Apartment in Melbourne for 3(+?) years

E

eosphoros

Hi guys,

I am moving to Melbourne next year to study for three years at the University of Melbourne and have been looking into buying an apartment. I may continue living in Melbourne after the three years or I may move back to Sydney (or elsewhere) in which case, it will turn into an IP.

Went down this past weekend to check out some properties in the CBD, Southbank and Docklands and was underwhelmed. As such I have expanded my search to include Carlton, Brunswick, Fitzroy, South Yarra, and Prahran. While I don't know the areas all too well, I chose Carlton, Brunswick, and Fitzroy because they are close to the university and the CBD, and because from what I've read and heard, they seem like places I would want to live. I have stepped foot into South Yarra a few times and enjoyed the vibe there, which is why I added it to my list, and Prahran I assume is a similar sort of area (could be wrong) that has a food market (I am a foodie).

My search of the Carlton, Brunswick, Fitzroy area hasn't turned up many suitable properties. Searches of South Yarra and Prahran have turned up some that I am willing to inspect and while I am more than happy to live in South Yarra or Prahran, I am worried about the commute to the University.

Can anyone share their experiences in these suburbs and/or perhaps recommend some other areas to look at?
 
Need more info...

Budget?

How much are you prepared to pay per week/month?

What are you looking for 1 bed / 2 bed, car parking etc?

Where will you be studying / working?

What's important to you for lifestyle?

Why buy and not rent?
 
Budget up to 600, looking for a 1 bed + study or 2 bed with a carspace. I will be studying at the University of Melbourne and working from home (and occasionally flying back up to Sydney when I have to).

Important to my lifestyle is ability to do most errands/shopping within walking distance, not too far from where I need to study, not too far from CBD. Neighbourhood vibes I like are more upbeat. If you know Sydney, I like King Street, Newtown (wouldn't live right on it, but just off it).

Never liked renting.
 
eosphoros said:
Budget up to 600, looking for a 1 bed + study or 2 bed with a carspace. I will be studying at the University of Melbourne and working from home (and occasionally flying back up to Sydney when I have to).
Click to expand...

For that budget you can get a decent 2 bedroom apartment.
 
eosphoros said:
That's what I was thinking considering I want a larger study and not just a nook in the wall.

That budget was originally set from looking at nicer 1 bedrooms around Docklands and Southbank.
Click to expand...

I would suggest you not buy in those areas as there is a glut of apartments in Melbourne, Southbank and Docklands. Not so in Carlton and Fitzroy.
 
eosphoros said:
Budget up to 600, looking for a 1 bed + study or 2 bed with a carspace. I will be studying at the University of Melbourne and working from home (and occasionally flying back up to Sydney when I have to).

Important to my lifestyle is ability to do most errands/shopping within walking distance, not too far from where I need to study, not too far from CBD. Neighbourhood vibes I like are more upbeat. If you know Sydney, I like King Street, Newtown (wouldn't live right on it, but just off it).

Never liked renting.
Click to expand...


I know Newtown well... So you like the more alternative and vibrant suburbs?

If so... try St Kilda, Brunswick & Brunswick East, Fitzroy & Fitzroy North, Coburg, Abbotsford, Collingwood, Cremorne and Richmond.

----

If you're want something a little more like Sydney's Eastern suburbs (similar to Bondi/Bondi Junction/Bondi North/Double Bay/Rose Bay but without the beaches)

Try... South Yarra, Windsor, Prahran, Armadale, Toorak, Elwood, Middle Park and Albert Park.

----

Some other places that may appeal are Hawthorn, Burnley and Williamstown.

$500-600k is the sweet spot for most of these places with exception of Toorak, Middle and Albert Park which are a bit pricey (like Vaucluse, Dover heights, Bellevue Park).

All of the above have pro's and cons but essentially will have properties that meet your needs.
 
Jake Milne said:
I know Newtown well... So you like the more alternative and vibrant suburbs?

If so... try St Kilda, Brunswick & Brunswick East, Fitzroy & Fitzroy North, Coburg, Abbotsford, Collingwood, Cremorne and Richmond.

----

If you're want something a little more like Sydney's Eastern suburbs (similar to Bondi/Bondi Junction/Bondi North/Double Bay/Rose Bay but without the beaches)

Try... South Yarra, Windsor, Prahran, Armadale, Toorak, Elwood, Middle Park and Albert Park.

----

Some other places that may appeal are Hawthorn, Burnley and Williamstown.

$500-600k is the sweet spot for most of these places with exception of Toorak, Middle and Albert Park which are a bit pricey (like Vaucluse, Dover heights, Bellevue Park).

All of the above have pro's and cons but essentially will have properties that meet your needs.
Click to expand...

Wow thanks so much for that list. That really helps. I'm headed down on Thursday again to do some inspections and check out some neighborhoods in the flesh (all well and good to read about them, different to see them).

As I have never purchased interstate before, I have one question: should I engage a solicitor here in Sydney or one in Melbourne? Or does it not matter?
 
eosphoros said:
As I have never purchased interstate before, I have one question: should I engage a solicitor here in Sydney or one in Melbourne? Or does it not matter?
Click to expand...

Choose a solicitor from the state you are purchasing in. Most will not touch a conveyance in another state - too many idiosyncratic differences.
 
ThomasAJ said:
Can you please expand on reasons for Southbank precinct.

Also can you comment on Freshwater Place and Eureka if you know them well.
Click to expand...

I know you are buying to live in but you might as well make some money from capital growth while you are at it. Growth in Southbank and Docklands will be in my opinion much lower than in the established suburbs and the lifestyle again in my opinion is better in the other areas especially compared to docklands which i don't like at all.
 
I would suggest buying a 2-bedroom terrace over an apartment for same prices. For the same price or marginally more in same areas you could get bigger land, back yard, your own title, no body corporate fees and solid bricks and mortar.

Stay away from Docklands and Southbank. Only idiots buy there.
 
propertyVIC said:
You could also consider North Melbourne or West Melbourne. I second staying away from Southbank or Docklands... and add staying away from the CBD.

West Melbourne
http://www.realestate.com.au/property-apartment-vic-west+melbourne-112413271
Click to expand...

Don't touch West or North Melbourne... They're mainly commercial or mixed use zones. Recently some old warehousing areas are being rezoned for development but pro development areas are very risky because of uncertainty of the quality and number of stock coming online throughout the gentrification.
 
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