docklands rents

[Ruby]

By the way Geoff, if you have time, can you clean up this thread a bit and get rid of all the ******** personal comments and attacks please. It has totally wrecked what was once a good thread...

I’m a little lost here lozza, are you sure you aren’t just over reacting to some of the questions being asked and comments being made?

May I suggest you come along to the MIG gathering tomorrow night…….you’ll find we are really a nice bunch of people, and we certainly don’t belong to the bitchiest forum around. We leave that title to others.

Ruby

 

[doreilly]

Only my opinion but...

I lived in Newquay (Nolan building) for 1 year. Location was great, I was working mostly in CBD, restaurants good to excellent (although you do get bored of the same ones eventually), bars great for a quiet (usually) or weekend drink. Wind shocking in winter. Newquay mostly faces south so balconies were cold. Good sizes, mostly 2/3 beds.

Lorimer St (over the other side), better finish, but not as good restaurants/shops (believe this has now changed but still not as good), larger developments, north facing, not as good location wise (but depends on where you work). Good sizes, mostly 2/3 beds.

Watergate and other mid developments (finish cheaper), prices cheaper though (obviously slightly different target market) and yes BC was cheaper because the facilities were not as good as Lorimer (anyone seen the swimming pool whilst driving past ?) or Newquay. Maybe a better location in a few years as closer to CBD. Smaller sizes, more 1 beds.

Victoria Dock looks like being the best location, waterfront, expensive prices, a larger range of apartments, don't know about finish yet.

Just to add, the apartment I lived in was advertised for $480, paid $410. Everyone I met that was renting was doing much the same. Although there is a surprising amount of older OO's in Docklands, must have sold up larger houses in 'burbs.

Vacancy rates are low, but that doesn't mean rents are high, personally I think a lot of investors are just happy to get their place rented, seen as the tax man helps subsidise a bad investment decision.

I do agree with Lozza that in 10 years the place 'could' be like Canary Wharf, but a lot more business will need to relocate and far better retail is required. I doubt it will hit that high.

 

[lll]

Only my opinion but...

I lived in Newquay (Nolan building) for 1 year. Location was great, I was working mostly in CBD, restaurants good to excellent (although you do get bored of the same ones eventually), bars great for a quiet (usually) or weekend drink. Wind shocking in winter. Newquay mostly faces south so balconies were cold. Good sizes, mostly 2/3 beds.

Lorimer St (over the other side), better finish, but not as good restaurants/shops (believe this has now changed but still not as good), larger developments, north facing, not as good location wise (but depends on where you work). Good sizes, mostly 2/3 beds.

Watergate and other mid developments (finish cheaper), prices cheaper though (obviously slightly different target market) and yes BC was cheaper because the facilities were not as good as Lorimer (anyone seen the swimming pool whilst driving past ?) or Newquay. Maybe a better location in a few years as closer to CBD. Smaller sizes, more 1 beds.

Victoria Dock looks like being the best location, waterfront, expensive prices, a larger range of apartments, don't know about finish yet.

Just to add, the apartment I lived in was advertised for $480, paid $410. Everyone I met that was renting was doing much the same. Although there is a surprising amount of older OO's in Docklands, must have sold up larger houses in 'burbs.

interesting comments - i have personally seen new quay (nolan etc) and i think watergate is a better finish actually. I admit, yarras edge has a good finish, but you will find that its over priced per square metre. Dock 5 in Vic Harbour is very expensive, but its targeting the owner occupier market, not the investor as such. Victoria point has degrees of quality of finishings as you go higher up, but the lower levels are not that good in terms of quality..and i think that batmans hill and victoria harbour are the best locations in docklands...

but thats just my opinion

cheers

Lozza

 

[units4me]

How much is it in these Dockland one bedders for quarterly bodycorp/sinking fund/onsite management etc. if any?
I would also be interested to hear also from other Docklands building unit owners, not just watergate.

