181 sqm apartment on Dodds St, south Melb (800Kish)

an agent forward me a listing of a 181 sqm apartment loft in a low rise in dodds st, it is on the border of southbank and south melborne. 4 bed 2 bath going for 800Kish. It offers lots of potential for renovations and added value. Loft size with high ceilings etc.

It could really be a 5 bedder 3 bath if you ask me. That kind of size is like the size of a townshouse only this one is in central location.

what does everyone think? would have bought it but i rather offload 2 of places to play safe and need my gearing positive.
 
how many storeys is it? big balconies? IMO in a loft style apartment the size of the balcony / outdoor area is pretty important.
 
it's a loft size in a 3 storey high block
Windows plenty. 2 balconies not massive but sufficient enough.
It even has a round art deco window in the upfloor floor.

Massive and loads of potential for renovation - the upstairs doesn't have a bathroom upstairs and is massive enough for 2 beds and a shared bath essentially making it a 5 bed 3 bath.

Penthouses around that area go for 1.3-2.2 mililon and sizes are like 130-150sqm.

I wish i could buy it but i only can in June not now.
 
Yes which makes it ideal for renovation no matter what people think about the developer. the link is not up yet but will post it when it does.
 
You reckon you can get good value from such a large apartment even though it's low rise? I would imagine you'd get more money for it if it was on the 30th floor or something
 
i don't like low rise personally but they're perceived to have more value than a normal 3 or 2 bedder. We're not talking eureka or freshwater or melbournian but in terms of dollar value - for places which you can add value - this is one. in carlton all those on drummond street etc all sell very well for some reason.

Maybe coz people prefer the exclusive village feel to it. and many people see value in the botanical gardens on 1 side and the south melbourne markets on the other side.

Last 3 auctions around these areas where one was last week 120sqm place went for 680K. Last year during the boom high period 880K and 750K. All these auctions had an average of like 40-50 ppl with at least 3 ppl bidding.

a dirty ugly 2 bedder even sold for 638K.
 
Yeah that's what I thought as well. To me, 'penthouse' means being on a high floor and having awesome views. The views on this place aren't that great even though it's big. Is there a way to extract good views from the floorplan?
 
For this apartment it has good and decent views - u can see the skyline and the freshwater, eureka. but obviously nothing compared to a 30 floor apartment. However in terms of dollar value like the new ones on kavangh st - i've been to all of them before - why pay premium for the finishes for something that i can easily replicate at 20% of the what they pay for?

Trust me - i will email you a 1st floor 2 bedroom i sold last year. no views, back was facing the st kilda road apartments which was massive carpark for the royal domain towers. half the time u could hear the doors going up and down. Comestically renovated it added a few inbuilt things like custom study desk drawers, downlights, inbuilt entertainment unit. Sold to an aussie couple who liked the place so much - and was the highest 2 bedroom ever sold in that building.
 
Alright. It's all about understanding your market. Perhaps there is a market for this 181sqm apartment but I think you have to understand it first
 
if given i haven't bought in the last 3 months - would have bought this renovated it - rented it out for like 150 per week per person and get 91K or hold it for over a year and sell it at a premium.

Last 4 of my listings all sold within 1 week. one sold in 1 day of listing.
 
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