Look at leasehold: Dunn
Buying a leasehold apartment could be a wise move at the moment, one apartment specialist says.
Friday, September 5th 2014, 12:00AM
by The Landlord
Martin Dunn, who runs the City Sales real estate agency, said there was good value to be found.
“Don’t ask to see a leasehold apartment, just ask to buy one. Any one. The first one the agent suggests. But give it back to us in two years to resell because they’re not a long-term hold. But right now they’re crazy value for money.”
Dunn said he recently saw a two-bedroom, two-bathroom apartment at the Viaduct sold for $315,000, after being bought for nearly $700,000 six years ago.
“The proud new owners will save a lot of the $1600/month ground rent by walking to work and their friends will seethe with envy when they see their lifestyle (if they’re not painting the house or maintaining their section).”
Railway Campus sites have also sold recently for less than $20,000.
Dunn said people should not be scared of leasehold properties.
“Hey this won’t last… and half of London is leasehold and all of China. It isn’t scary, it’s called common sense bargain buying.”
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