 

[Shonnie]

Before we got the Docky's apartment we looked in Watergate (opposite NAB with the big rabbit yeah?), New Quay and Lorimer..

We needed a fully furnished so Lorimer got our business, but we were more than happy with that location- It's only a short walk to the tram stop or spencer street, and a bus stops right outside the back of the apartments..

The apartments were absolutely stunning so I think Lorimer Street (yarras edge) wins in that department..

New Quay was heaps busier- but we found this to be less appealing, mainly because the doof doof sound of the clubs and stuff can get a bit old at 3am. I worked with some people staying in New Quay and said they found it very noisy some nights...

Watergate was nice, but the agent told us it had no pool or gym, and the apartment we saw was very small (asking $600 p/w), and it was TOTALLY WHITE. trying to keep that clean would be hellish hahaha..

The balcony was tiny as- and it seemed a bit dodgy compared to Yarras Edge.

Of course I'm biased, I loved every aspect of the Mirvac side (except the wind) - but i think you get that in most places..

 

[Trogdor]

Beautiful, but not comfortable.

Yes - I too would be interested in knowing what the cost of body corporate, etc.. is per year.



The other thing in these apartments is that you start to notice weird things about them after a while. I live in a big 3-bedder in Southbank (new development, Level 23). Its a corner appt with floor to ceiling glass. Looks awesome. However in summer its stifflingly hot - and the airconditioner runs 24/7. Now - its equally as cold and the heater is ALWAYS on...

When its very windy the air pressure caused by the wind makes air come in under the door and causes a squealing. Sometimes in my big fishtank you can see the fish swaying on very very windy days (apartment swaying).

The venitian blinds in the master room were asthetically, and not practically, designed. They let too much light in from the floor to ceiling glass. We now have extra curtains up as well (which are ours).

Luckily Im renting so this is all "nice but temporary".

The view is awesome, though.

Basically - some of these places are very nice to host a party in and impress people with the view - but not very living friendly!!

 

[Bandita]

Before we got the Docky's apartment we looked in Watergate (opposite NAB with the big rabbit yeah?), New Quay and Lorimer..

Watergate was nice, but the agent told us it had no pool or gym, and the apartment we saw was very small (asking $600 p/w), and it was TOTALLY WHITE. trying to keep that clean would be hellish hahaha..

The balcony was tiny as- and it seemed a bit dodgy compared to Yarras Edge.

Of course I'm biased, I loved every aspect of the Mirvac side (except the wind) - but i think you get that in most places..

Hi Shonnie and Dorielly,

Was wondering, from your perspective having lived in the Docklands - which were considered to be the most "sought after" buildings? Also, which buildings had the largest floor plans and rooms? I would guess, that after time passes, and everything is not brand new anymore, the apartments with the largest bedrooms and general overall size would retain higher values?

Cheers,
Jen

 

[Shonnie]

I can really only speak for the Yarras Edge side- I'm not sure about any of the others- from chatting to the locals (I used to work at the Docklands IGA)- we found that most of the younger crowd lived in Building 2- hence that became the building of "lesser value" - it was a smaller building too- with smaller apartments when compared to building's 1, 3, 4, 5.

I was in building three, and all the apartments I saw (including mine) were totally stunning- I know that building 5 is in the very high price range because the apartments are all brand new- but when compared to building 1 and 3, the walk to the gym/pool, supermarket and tram line is much larger. So position wise it wasn't as great..

All the apartments in the Mirvac development are very well laid out, big hallways, large apartments, huge balconies and plenty of space.. I am guessing the layout and the space will be the main consideration in the long run. Perhaps also the distance from the tram line and shops..

The Mirvac development is fantastic- it has a massive gym (like a normal gym), a huge pool, sauna, everything... but I'm not sure what the body corp fees are like, I'm sure they would be huge too..

Another good thing was that all the Mirvac buildings had an onsite building manager who dealt with any problems 24 hours a day ASAP- (really good when your fridge breaks down or electricity goes out)..

