Well I wouldn't necessarily be recommending Canterbury as a suburb choice. I was merely saying that, that was typical of the type of look of a unit block you'd be looking at.
Are you Ok Belbo? You sound a bit depressed.
I apologise for any hint of despondency in my comments. Probably just renewed despair at my fellow man following me here from other threads. The arrant nonsense some people must forcibly will themselves to believe every morning, just floors me sometimes. But where were we . . . ?
Ah yes! Please take my contrary attitude above regarding your recommendation of 70s six-packs simply as a dim-witted effort at devil's advocacy. I was actually hoping you'd arc up with a spirited counter-argument, and would definitively establish for the OP and others (including myself) what an excellent investment choice these apartments are!
So, to get the educational ball rolling let me offer the following example of my own very limited experience for consideration and critique -
I bought something similar myself in Alexandria not too far at all from a station just over 4 years ago. A 2x2x1 (although in a relatively low rise 25yr old block of around 140 units) for $374K, renting then at $375/wk. I've done nothing at all to it except throw in a $2.5K Freedom furniture pack. The rent is due to go up to $620/wk on 1 July, and in current condition I'd get $510K for it in today's market (and somewhat more if I were to refresh/renovate). I self-manage it, and it's been vacant for less than one week in 4 yrs.
However, as my apartment is in a big block of many with beautiful gardens, a swimming pool and a small gym (and even a couple of lifts) it has one nasty downside. Yes, big body corp fees, at around $1K a quarter. They're a bugbear yessiree, but the place does have a nice resort look and is in excellent upkeep condition (as far at least as I am aware), so I wear them bravely.
Better yet, I think its best CG days are ahead of it too. With the Green Square development finally moving full steam ahead not too far away, I reckon this one was a very smart buy. (Or dumb-luck. I gave it a total of about 10 minutes due diligence before submitting my first lowball offer in response to their asking price of $418K, and brashly presented them with a deposit cheque to seal the deal that very afternoon.
)
