Aquilo ( Charter Hall) development at Mentone VIC

Hi,

Wanting to get thoughts about this development. Selling really fast.

2 bdr from $495K
3 BDR from $550K

Architecturally designed off the plan 2 storey townhouses...

just 2 kms from the beach

north facing living areas...

thoughts on having this as an IP. talking about rental return b/w 475 to 550 pw

they are planning to sell all before easter... most of it is gone...

i'm thinking about it.... experienced investors feedback would be appreciated
 
Manish

Pro's
Mentone - Very Good area
Good schools
looks a good price for the area

Cons
What happens if 30+ investors buy in, there the will be a dutch auction on who wants there place rented straight away
Not too close to the beach and that would have to be one of the most popular beaches amoungst the surrounding suburbs and just ask a local who lives within 100m of the beach how hard it to get a parking spot nearby on a hot day.

Questions I would ask
How much control do you have over the design of your place (exterior & Interior) for that price


Good luck
I have to say these type have more of a cummunity appeal over OP appartments.

Jezza
 
when you say fallen over do you mean they didnt go through, sorry im new to the forum and am getting used to these phrases.

The sales consultant told me there were on 5 left in the 495 2bd category and they were going very fast that they needed 2500 deposit.
 
Thats right fallen over is people changed their mind. My understanding is that people booked 2-3 under their names and now finalising on 1 property.

i think if you see how Mentone is going. an old 2 BDR in Mentone is anywhere b/w $450K-$500K range + you pay stamp duty of about $25K but with this one its off the plan and has about $3000 in SD.

Can someone list the advantages & disadavnatages of this...

it's on OAK avenue..

when you say fallen over do you mean they didnt go through, sorry im new to the forum and am getting used to these phrases.

The sales consultant told me there were on 5 left in the 495 2bd category and they were going very fast that they needed 2500 deposit.
 
Ok

Update from my end


A bulky good site along with the townhouses: Unsure of how it is impacting the new townhouses.. Doing it in Stages,,,, Dont know if it will be developed in 2-3 years

Changed my mind and not going ahead with this anymore...

also i feel it is well and truly overpriced.

Land size is under 150m2 and paying anywhere b/w $500K to $600K.

not on the beach side of Mentone but around Warrigal ROad.

Be careful if you sign a contract. Make sure you are clear on the price...
 
I'm not sure what you are basing your calculations on, but I do know the following. I sold a 2 bedroom unit for 420,000 on a smaller plot in Parkdale 6 months ago. Currently I tenant a 3 bedroom town house in Parkdale which is on the market for $630,000. Based on these figures I believe that these town houses have been listed accurately despite the land adjacent being zoned for Bulk Goods. I could go on all day about how delighted I am that an investor doesn't see these as an opportunity.
 
"I'm not sure what you are basing your calculations on, but I do know the following. I sold a 2 bedroom unit for 420,000 on a smaller plot in Parkdale 6 months ago. Currently I tenant a 3 bedroom town house in Parkdale which is on the market for $630,000."

u cant make that judgement based on couple of sales... Check the rest.... there are still 2 bedroom units in Mentone, Cheltenham, Highett, Hampton going for under $400K. & 3 bdr under 475K

i do not disagree with you. A Bulk good site will make a huge difference. Without knowing the noise, cranes etc, it's hard to comment.

Land Sizes of the townhouses is 130sqm which is fairly small. I have 2 townhouses 1 is a 2bd- 210M2 & 1 3 bd- 245M2 compared to other townh i do not know if you call this 1 bdr + 2 piegon holes. Please be careful with the plans..


Based on these figures I believe that these town houses have been listed accurately despite the land adjacent being zoned for Bulk Goods.
 
We too reserved a 3br lot in the Aquilo. Also have concerns re land size and adjoining bulky goods site. After weighing up options, we'll probably not proceed.

Amazing the lack of communication from agent after reserving lot initially. Has been almost two months and still no floor plans/contract, despite being told at the time it would only be a week or so..

Ok

Update from my end


A bulky good site along with the townhouses: Unsure of how it is impacting the new townhouses.. Doing it in Stages,,,, Dont know if it will be developed in 2-3 years

Changed my mind and not going ahead with this anymore...

also i feel it is well and truly overpriced.

Land size is under 150m2 and paying anywhere b/w $500K to $600K.

not on the beach side of Mentone but around Warrigal ROad.

Be careful if you sign a contract. Make sure you are clear on the price...
 
Hi there, we have reserved a lot too. Lot size is 160sqm and its 3 bedroom, price is $550k. Still deciding whether or not to proceed. Rates seem very excessive and close to double what a house on a standard block in the area would attact. Also body corporate is the same as an apartment block. Also concerned about finish date (probably 2 - 3 years).
 
Hi there, we have reserved a lot too. Lot size is 160sqm and its 3 bedroom, price is $550k. Still deciding whether or not to proceed. Rates seem very excessive and close to double what a house on a standard block in the area would attact. Also body corporate is the same as an apartment block. Also concerned about finish date (probably 2 - 3 years).

dont know whats happening but i had couple of other mates withdraw from this. Wonder if someone can share any secret???
 
