Purpose of Purchase: Investment
Property Type: Apartment
How this purchase met the client’s brief:
- Low vacancy rate
- Close proximity to beaches, shops and transport
- Popular location in high demand
A Successful Investment:
Our clients were experienced investors looking to make their first investment in Newcastle. Their budget allowed for a small freestanding house in a western suburb, or a unit in a blue chip suburb.
There were several parties interested in the property after the first open home, and a second open was scheduled. Our Due Diligence process determined that the property would be a good buy even above the advertised guide, so a firm offer was made at the top of the guide in an attempt to secure the property before the second open. Having their finance preapproved added strength to our clients’ offer, as the other parties were not sufficiently prepared to proceed to exchange of contracts. The property was secured within 5 days of the first inspection for a price $5000 less than the PMC recommended upper limit.
PMC Region Profile: View more information about Newcastle here
PMC Suburb Profile: View more information about Merewether here