Best apartments in Sydney for PPoR?

Hi all,

I'm looking for a PPoR to buy and was originally planning to purchase a 1br apartment in the CBD.
However after reading about strata levies and shocking strata management, I have second thoughts.
Was originally planning to purchase one of those Meriton or Mirvac apartments, as well.

Basically with all the commitees and stuff, I find that even though you purchase the unit/apartment, it's not really yours. I don't use a pool much, and if the elevator breaks down in a high rise it is expensive.

Strata levies will cost on the order of 1.5-2K/q ... not cheap.

This is a shame as I love the views, and convenience of living in the Sydney CBD.

Anyone have any advice on alternatives (i.e. inner city housing) or know which apartments are the best to purchase for owner occupied purposes and long term capital gain?

Thanks in advance.
 
Hi, You don't mention price. What about Potts Point /Elizabeth Bay?

Not all strata levies are that high. Of course with a lift, pool, gym etc you will pay more. Some of the low rise older buildings are great. After determining the strata levies do a strata search as some of those older buildings are due for some major works which will incur costs to you.
 
Hi, You don't mention price. What about Potts Point /Elizabeth Bay?

Not all strata levies are that high. Of course with a lift, pool, gym etc you will pay more. Some of the low rise older buildings are great. After determining the strata levies do a strata search as some of those older buildings are due for some major works which will incur costs to you.

Great thanks!
How is security in the lower rise apartments out in the inner city?
AS the buildings are a bit older, and it's a lower rise, I get the feeling that the security isn't as great.
One thing I love about the Meritons of the world is that there's good security and room service, which is great for time saving and peace of mind.
 
Basically with all the commitees and stuff, I find that even though you purchase the unit/apartment, it's not really yours. I don't use a pool much, and if the elevator breaks down in a high rise it is expensive.

It's not that you don't own it at all - you just have shared ownership with others.

The Y-man
 
Just a note on security. It still pays to be very vigilant. Just because you have security passes, restricted lift access, CCTV etc people still do and will be able to get in.

Its not hard to follow in behind someone when entering the building or car park.

This is just from experience having lived in a Meriton complex (in inner city Sydney). After all, how many of the say 1,000 people that live in the complex do you know ?

Having said that, I could easily justify the extra expense of high strata levies for the convenience of being so close to the city.

Just make sure you do as much DD on the building as you can, the state of the strata, the quality or the building manager, building issues etc. etc.
 
Just make sure you do as much DD on the building as you can, the state of the strata, the quality or the building manager, building issues etc. etc.

Completely agree with this comment. A lot of the inner city units have major strata issues. A strata report is always essential when you buy strata properties but inner city is a MUST!! The worst strata reports I have seen have been in the inner city area, constant special levies, occupants evacuating the building for a few days as it was not insurable!

Not trying to scare you, just be careful, do the due diligence and factor the issues in your negotiations.

Regs
 
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