Hi All,
I've got a budget of $250K and believe the time is right to invest now. We're looking at 3 properties at the moment to buy. All are 1 bedroom / 1 living area / 1 bathroom, and with the exception of Parkville, have a car parking spot.
1. Reservoir
2. Parkville
3. Coburg
Could those seasoned investors open my eyes a little bit and give me some feed back on my analysis of each of the properties below.
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Reservoir (Auction $220,000 - $250,000)
http://www.domain.com.au/Public/PropertyDetails.aspx?adid=2007680831
12 Km from CBD.
Rent estimated at $260/week.
Median Price $288,000
Long-term Trend 10.48%
Rental Yield 4.7%
Not sure how many other units in the complex because I haven't received section 32 yet.
Estimated to be atleast 8 units in total.
Pros:
- Quite new, only 5 years old.
- Within walking distance to train station, shops and shopping centre.
- Nice spacious indoor layout with outdoor patio to entertain and small shed for storage.
- Comes with a car parking spot.
- Rent is good.
Cons:
- A bit further out from the CBD than the other two units below.
- A bit more costly than the other two units below.
-----------------------------------------------------------------------------------------
Parkville (Private Sale $190,000-$210,000)
http://www.domain.com.au/Public/PropertyDetails.aspx?adid=2007688083
Median Price $455,000
Long-term Trend 8.14%
Rental Yield 4.3%
4 Km from CBD.
Rent estimated at $210/week.
Part of 3 storey apartment complex, located on 1st floor.
17 apartments in total.
Pros:
- Inside looks well maintained with spacious living area and bedroom and a small outside balcony.
- Train station and tram stops nearby.
- Close proximity to CBD, park lands, universities, hospitals, etc...
- Parkville is a more affluent inner Melbourne suburb as seen by the median price.
- Might be a good investment if we want to enter into the Parkville property market.
Cons:
- No parking spot available but can be purchased for additional $8000.
- Street is located on a very steep slope.
- Train station is right across the road, might be noisy for some tenants.
- Nothing within walking distance except a petrol station.
-----------------------------------------------------------------------------------------
Coburg (Auction $200,000+)
http://www.domain.com.au/Public/PropertyDetails.aspx?adid=2007678255
Median Price $317,000
Long-term Trend 10.17%
Rental Yield 4.6%
8 Km from CBD.
Rent estimated at $230/week
Part of 3 storey apartment complex, located on the top most floor.
78 apartments in total.
Pros:
- Nice unit, but a bit smaller than the other two units.
- Close proximity to CBD, park lands, universities, etc...
- Tram stops nearby.
- Comes with a car parking spot and additional storage area.
Cons:
- Nothing within walking distance.
- Narrow stair case to get up to the apartment.
-----------------------------------------------------------------------------------------
Which one would you choose???
Thank you in advance.
Andy
I've got a budget of $250K and believe the time is right to invest now. We're looking at 3 properties at the moment to buy. All are 1 bedroom / 1 living area / 1 bathroom, and with the exception of Parkville, have a car parking spot.
1. Reservoir
2. Parkville
3. Coburg
Could those seasoned investors open my eyes a little bit and give me some feed back on my analysis of each of the properties below.
---
Reservoir (Auction $220,000 - $250,000)
http://www.domain.com.au/Public/PropertyDetails.aspx?adid=2007680831
12 Km from CBD.
Rent estimated at $260/week.
Median Price $288,000
Long-term Trend 10.48%
Rental Yield 4.7%
Not sure how many other units in the complex because I haven't received section 32 yet.
Estimated to be atleast 8 units in total.
Pros:
- Quite new, only 5 years old.
- Within walking distance to train station, shops and shopping centre.
- Nice spacious indoor layout with outdoor patio to entertain and small shed for storage.
- Comes with a car parking spot.
- Rent is good.
Cons:
- A bit further out from the CBD than the other two units below.
- A bit more costly than the other two units below.
-----------------------------------------------------------------------------------------
Parkville (Private Sale $190,000-$210,000)
http://www.domain.com.au/Public/PropertyDetails.aspx?adid=2007688083
Median Price $455,000
Long-term Trend 8.14%
Rental Yield 4.3%
4 Km from CBD.
Rent estimated at $210/week.
Part of 3 storey apartment complex, located on 1st floor.
17 apartments in total.
Pros:
- Inside looks well maintained with spacious living area and bedroom and a small outside balcony.
- Train station and tram stops nearby.
- Close proximity to CBD, park lands, universities, hospitals, etc...
- Parkville is a more affluent inner Melbourne suburb as seen by the median price.
- Might be a good investment if we want to enter into the Parkville property market.
Cons:
- No parking spot available but can be purchased for additional $8000.
- Street is located on a very steep slope.
- Train station is right across the road, might be noisy for some tenants.
- Nothing within walking distance except a petrol station.
-----------------------------------------------------------------------------------------
Coburg (Auction $200,000+)
http://www.domain.com.au/Public/PropertyDetails.aspx?adid=2007678255
Median Price $317,000
Long-term Trend 10.17%
Rental Yield 4.6%
8 Km from CBD.
Rent estimated at $230/week
Part of 3 storey apartment complex, located on the top most floor.
78 apartments in total.
Pros:
- Nice unit, but a bit smaller than the other two units.
- Close proximity to CBD, park lands, universities, etc...
- Tram stops nearby.
- Comes with a car parking spot and additional storage area.
Cons:
- Nothing within walking distance.
- Narrow stair case to get up to the apartment.
-----------------------------------------------------------------------------------------
Which one would you choose???
Thank you in advance.
Andy