A legal quirk reduced the competition for one young couple, who still fought hard for a ground-level unit they’ll move into – just before the birth of their child.
A single-level two-bedroom unit at 8/2 Lisson Grove, Hawthorn, VIC. Sold at auction for $835,000.The single-level two-bedroom unit at 8/2 Lisson Grove, in inner-eastern Melbourne’s Hawthorn sold at auction for $835,000.Why did this one sell?
Dogged by title restrictions: The unusual stratum title over all units in the complex meant any buyer needed a full 20 per cent deposit.Normal apartment stock requires a standard 10 per cent deposit. But even then, a lot of first home buyers only pay a deposit of 5 per cent because they’re going through one of the government schemes.
There are 12 units in the complex. They’ve been quoted $1500 each to convert over to strata. It’s fairly inexpensive. A lawyer can do that. But one of the 12 is refusing to do it. They need all 12 to agree. If the buyers can convert the title to strata title, it will boost the pool of buyers when the time comes to sell - but that may not be so simple.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Meghan says she suffered ‘hateful’ online abuse while pregnantDuchess of Sussex finds the ‘cruel’ hatred being ‘spewed’ online disturbing and keeps her distance for her wellbeing
Read more »
'It's not catty, it's cruel': Meghan describes being bullied while pregnantThe Duchess of Sussex said the abuse she received was ‘cruel’ and 'hateful'
Read more »
‘Cruel’: Meghan Markle’s candid admission on social media abuseMeghan Markle has spoken out about the 'cruel' social media abuse she received when she was pregnant with children Archie and Lilibet.
Read more »
Duchess of Sussex reveals receiving hateful abuse on social media during pregnancyMeghan Markle discusses the hateful abuse she received on social media while pregnant with her children, Prince Archie and Princess Lilibet, during a keynote speech at the SXSW Conference.
Read more »
Take a sneak peek inside the $US180,000 Oscars gift bag given out to nominees this year7NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
Read more »
First green bridge opens, but funding doubts remain for othersThe first of Lord Mayor Adrian Schrinner’s promised green bridges officially opened on Saturday morning, but funding doubts remain over two other bridges he took to the last council election.
Read more »