Advise me please (or dont) :-)

Depends how desperate they are.

Also, who is doing the build? Where are their previous projects (not the developer!)?
The noise insulation is a huge issue - and you can't tell until you move in. Not just from neighbours but the traffic nearby.

The Y-man

whom specifically did the build is tough to answer but from what I can gather it was all handled by Hallmarc Asset Management.
Who I believe are now the owners corporation maintenance folk.

This group from what little I get from their website seems like they've done few projections but the ones they have done are on the pricier side.

Place is already built of course and when I was there it did appear very well built and quiet.
 
Place is already built of course and when I was there it did appear very well built and quiet.

Ok, I only mention it because in one of the developments we bought into, the OC could not get structural issues (which became apparent a year later) fixed by the builder because they could not be contacted (i.e. dissolved themselves). I think eventually things were sorted through insurance, but then we were out of pocket excess etc. Had much better luck with a big builder like Multiplex.

The Y-man
 
Ok, I only mention it because in one of the developments we bought into, the OC could not get structural issues (which became apparent a year later) fixed by the builder because they could not be contacted (i.e. dissolved themselves). I think eventually things were sorted through insurance, but then we were out of pocket excess etc. Had much better luck with a big builder like Multiplex.

The Y-man

Thanks for your input on the thread Y-Man. Yes its a concern for me too as I'm sure we've all noticed there are uncountable new "builders" that have sprun up across Australia since the 2000's.

However its worth noting that sometimes/often the big/known builders are the ones who construct with horrible quality (see metricon) and the boutique builders are better.

Thats not always true naturally and there is always risk that the builder pops up and disappears.

On a side note I'd like to name and shame PACE Developments. They are hands down the worst builder of apartments I can think of.

I lived in one of their buildings for about 4 months before I broke the lease and left. Unbelievably **** quality. I should not be able to hear my neighbour at night taking a whizz in his bathroom.
Seriously what the hell.
Thats just one (and a minor one) of the many examples with that development.

PACE Developments.

Stay clear of anything they build.

So for the apartments in Highett (Kingston Park) ones. Any advice on what I should be doing next in terms of due dilligence?
And I'm still angling if anybody has an opinion on their location and the price.

Location is pretty decent and I've checked onthehouse.com.au for sold histories in there and it does seem people are paying a bit of $$.
However despite only 8 or so being left to be sold of the total 124 that were built across 3 buildings when i WAS there the place really did seem largely not inhabited.

Which for me is kind of a plus......i hate other people.
 


Yes this is the apartment building I'm talking about Simtr (original link is back in my first post which shows various apartments they have for sale).

The apartment in question in your link though is right on the Nepean highway. I was in that very apartment not 30minutes ago to have a sticky beak.

I'd have to be paid to live there. Road noise not acceptable but given its right on and facing nepean highway thats no surprise.
I am frankly stunned anybody would buy that apartment.

Noise for me is a killer and what causes people to break leases.

Anyways whilst I was there today I was told that Hallmarc is the owners corporation manager and developer and builder.
They are also putting up another 2 odd towers in vacant land they own next door which they estimate will be complete in 3-4 years.

Their main sales lady there......useless individual. At one point she queried if I had loan pre-approval, I answerd in the affirmative to which she replied "well just buy then".
I'm aware that I'm not on her priorities list as I'm not a wealthy investor/boomer generation but still her overall attitude was useless (unless you were investor/boomer gen type)

As I saw quite clearly the change in her behaviour when she was talking to those types who were around as well.
 
May want to be careful if same company develops, builds and managers OC, may be some conflicts there if repairs are required, plus they might have lots written into the OC agreement that favors them.

I checked out some sales history in Pricefinder for the last 18 months, they seem to have sold only 2 BR apartments, prices varied from 355k through to 785k for 2/1/1 apartments.
 
@Simtr
Thanks for having a look into it I appreciate it. How accurate is PriceFinder or does it have similar accuracy to onthehouse.com.au?
Reason I ask is because as expected the building has mostly 2bedroom apartments and 1beds are always in the minority.

However they must have sold a number of 1bedroom ones simply by virtue that there are maybe 3 i think currently for sale left in the entire development.

Also 355k for a 2bedder? Whomever got that would be doing very well I would think surely that price can't be right? Either that or its off the plan sale.

Any opinions on the worthiness of an apartment building like this? Or roughly the same as others give or take.

/EDIT
There was one extremely odd thing I noticed and fortunately another lady there with me asked. She enquired about the trash and it came to light that infact residents will need to grab their trash bag, walk out of the apartment, take the elevator down to the basement and dump trash there.
I was surprised they had not included a trash shoot to be sure.
 
My opinion I've already given, this type of investment is not for me. I also wouldn't want to live here for my PPOR.

There's a few sales listed for 365k, 392k, 385k, these are from late 2013 though.

Pricefinder is generally very accurate, but as per all the other paid services, it's dependent on the data that is provided when sales information is lodged.
 
I keep coming back to the same question in my mind though. One of these apartments (that I actually like and has a decent view and is about 61sqm inside and 10sqm balcony is asking price 470,000 AUD.

Meanwhile a place like this
http://www.realestate.com.au/property-unit-vic-parkdale-118249367

Is asking 390-430. It will however likely sell for 480-500 though.

but i keep coming back to the question..........why on earth are these apartments so expensive?

I look at them and I look at the one in parkdale (see link) and the one in parkdale just has so much more value (to my eyes) so I wonder why these apartments are so pricey?

I know thats a "how long is a piece of string" question but I just don't get it :)

/EDIT
And thank you simtr for your continued responses. Appreciated.
Also thanks for pricefinder. I asked it to give me a free report and if what it says is accurate then apartment sales (by number) have fallen off a cliff in 2014.
Preivous years have been around 150.
So far this year (according to PF) its been 57
 
I keep coming back to the same question in my mind though. One of these apartments (that I actually like and has a decent view and is about 61sqm inside and 10sqm balcony is asking price 470,000 AUD.

lots of people want new and shiny, features and I guess a view of a park. Developers also want to make lots of money.
 
If the apartment I like thats going for 470K is still around come January 2015 I think I might just low-ball them 420 for it as I'd be happy enough to pay that.
470 though I don't agree its worth that much as whilst it has a nice view about 40% of that view is going to be gone in a few years with their intended developments.
 
Hey Simtr might it be possible for you to give me a quick rundown in Pricefinder on the apartment address they've had (for 1 beds) that sold and the price it sold for?

Thats asking a lot so if you don't have time or rather not no worries I understand.
Basically the prices sold and addresses for 1 beds.

The building streets they would use would be
3 Remington Drive, Highett
1146 Nepean Highway, Highett
1148 Nepean Highway, Highett

There is one at 301/3 Remington Drive that is quite good but ask is 470. Onthehouse and Ksou however tell me that 501 sold for 480 which is 2 levels above and some other ones with interesting sale prices.
 
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