Hi all,
Some of you may remember I posted some time ago about an OTP purchase in Blackburn. I pulled out in the cooling off period (I actually didnt see the advice on here until later but you suggested this anyway) for many reasons and am still comfortable I made the right choice. I learnt a LOT during the process.
With the FHB grant ending 30 June, I recently began looking in the market again. OTP is suitable as I am currently still living at home and my parents are retiring in 2 years to a house they have built on the beach. Given I'm working within a limited timeframe, it makes sense to consider committing to something now and getting the grant rather than waiting 2 years, during which time I would save the same amount anyway regardless of having committed to something now.
With that in mind, I have been looking for ~a month for a suitable 1 bedder that isnt a shoebox, represents a decent investment and will afford me an inner city lifestyle close to public transport links (I work in the city), 5-15km from city.
I currently have reservations (both refundable and on the CC so nothing lost) on two apartments:
860 Burwood rd Camberwell OTP development - Obviously fantastic location next to camberwell junction and station and well, Camberwell is Camberwell. The negative here is that there is a apartment block of about ~14 next door that is maybe 10 years old blocking views to the city on all floors except the top. The wall of the building will run flush to the wall of my building and the apartment I am considering has an internal balcony at a void cut back from this wall, so isnt going to get fantastic light nor any interesting views/vistas. The fitout is high-spec.
$395K - 1 bdr, 1 bath, 1 car spot, 51 sqm internal + 9 external. 3rd floor.
800 Sydney rd Brunswick - This is the better apartment - 4th floor, south facing (with many floor to ceiling windows) with great views to the city (for the time being). Slightly better layout and a much bigger outdoor space.
Negatives being - this is more in Coburg than Brunswick at that end of Sydney Rd and the neighbourhood is no Camberwell for sure. Fit-out is very high spec on par if not better than camberwell.
$395K - 1bdr, 1bath, 1 study (basically just a nook so not a REAL study), 54 sqm internal, 20 external + car space
To be clear, I am not looking at this as an IP or for any sort of high capital growth. Some would be an added bonus, but I am forced to move out due to family situation and given I work ~80 hour weeks am really looking for the apartment/inner city lifestyle. My aim is to get a foot in the door, build equity and then either sell/rent after a 6-7 year period when my work takes me overseas (depending on the market).
My dilemma is Decent apartment in a Fantastic location (although Camberwell isnt known for 1 bedroom apartments - niche resale?), vs. a fantastic apartment in an ok location (I'm aware Brunswick is growth but consider the glut of apartments in the area).
I'm interested in all your opinions on what I'm doing here. Also interested in how you think valuations would come in on both given they are the pricey end of 1 bedders. I would live in either but much prefer the Camberwell lifestyle and grew up in the eastern suburbs, so my heart leans there. My head leans toward Brunswick as the apartment itself tells me this may be a better investment. Both afford me the <5 min walk to the train station I require.
Both will be complete and settling early-mid 2014 which suits my timeframe.
Both have only JUST come onto the market and because I have been looking for so long I have got in before public releases and have thus secured the best apartments/value for money at my price point in both developments.
In my mind I'm in an enviable position as I think both represent solid options.
Apologies for the long post.
Cheers,
Andrew
Some of you may remember I posted some time ago about an OTP purchase in Blackburn. I pulled out in the cooling off period (I actually didnt see the advice on here until later but you suggested this anyway) for many reasons and am still comfortable I made the right choice. I learnt a LOT during the process.
With the FHB grant ending 30 June, I recently began looking in the market again. OTP is suitable as I am currently still living at home and my parents are retiring in 2 years to a house they have built on the beach. Given I'm working within a limited timeframe, it makes sense to consider committing to something now and getting the grant rather than waiting 2 years, during which time I would save the same amount anyway regardless of having committed to something now.
With that in mind, I have been looking for ~a month for a suitable 1 bedder that isnt a shoebox, represents a decent investment and will afford me an inner city lifestyle close to public transport links (I work in the city), 5-15km from city.
I currently have reservations (both refundable and on the CC so nothing lost) on two apartments:
860 Burwood rd Camberwell OTP development - Obviously fantastic location next to camberwell junction and station and well, Camberwell is Camberwell. The negative here is that there is a apartment block of about ~14 next door that is maybe 10 years old blocking views to the city on all floors except the top. The wall of the building will run flush to the wall of my building and the apartment I am considering has an internal balcony at a void cut back from this wall, so isnt going to get fantastic light nor any interesting views/vistas. The fitout is high-spec.
$395K - 1 bdr, 1 bath, 1 car spot, 51 sqm internal + 9 external. 3rd floor.
800 Sydney rd Brunswick - This is the better apartment - 4th floor, south facing (with many floor to ceiling windows) with great views to the city (for the time being). Slightly better layout and a much bigger outdoor space.
Negatives being - this is more in Coburg than Brunswick at that end of Sydney Rd and the neighbourhood is no Camberwell for sure. Fit-out is very high spec on par if not better than camberwell.
$395K - 1bdr, 1bath, 1 study (basically just a nook so not a REAL study), 54 sqm internal, 20 external + car space
To be clear, I am not looking at this as an IP or for any sort of high capital growth. Some would be an added bonus, but I am forced to move out due to family situation and given I work ~80 hour weeks am really looking for the apartment/inner city lifestyle. My aim is to get a foot in the door, build equity and then either sell/rent after a 6-7 year period when my work takes me overseas (depending on the market).
My dilemma is Decent apartment in a Fantastic location (although Camberwell isnt known for 1 bedroom apartments - niche resale?), vs. a fantastic apartment in an ok location (I'm aware Brunswick is growth but consider the glut of apartments in the area).
I'm interested in all your opinions on what I'm doing here. Also interested in how you think valuations would come in on both given they are the pricey end of 1 bedders. I would live in either but much prefer the Camberwell lifestyle and grew up in the eastern suburbs, so my heart leans there. My head leans toward Brunswick as the apartment itself tells me this may be a better investment. Both afford me the <5 min walk to the train station I require.
Both will be complete and settling early-mid 2014 which suits my timeframe.
Both have only JUST come onto the market and because I have been looking for so long I have got in before public releases and have thus secured the best apartments/value for money at my price point in both developments.
In my mind I'm in an enviable position as I think both represent solid options.
Apologies for the long post.
Cheers,
Andrew
Worse case they say No. You can even honestly say that you do not have afford to offer more and you will be walking away.