Not sure - but since my last post I have also withdrawn - was in the market for 3bedroom. Some things just didn't seem to add up.

Picknett: Wonder what made you change your mind ? Would you like to share some things that did not add up. I'm sure there are others whod be intersted to hear your thoughts on this.

That was a quick mind change.:p;)

If you are still looking for a 3 BDR, keep looking around Parkdale, Highett, Mentone, Hampton, Cheltenham. They are all good areas.

I recently signed up for a 4BDR in CHelsea. Still facing dramas with vacant possesion clause on my contract... Big story in another BLOG... but nevetthless i'll hate to see this deal putting a sour taste in ur mouth.

Keep trying there are 1000 other properties and suburbs....
 
Not sure - but since my last post I have also withdrawn - was in the market for 3bedroom. Some things just didn't seem to add up.

We know of one other that is withdrawing also from a 3 br/$565k lot. I think the reason for a few withdrawing is the fact, only had a small fully-refundable deposit was require to reserve a lot. Also very little info on floor plans etc was provided and with the benefit of hindsight people are deciding its not for them.

Council rates do seem excessive at around $1,700, though these are only indicative. Body corporate is reasonable at around $800pa.

Our reserved lot is different to those others mentioned. We have almost 300sqm block with a reasonable sized yard. Only attached on one side also. More expensive than others at $625k. However, we are told that stage 2 is all now all but sold with those lots starting at $670k.

We are an owner occupier. Still up in the air. Interested to get others opinions in light of the above?
 
We know of one other that is withdrawing also from a 3 br/$565k lot. I think the reason for a few withdrawing is the fact, only had a small fully-refundable deposit was require to reserve a lot. Also very little info on floor plans etc was provided and with the benefit of hindsight people are deciding its not for them.

Council rates do seem excessive at around $1,700, though these are only indicative. Body corporate is reasonable at around $800pa.

Our reserved lot is different to those others mentioned. We have almost 300sqm block with a reasonable sized yard. Only attached on one side also. More expensive than others at $625k. However, we are told that stage 2 is all now all but sold with those lots starting at $670k.

We are an owner occupier. Still up in the air. Interested to get others opinions in light of the above?

Hi are you still proceeding with your purchase and which lot? I too am considering buying off the plan they want 720k for 3 bedroom on 150 M2 land site?
 
Great suburb with a great lifestyle. Everything within a few km.

But it's a B-grade location within Mentone - wrong side of highway and railway. Slightly too far to walk anywhere but Bunnings.

Then there's the house test. Can you buy a house nearby for the same or less?

The answer is you can, eg

http://www.domain.com.au/Property/For-Sale/House/VIC/Parkdale/?adid=2008416756 $585k

http://www.domain.com.au/Property/For-Sale/House/VIC/Mentone/?adid=2008491831 $660k

But if buying a unit or townhouse, Mentone's the sort of area that it would be reasonable to sacrifice newness and interior size for a smaller place in a prime street such as Milan, Naples, Venice, Florence etc.
 
Great suburb with a great lifestyle. Everything within a few km.

But it's a B-grade location within Mentone - wrong side of highway and railway. Slightly too far to walk anywhere but Bunnings.

Then there's the house test. Can you buy a house nearby for the same or less?

The answer is you can, eg

http://www.domain.com.au/Property/For-Sale/House/VIC/Parkdale/?adid=2008416756 $585k

http://www.domain.com.au/Property/For-Sale/House/VIC/Mentone/?adid=2008491831 $660k

But if buying a unit or townhouse, Mentone's the sort of area that it would be reasonable to sacrifice newness and interior size for a smaller place in a prime street such as Milan, Naples, Venice, Florence etc.

agree 100% , very good advice imo
 
Any updates

Hi, now that some of the Townhouses have been completed, am interested in any updates anyone has. The finishes look good, and the townhouses are spacious. The floorplans all look very carefully thought out and make the most of the available space. Has anyone heard anything further about the development?
 
Hi, now that some of the Townhouses have been completed, am interested in any updates anyone has. The finishes look good, and the townhouses are spacious. The floorplans all look very carefully thought out and make the most of the available space. Has anyone heard anything further about the development?

Nothing has changed since Spidermans comments. I dont care about the finishes, its still a B grade location and too expensive.

So why are you so keen? Did you look to see what else you can get for your money.
 
Oak ave mentone development

We have recently visited the display village at Oak Ave Mentone after fiercely looking around at many similar properties for 3 months and we are impressed!:D

We have been reading some of the other posts and are REALLY interested to know what other brand new 3 bedroom, spacious, beautifully finished, fully landscaped townhouses in the area you can buy for under 700k:confused:... PLEASE TELL US - when we say around the area, we dont mean the Heath Estate...which verges on creepy:eek::eek::eek:(sorry in advance to anyone who lives there)
 
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