After many discussions with my accountant he has mentioned that I need to look into buying a further property. Based on my situation, he suggested to purchase in Melbourne (I already have 2 IP's in Bridbane), ideally withing 10km of the CBD and meeting the usual criteria of close to schools, transport, hospitals, etc,etc. He also said to consider looking at apartments, which will allow me to buy closer in (but not in CBD or its Fringe) at a price point of ~500K.
So, I have done some research and am seriously considering the purchase of an apartment in Moonee Ponds. It is in a block to be developed that consists of 54 apartments and will be a low rise 6 floor construction. The development consists of a combination of 1, 2 or 3 bedroom, with the majority being 1 bedroom, followed by 2 bed with one bathroom. The one I'm considering is a 2 bed, 2 bathroom with 1 car park space for $499K - I think this type will probably be a better investment choice for an apartment. From a location point of view, the block will be built only 400 m from Puckle St, and 900m from Moonee Ponds train station. It has a tram line right in frnt of it, and a big bus interchange just up the road, for those who know the area. Moonee Valley is just around the corner, and it is right on 4.9km to Vic Market (ie edge of CBD). There are plent of schools around the area and hospitals just up the road in CBD (but plentiful medical clinics in the area).
I understand that apartments can be a risky investment, mainly the ones in the cbd, due to oversupply), but what are your thoughts on this proposal?
It should be completed early 2016, and projected rental at that time will be approx $500/week (comparable rentals at the moment range between 450 to 530 per week for similar apartments in the area).
Thanks,
JK
So, I have done some research and am seriously considering the purchase of an apartment in Moonee Ponds. It is in a block to be developed that consists of 54 apartments and will be a low rise 6 floor construction. The development consists of a combination of 1, 2 or 3 bedroom, with the majority being 1 bedroom, followed by 2 bed with one bathroom. The one I'm considering is a 2 bed, 2 bathroom with 1 car park space for $499K - I think this type will probably be a better investment choice for an apartment. From a location point of view, the block will be built only 400 m from Puckle St, and 900m from Moonee Ponds train station. It has a tram line right in frnt of it, and a big bus interchange just up the road, for those who know the area. Moonee Valley is just around the corner, and it is right on 4.9km to Vic Market (ie edge of CBD). There are plent of schools around the area and hospitals just up the road in CBD (but plentiful medical clinics in the area).
I understand that apartments can be a risky investment, mainly the ones in the cbd, due to oversupply), but what are your thoughts on this proposal?
It should be completed early 2016, and projected rental at that time will be approx $500/week (comparable rentals at the moment range between 450 to 530 per week for similar apartments in the area).
Thanks,
JK