I was actually looking for a house in Melb but came across all these 2br units in and near CBD for between $450k and $550k. They remind me of the new developments in in Alexandria, Waterloo, Zetland, Chatswood, and Sydney CBD which are selling for >$1m.
Compared to Sydney, they have cheaper strata, better yield and closer to CBD.
I can see there is a lot of stock for 2br apartments in and near Melb CBD, but given Melb is the second largest city after Sydney, I think it's foreseeable that these units in Melb might experience good capital gains in the next decade as local buyers look to diversify their portfolio and overseas buyers look for cheaper alternatives.
At current interest rate levels, a lot of them would probably be cashflow neutral if not positive the minute you buy them (assuming 20% deposit). So I feel they are not too risky to hold.
I'm still in my research phase, planning to fly down once I have decided on the ones I want to see.
I'm curious, has anyone on ss been buying these?
Compared to Sydney, they have cheaper strata, better yield and closer to CBD.
I can see there is a lot of stock for 2br apartments in and near Melb CBD, but given Melb is the second largest city after Sydney, I think it's foreseeable that these units in Melb might experience good capital gains in the next decade as local buyers look to diversify their portfolio and overseas buyers look for cheaper alternatives.
At current interest rate levels, a lot of them would probably be cashflow neutral if not positive the minute you buy them (assuming 20% deposit). So I feel they are not too risky to hold.
I'm still in my research phase, planning to fly down once I have decided on the ones I want to see.
I'm curious, has anyone on ss been buying these?