01-09-2011, 11:40 PM
In the 18 years that I have lived here, I have never seen prices drop significantly in any city. There have been times when things have been stagnant and of course we had the huge boom around 2003, but the market has showed steady growth.
But you only have to look at The Block to see an example of how the houses were purchased at a higher premium ($3.6m I believe) and were sold in a much less confident market.
My advice to you would be to finish your reno, and then hold onto the property if it is not going to give you much profit. Could you consider putting tenants in for a while?
But you only have to look at The Block to see an example of how the houses were purchased at a higher premium ($3.6m I believe) and were sold in a much less confident market.
My advice to you would be to finish your reno, and then hold onto the property if it is not going to give you much profit. Could you consider putting tenants in for a while?