New Years was awesome too- especially with our massive balcony and brilliant view.. I'm not sure if all the apartments are north facing? I think 90% of them are.. the don't seem to build on the other side heheh..

Here are some photos from the apartment....

ENJOY!

 

[Bandita]

Fantastic Shonnie!

Thanks! Got any more pics?

I think you'd be a great source of wisdom for anyone looking in the Docklands area - not only because you lived there, but also worked there - how better to meet and understand the culture, people, views, etc of the place?!?

I think you're very right that in the longterm - the places with the bigger space, balconies, layout will be the winners - as well as those closet to the tram - which will be a key deciding factor in the younger working generation at least - and I know alot of them who want to live there!

What did you pay in rent at the apartment you were at? I think you said it was furnished??

Cheers,
Jen

 

[yadreamin]

ya coulda made the bed shonnie

 

[geoffw]

I was concerned about the flasher in the bathroom

 

[Shonnie]

Hahahha- I don't see the point in making beds when you are just going to go to sleep in them again 16 hours later...

This place was asking $675 a week fully furnished, but we got them down to $600 per week with a guaranteed cleaner every week as well.. At first they were a bit iffy about letting students stay in sucha nice place, especially for a year- but once they found out about the guaranteed cleaner they were fine

I thnk they were initially renting it out as a short term lease- ie. 3 months here and there for $675 a week- coz we said it would be paid for a year they were more willing to go for that..

So it was $600 a week, fully furnished (with hot as furniture), 2 bedroom, 2 bathroom with a car space..

Even though it was against the rules of the competition I rented out the car space (coz i dont have a car) for $120 a month.. so that was cool too.. people are willing to pay up to $45 a week for a car space there... awesome

It was fun seeing the famous people around too- we had [famous actor's name deleted] hang around a lot, found out he got busted buying drugs off one of the many drug dealers in Building 1- I thnk the cops let him off tho- he is/was such a party animal- A few neighbours stars, blue heelers ppl, news readers..

AND the infamous Henry Kaye.. wasn't HE a tosser. He used to come into the gym and put the weights onto the heaviest option, then grunt/scream/moan as he would lift them, then drop them down suddenly. He'd look around the gym to see if all the girls were looking at him.. I was, usually in disgust.. hahaha.. Mind you he is a bit hot in real life.. - we stopped seeing him around when the latest newspaper articles came out about him getting sued for millions.. wonder what happened to him...

 

[The Y-man]

ya coulda made the bed shonnie

I was more relieved to see I am not the only one to leave clutter on the couch....

Cheers,

The Y-man

 

[Bandita]

buying drugs off one of the many drug dealers in Building 1-

Really?? Is it just Building 1? Interesting...

Cheers,
Jen

 

[doreilly]

Hi Shonnie and Dorielly,

Was wondering, from your perspective having lived in the Docklands - which were considered to be the most "sought after" buildings? Also, which buildings had the largest floor plans and rooms? I would guess, that after time passes, and everything is not brand new anymore, the apartments with the largest bedrooms and general overall size would retain higher values?

Cheers,
Jen

Jen,

I can only truly speak for NewQuay, the podium levels of the NewQuay buildings (especially the St Elia dev) are the low rise (4 levels-ish) at the front of each building, closest to the waterfront, seem to be the most exclusive/expensive. They generally have seperate swipe entrances, so only podium residents have access.

They have the best views of the docks being closer to the water and high enough. Can be noisy as they are closer to ground level, but do not get as bad wind problems.

One thing annoying about most of the NewQuay buildings (except St Elia and Nolan) are the room shapes, sizes are OK, but a lot of rooms are curved or triangular which makes fitting furniture like beds/sofas and plasma/home cinema systems a *****. Maybe its just me that thought that though. Take a look at a few floorplans on re.com.au to see. Especially the Palladio and Boyd buildings.

 

[austini]

Soundproofing of Units?

