Bargain buys at The Entrance

An oversupply of units and apartments has created a unique buying opportunity at The Entrance, according to local agents.

Finding an apartment to buy in the popular holiday suburb of The Entrance is not hard to come by.

Of the 166 properties for sale in the beachside town, 112 are apartments and units.

And given the huge availability, buyers are in a strong position to negotiate prices.

Philip Martin of First National The Entrance said the situation presented a great buying opportunity for savvy investors and those wanting to enter the property market.

“With the number of properties on the market, owners who have to sell are a lot more reasonable with prices,” Mr Martin said. “This is a good situation for investor buyers who can expect a rent return of around six to seven per cent.

“The high percentage of mortgagee sales over the last few years has put downward pressure on prices.

“But we are seeing the market start to recover. Compared to this time last year unit numbers are down and slowly selling off.”  Mr Martin said investors looking to cash in high rental returns and Sydney siders securing weekend getaways were the main buyers taking advantage of the situation.

First National Real Estate The Entrance

The Source:  Central Coast Express-Advocate, Gosford, 30 Mar 2012