澳洲Australia property company share apartments | Sydney
在澳大利亚 I need some advice regarding a property purchase. Property - semi-detached house Bedrooms - 2 Condition - average needs internal reno to modernise Street - one of the best in suburb Location - excellent Close to schools - yes Transport - 50m The pool at of an IP needs to be resurfaced (or so the pool doctor says), the cost was estimated to be $10K ($10,000), after recoverying from my impresssion of a cat coughing up a fur ball, it just seems far too much. Its just a standard poo
I understand a few threads on this topic have already been posted, and my understanding of them so far is that:
- You buy shares in the company which entitles you to exclusive occupation of part of the building
- Banks are less likely to lend against them as you are borrowing against shares and not property per se
I have found a really nice apartment which i would love to buy, and i think i can get it at a good price because of the fact so many people will put this property in the too hard basket.
In the section 32 i read there was a general agreement to move to a strata title, however upon calling the owners corporation they said this 'may' happen.
My question is, is it common for a building to move from company title to a strata title? Any experiences of it happening to anyone?
IMO it would be a fantastic investment to get a property at a lesser value and then for it to potentially become strata would increase value.
Any info would be greatly appreciated
I wouldn't buy it in the "hope" that it becomes strata.
Some people hate them. I looked at a few in Potts Point (Sydney) area. They were considerably cheaper (because of the reasons you mentioned). Some I looked at had restrictions about renting etc. That turned me off. As an investment I worried they may decide to not allow renting. Maybe unfounded worry I might add but I found something better that was strata'd.
Just remember it is cheap "because" it is company title. And if it stays that way you will sell it cheaper also.
I don't know anything about changing to strata or if it's easy to do or the costs involved. I know getting strata on whole blocks can be many thousands. How many units in the block? Some people may not want to pay which will cause issues.
There is a reason usually why the place is on a co ttitle in the first place
Often conversion to strata is financially not possible due to council regs needing new constructions etc.
Then there may also be regs slowing the conversion such as SEPP 10 in SW as an example
Thanks for your help, sound advice, and i probably just needed to hear it from somebody else as well. In the section 32 they have quoted the price being around $5000 between the 12 units (so around $500 each), but ive also heard converting can be a very complicated process, and its probably not worth the risk.