'We had no choice but to sell': FONGO taking hold of home sellers


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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.



We didn’t want to wait and lose more money.


Kobi Boaron


“I knew it would happen; I saw all the reasons for it to happen … but what surprised me was how quick it changed and how quick it turned down,” Mr Boaron, a mortgage broker, says.


Mr Boaron had hoped his group could make a $1 million profit but i f they sold all 12 units in today’s climate, they would only break even. So the group are holding onto five until property prices start rising again.


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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