PHOTO: Financial advisers and regulators warn that buying properties off-the-plan carries extra risks. ABC RN: David Lewis
The expression “safe as houses” is now meaningless to property investors Matt and Peter.
The two men both invested in newly built apartments via the same Sydney-based property research and investment firm.
The experience is an ongoing financial nightmare for Matt, whose dreams of buying a home to live in have been put on hold because the debt on his investments is worth more than the properties.
“Recently my wife and I were interested in possibly purchasing our first home in Sydney, so thinking about selling both investment properties,” he tells RN’s The Money.
“I rang my real estate agent in Townsville and she told me that it probably wasn’t the best time to sell because the exact same property that I have recently sold for $150,000.”
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