Gday
For all of you out there who think that Docklands apartments are over supplied.....Well, heres some information for you from someone that actually owns 2 apartments down there.....
I personally own 2 Docklands apartments. One is a fully furnished 1 bedder with a carpark and and its rented out for 6% net for the next 2 years - $22,500 p/a - I bought this apartment last month for $370k, and i just had it valued for $420k by the bank, so i think thats a pretty good deal too!
And i also have owned the other one bedder with a carpark in Docklands for over 3 years now, and it has never , "ever" been without a tenant!!! I just got a phone call from my property manager today as the 12 month lease is up , and before he has even had a chance to advertise for a tenant, he has already got another couple lined up to rent it already as of today, pending my approval of course, and my previous tenant hasnt even moved out yet !! The previous rent was $310 p/w, and the new couple are prepared to pay $330 p/w, which is a 7% increase on last year, and it will return 4.5% gross, or about $17k annually, which is a fairly good return for Melbourne at the moment, and totally acceptable by my standards. I still have the option of furnishing this one too, but i don't know if i will bother as yet....
So for all the people out there saying that there is an over supply in Docklands, they are ill informed and they don't know what they are talking about! Also, the building complex i have bought in ( Watergate ) is running at an occupancy rate of 96%, so out of 350 apartmetns in total, there is only about 14 that are vacant. And this information came staight off my Body Corporate Minutes Meeting that was sent to me, so it is 100% correct...
So in conclusion, i still am 100% convinced that if you can hold onto a Docklands apartment for another 5 - 10 years, you will be laughing all the way to the bank ! If you have to sell it in the next 2 years, it could be a different story , i admit!
Cheers
Lozza
For all of you out there who think that Docklands apartments are over supplied.....Well, heres some information for you from someone that actually owns 2 apartments down there.....
I personally own 2 Docklands apartments. One is a fully furnished 1 bedder with a carpark and and its rented out for 6% net for the next 2 years - $22,500 p/a - I bought this apartment last month for $370k, and i just had it valued for $420k by the bank, so i think thats a pretty good deal too!
And i also have owned the other one bedder with a carpark in Docklands for over 3 years now, and it has never , "ever" been without a tenant!!! I just got a phone call from my property manager today as the 12 month lease is up , and before he has even had a chance to advertise for a tenant, he has already got another couple lined up to rent it already as of today, pending my approval of course, and my previous tenant hasnt even moved out yet !! The previous rent was $310 p/w, and the new couple are prepared to pay $330 p/w, which is a 7% increase on last year, and it will return 4.5% gross, or about $17k annually, which is a fairly good return for Melbourne at the moment, and totally acceptable by my standards. I still have the option of furnishing this one too, but i don't know if i will bother as yet....
So for all the people out there saying that there is an over supply in Docklands, they are ill informed and they don't know what they are talking about! Also, the building complex i have bought in ( Watergate ) is running at an occupancy rate of 96%, so out of 350 apartmetns in total, there is only about 14 that are vacant. And this information came staight off my Body Corporate Minutes Meeting that was sent to me, so it is 100% correct...
So in conclusion, i still am 100% convinced that if you can hold onto a Docklands apartment for another 5 - 10 years, you will be laughing all the way to the bank ! If you have to sell it in the next 2 years, it could be a different story , i admit!
Cheers
Lozza