national oversupply of apartments of 100,000 by 2018.
Melbourne, Sydney and Brisbane have been driving the surge in unit construction. The concentrated nature of the boom also raises concerns that in some inner city areas there are more units being built than will be in demand.
The S&P said in their recent report they thought the potential was greatest for oversupply in Brisbane and Melbourne.
Further, the banks have tightened their lending to property investors, especially those from overseas and buyers of high rise apartments. The big banks have tightened or stopped lending to overseas buyers. These are the major players in buying off the plan apartments.
There is therefore downward pressure on both the supply and demand side.
This sounds like bad news, but is it?
We don't necessarily think so. The apartment market has come back to where it should be. Gone are the days when developers can charge over the odds for a poor quality build.
Believe it or not now is actually a good time to be buying apartments. It's a great time to negotiate, and the best way to negotiate is to have lots of options. With options, you can hold firm and happily walk away if the vendor won't play ball.
In order to have options, you must do your homework. You need to know your market and that involves an investing of time and effort. If you haven't got the time to do it yourself then invest in a buyers advocate to do the work for you.