The apartment in Kangaroo Point sold for $110,000 in just five days.A Brisbane unit sold for just $110,000 after five days on the market as investors snap up ways to stash cash with savings deposit rates tumbling.Falling interest rates on deposits have been linked to a rise in investor interest in Brisbane units, with cash in the bank getting as little as 1.15 per cent return. Buyers flocking back at ‘unprecedented levels’ The property has 76 enquiries from investors with a week.RateCity.com.au research director Sally Tindall said it was a blow to savers.“Now is an excellent time to review your savings accounts and see if you are getting the most bang for buck in what is a very difficult market for savers.”Westpac’s Life savings account has a base rate of 0.6 per cent and a max rate of 2.1 per cent if owners make a deposit and end with higher balance per month.NAB’s Reward Saver’s base rate was 0.11 per cent with a max rate of 1.86 per cent for one deposit and no withdrawals per month. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:58Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:58 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p216p216p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenHow much do I need to retire?00:58 Walk in, walk out unit hits market with the works ANZ’s Progress Saver’s base rate was 0.01 per cent with a max rate of 1.95 per cent for a deposit of just $10 and no withdrawals per month.According to Ratecity.com.au, one of the highest savings account rates right now was 2.75 per cent from Endeavour Mutual Lifestyle Account, with the condition being a $400 deposit a month and up to age 35. MORE: Brisbane’s boom suburbs revealed More from newsNoosa’s best beachfront penthouse is about to hit the market12 hours agoNoosa unit prices hit new record high as region booms: REIQ12 hours agoThis is what $110,000 bought.The fully furnished one bedroom, one bathroom studio apartment was rented at $275 a week as part of student accommodation services.This comes as the four major banks reduced savings rates in the wake of Reserve Bank of Australia cash rate cuts, with Australia’s largest bank, CBA, slashing by up to 0.25 per cent this week.CBA’s Netbank savings account now offered 2.05 per cent interest for the first five months and then an ongoing rate of just 0.15 per cent, according to comparison firm RateCity.com.au.CBA’s Goalsaver rate was slashed by 0.25 percentage points to just 1.15 per cent — but if account holders fail to deposit of $200 or more, or make a withdrawal, the rate falls to just 0.01 per cent that month. FOLLOW SOPHIE FOSTER ON FACEBOOK The unit is in a serviced student accommodation building in Kangaroo Point.The unit, which was listed as requiring an urgent sale, sold for just $10,000 more than a previous owner paid 15 years ago.Agent Michael Bacon of Place Kangaroo Point told The Courier-Mail that there were 76 enquiries for the property, most of which was from local investors.“It went quite crazy,” he said. “These properties are seen as better than cash in the bank, it’s a far better return and a good alternative for a lot of people.” “Why get a really small return in the bank when you can get close to 10 per cent return? That being said if people want to know the difference, money in bank you can withdraw, but also a lot of these properties sell in five days.”
Close Forgot password? Please put in your email: Send me my password! Close message Login This blog post All blog posts Subscribe to this blog post’s comments through… RSS Feed Subscribe via email Subscribe Subscribe to this blog’s comments through… RSS Feed Subscribe via email Subscribe Follow the discussion Comments Logging you in… Close Login to IntenseDebate Or create an account Username or Email: Password: Forgot login? Cancel Login Close WordPress.com Username or Email: Password: Lost your password? Cancel Login Dashboard | Edit profile | Logout Logged in as Admin Options Disable comments for this page Save Settings You are about to flag this comment as being inappropriate. Please explain why you are flagging this comment in the text box below and submit your report. The blog admin will be notified. Thank you for your input. There are no comments posted yet. Be the first one! Post a new comment Enter text right here! Comment as a Guest, or login: Login to IntenseDebate Login to WordPress.com Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Submit Comment Subscribe to None Replies All new comments Comments by IntenseDebate Enter text right here! Reply as a Guest, or login: Login to IntenseDebate Login to WordPress.com Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Cancel Submit Comment Subscribe to None Replies All new comments Sumner County basketball:Elk Valley at Argonia.Douglass at Belle Plaine.Caldwell at West Elk.Conway Springs at Chaparral.Oxford at Sedan.Central-Burden at South Haven. WMS basketball:Â 7B team tournament at Andover, 9 a.m. by Tracy McCue, Sumner Newscow â€” The Wellington High School basketball season resumes tonight when the Crusaders host Augusta in non-league action. The Wellington wrestlers will be traveling to Wichita North on Saturday.Several Sumner County basketball teams are back on the schedule.The Lady Crusaders will be hosting a potato bar and dessert fundraiser tonight in the WHS Commons area starting at 5 p.m. until the potatoes are gone.The full slate of sporting events for tonight and Saturday are as follows:Â WHS basketball – hosting Augusta.Â C girls/boys -4:15 p.m.JV boys – 5:45 p.m.Varsity girls – 6 p.m.Varsity boys/JV girls – 7:30 p.m. WHS wrestling:Â Varsity tournament at Wichita North.