'The longer I hold, the more I lose': FONGO takes hold of home sellers


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But when they were ready to sell just seven months later, the market had come crashing down.


“We had no choice but to sell,” Mr Boaron says. “We were worried about the prices coming down even further.”


Kobi Boaran with business partner Sagi Mitlin (left) bought the St Kilda apartment last year as a buy, renovate and sell project to make some profit.

Kobi Boaran with business partner Sagi Mitlin (left) bought the St Kilda apartment last year as a “buy, renovate and sell” project to make some profit. Credit:Eddie Jim


Mr Boaran, a mortgage broker, said he and business partner Sagi Mitlin, together with other investors, bought the 1960s apartment block for about $5 million in March last year, and splashed a further $1.2 million on renovations.


An apartment valuation in August came in at $650,000, but by October the two apartments fetched $550,000 and $570,000.


Article source: https://www.watoday.com.au/politics/federal/frankenstein-s-monster-energy-plan-may-allow-states-to-free-ride-20180615-p4zlsk.html?utm_medium=rss&utm_source=rss_politics_federal

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