Best Address in Melbourne, Victoria

[BanjoSmyth]

The general problem or negatives with high rises is the fact that there is no limit to how many places can become available. If you buy a great apartment in the 'new 40 story' tower then that is great now but in a few years time there might be another 'new' tower that is 50 stories high. Suddenly your place isn't looking so appealing.

This can be bad when it comes to your apartments value as when prospective buyers come along they are faced with the option of buying a brand new place that is bigger than yours and only slightly more expensive. You might think this is ok if you don't intent on selling your property but the problem is that there will always be other people in your tower who will want to sell their apartments and they will often be forced to drop the price well below the price of the newer apartments. If this happens then the 'paper' value of your place will drop accordingly as it is directly related to comparitable sales.

Best of luck

Cheers

Banjo Smyth

www.SharesPropertyMoney.com

 

[BayView]

there was a huge 2 page article in Domain in the Age on sunday or saturday about why inner city apartments are the best thing at the moment.... to invest in......

ive generally had a negative image of any apartment, in particular inner CBD for many reasons such as scarcity, lack of land, the fact that there are so many surrounding yours etc. etc.

but the article was very enthusiastic about inner city apartments....

I wonder who paid for the ad?

 

[xQuIz8]

Many thanks to Dave, Property Meister, Banjo and LAAussie for your
impartial views..

Its always good to hear the other side of the story. Different strokes for different folks I guess..but I hear what you all are saying.
I must admit, I'm optimistic about Docklands and given the fact that the goverment are pouring buckets full of $ into the area, I'm QUITE sure that this will be a good investment. Oversupply, overhyped and non-scarcity are indeed worrying..

Because its so close to the city, because hundreds of thousands of ppl flood into Melbourne every year, because of the water views, because its close to everything else..I think Docklands is worth a second glance. Yes, good investment..but to what extent ? Different ppl have different translation when it comes to good investments. I think this will be a good one, Not sure if it will be an EXCELLENT one though.. The million dollar question is whether Docklands will eventually be oversupplied with apartments and if the vision of the goverment on how Docklands will become in the next 5 year becomes true.

Nobody knows.. I've talked to many ppl, some who are kind enough to share their views.. ie from this forum. I've got mixed comments..
If you have 200k deposit.. what would you do next ??
sighhhhhhhhh...i'm tired of looking at properties every-single-weekend !!!
I need a therapist........

 

[The Y-man]

...because hundreds of thousands of ppl flood into Melbourne every year......

Yes, but what sort of people?
Are they families, are they professionals, are they factory workers, or are they even employed?

Cheers,

The Y-man

 

[Kenster]

xquiz8,

Buying property is a long term commitment, with long lead time to get in and to get out. Making a good choice, you will be blessed. Making a bad choice, it will take a long time to unwind with dire consequence on your financial and emotional well being.

Planning to live in is a Life style decision (as opposed to Investment decision). You need to factor in your life cycle change as you and your partner one day cross into the family stage.

Life won't be the same double income, no kid anymore.

It will be expensive. On the income side, you would be worse off. Likely can't take on the boarder. Childcare will be extremely tough in the CBD.

City facilities and infrastructure are designed for visitors and single people. They are family unfriendly.

 

[The Y-man]

One other thing - keep in mind the demographic that would want to rent a room off you in a shared situation. Many are students etc, and while the location for Docklands is ok, they can usually only fork out $100~150pw. THis makes it difficult if you need to recover say $250-300 pw (including bills).

Cheers,

The Y-man

 

[Property Meister]

I wonder who paid for the ad?

wouldn' t have a clue... i have no idea how newspapers work...

can someone enlighten me

 

[D.T.]

wouldn' t have a clue... i have no idea how newspapers work...

can someone enlighten me

Quite often articles that talk up a certain item are commissioned by people who 'coincidently' produce or sell that item.

 

[b_chris]

The best address in Melbourne is South Parkville, extremely wide streets with well kept traffic island gardens and immaculately kept Victorian homes.

And only a 20 minute walk to the city.

Regards.

 

[units4me]

Sorry, but i couldn't imagine a worse investment than a docklands apartment.

For all the reasons outlined above, scarcity, thousands more being built etc.

On top of that, you have the VERY high bodycorp fees and the politics involved with a bodycorp that size.

Far better to get a unit (or two) in a nice SMALL walk up block, without lifts and gyms, in one of the suburbs around the CBD if your heart is set on a unit.

Or a house in Doncaster/Mt Waverley etc.

550K will open a lot of options.