Caulfield(Melbourne) apartments

[rodimus]

What do you guys think about new apartment in this area? This area does not have many apartments near Monash uni (the only one being opposite monash uni across Dandenong Rd). There is a new apartment project near the racecourse, and a 2 bedroom is selling about $305,000.

What do you think of that price?

Suitable for student accommodations
It is being sold off the plan, and 97% already sold off.

[rodimus]

anybody in this forum know anything about melbourne area?

[DavidMc]

If you area serious about the property and it checks out as much as you can do by looking at comparable sales, etc - maybe you could get a valuation done? It would be a great few hundred dollar investment.

[APerry]

Hi Rodimus,

The area is fantastic. The Uni is not the only plus, Caufiled Station with all the express trains into the city and the racecourse are also major pluses. I have no idea re prices there though, why don't you buy a Home Price Guide, you can get all of the auction results for the last 12 or 24 months, that should give you a pretty good idea of prices in the area.

I wouldn't beleive the 97% sold figure, by the way. This is a common sales tactic and is frequently not true.

Regards
Alistair

[rodimus]

hi aperry,
thanks. I went to select which units i liked, and within an hour already 3 families made bookings and paid deposit.
Now only a few units are available.

what do you guys think about an unit on the 2nd floor, facing the railway tracks(at Neerim Road)? (only 1 track is operating out of 3, and where the tracks are it is a very wide open area.) The windows have laminated soundproof glass. The units on the ground and 1st floor already sold.

[The Y-man]

What do you guys think about new apartment in this area? This area does not have many apartments near Monash uni (the only one being opposite monash uni across Dandenong Rd). There is a new apartment project near the racecourse, and a 2 bedroom is selling about $305,000.

What do you think of that price?

Suitable for student accommodations
It is being sold off the plan, and 97% already sold off.


Expensive. Buy something cheaper in the area that is established. There are quite a few established units in the area off the main hwy. You are paying a premium to a developer - it is better to buy from a private vendor.

The floorspace on the new so-called 2BR are often the same as the older 1BR.

You also suffer less heartbreaks if you have an emotional attachment to your lovely new unit getting slightly overused by students.

As for buying off the plan..................... there is a whole series of issues to be faced in its own right.......

Cheers,

The Y-man

[Spiderman]

What do you guys think about new apartment in this area? This area does not have many apartments near Monash uni (the only one being opposite monash uni across Dandenong Rd). There is a new apartment project near the racecourse, and a 2 bedroom is selling about $305,000.

What do you think of that price?


Too much!

1960s 1br flats in Carnegie or Glenhuntly in a block of 12 start from around $165k. 2br flats would be $250k+ and villa units maybe around $300k. Seperate houses are $500 - 800k, but you might find a semi for $400 - 500k or so. All of these would appeal to a broad rental market (not just students)and the area is popular with renters.

Carnegie and Glenhuntly have less transport than Caulfield (which is a rail junction) but Carnegie in particular has excellent local shopping and all banks, which Caulfield lacks. Both are one station from the uni and parts are within easy walking or cycling distance to the uni. Note also the large new and being built developments at Neerim Rd Glenhuntly which could present competition.

I don't think the racecourse is much of an attraction; there is a park in the middle but it's sometimes shut off despite it being on public land.

Peter

[rodimus]

Peter,

thge project i was talking about is the one at corner of Neerim & GlenHuntly Rd, at that junction.
You think that is a good buy?

[Spiderman]

Peter,

thge project i was talking about is the one at corner of Neerim & GlenHuntly Rd, at that junction. You think that is a good buy?

Neerim and Glenhuntly roads are parallel, so were you thinking of the ones on Neerim Rd near Manchester Gv, Glenhuntly (not Caulfield!)?

There's nothing wrong with the location; tram, train, bus, supermarket and the (somewhat grimy) local shopping strip are all within 5 min walk. Uni is about 15 min walk away. Caulfield Station is a similar distance. Despite its increased number of trains, it's of little benefit (compared with Glenhuntly) due to the extra walk.

Facing the railway tracks means it's east facing, so you get the morning sun only. Are there no north-facing units left? Architectually I prefer the look of the already built development next door, but that's just my taste.

As a suburb, Glenhuntly is cheaper than Caulfield, so use Glenhuntly rather than Caulfield prices for any comparisons.

One weekend a few months back they had the sales office open, with free lollies (though the variety wasn't great!). When I was there a prospective client was arguing the finer points of contracts with the sales rep, so caveat emptor!

If you don't mind buying a low-maintenance property over which you have little control, have no wish to add value, and are happy to compete with other vendors and landlords for buyers/tenants, then these units might be OK.

Peter

[The Y-man]

Peter,

thge project i was talking about is the one at corner of Neerim & GlenHuntly Rd, at that junction.
You think that is a good buy?

Doesn't Neerinm and Glenhuntly run parallel?

It's one thing being close to transport - but having the train running next door is a bad sign - avoid. Resale will be as bad as having it under 500kv powerlines.

Cheers,

The Y-man

[Spiderman]

Doesn't Neerinm and Glenhuntly run parallel?

It's one thing being close to transport - but having the train running next door is a bad sign - avoid.

Not only is there the railway (one train every 7.5 min) but also the Neerim Rd level crossing, so there's boomgates and bells as well.

The already built complex just to the west along Neerim Rd would be better from this point of view, offering a similar location and (IMHO) better architecture. I'd also investingate the resale value of these units/townhouses on the open market.

Peter

[Michael Yardney]

Sorry to spoil your fun, but I agree that you could buy better.

I know the area well, our offices are in Glenhuntly Rd Caulfield.

You are paying a premium and would do better off buying an established property in the area. There are some bargains around.

Nothing wrong with the area though. We have bought some great bargains for clients there recently and theya re always easy to let.

Look at some of the older established apartments - Some have larger rooms and are better positioned.