Hi Gang,

This is all very interesting. Certainly if we ever got back to Melbourne it is one of the areas I think we would enjoy living (ie renting).

What is the soundproofing like from adjoining units and those above? We have lived in High Rise units quite a bit over the years but if the soundproofing of the walls is inadequate the noise from your neighbours can be a pain at times. Also if the unit above has timber floors the late night clip-clop of high heel shoes in particular can get annoying. Mind you we used to get complaints from a neighbour below when our sub-woofer shook the unit whilst watching action movies And the floor was carpeted! However we have since sold the Sub woofer.

Cheers - Gordon

 

[doreilly]

What is the soundproofing like from adjoining units and those above? We have lived in High Rise units quite a bit over the years but if the soundproofing of the walls is inadequate the noise from your neighbours can be a pain at times.

I will say all the apartments in Docklands I have spent time in are much better soundproofed than usual, both walls and floors.

I couldn't hear our neighbours unless our (and their) balcony doors were open.

And they didn't complain about us...

 

[Gigantor]

Hi guys, im only new to this forum, just signed up tonight (overwhelemed by the wealth of info already!) - this topic particularly appeals to me because i am currently living(renting) in the docklands.

I am in the watergate building, and have been here for 3 mths or thereabouts. I love it so far, having previously lived in the other burbs. I did quite a few mths research in the area before we picked one to rent, and inspected a fair few apartments in the different buildings.

I agree about the cold/wind, it can be an absolute killer sometimes!! Its freaky!

soundproofing - i NEVER hear neighbour noise. only hallway noise, but the construction noise outside is CRAP to wake up to!

in general, all the buildings have their pros and cons, i think it basically comes down to :

yarras edge - GREAT apartments/facilities, but crap location. too annoying to get to cbd or to new quay side

new quay - good location if you like eating out every night ( i dont ) or clubbing every night, but again a bit further from the cbd for work, and finish not as good as mirvacs

watergate - excellent location, pretty good finish & facilities, (tiny gym but its doable) and affordable (from a renters pov)

vic point - expensive!!! but apt's seem very spacious comparitively. problem with vic point is that you need to be very high up (at least lvl 8-9) unless you like opening the curtains to see footy yobbos a few metres from your bedroom window! free access to ymca docklands is a big plus, its great. i didnt fall in love with the interior designs though.



I do agree with Lozza that the area will be massive in about 10 years - but that is a LONG time to wait as an investor. I have considered buying in the vic point building (as we have no deposit, and devine run it) but im a bit worried about throwing all the eggs into one inner city 1 bedder basket so to speak, even as an owner occupier.

My plan at the moment is to buy a H&L package and rent that out, keep renting in the docks and enjoying the lifestyle, without a mortgage so crippling that it would make the lifestyle opportunities pointless. Exciting times!


(sorry for the essay-ish post!)

 

[Bandita]

I have considered buying in the vic point building (as we have no deposit, and devine run it) but im a bit worried about throwing all the eggs into one inner city 1 bedder basket so to speak, even as an owner occupier.

Hi Gigantor,

Welcome!! Thanks for all the info about the Docklands, always great to hear it from someone actually living there!

Was curious about the last part of your post though - being able to buy in Docklands without a deposit? All the research we've done into the Docklands has shown the banks won't loan more than 80% on them (yet), so would need a 20% deposit - which has made it an unaffordable investment for us so far.

Can you give us some more details on this no deposit purchase into the Docklands? For one, what's the interest rate? Are their prices comparable to other Dockland apartments? Do you know which lender is willing to lend 100%?

Cheers,
Jen

 

[Jamie]

Lozza,

I know a few of us regulars are still waiting for your responses to some previous questions, even though you haven't responded to this thread in nearly 3 weeks.

Im surprised, because you've logged into this thread many times since you last posted - you even read through the thread yesterday afternoon..

You still havent answered Bill's question:

Is the company you work for involved in selling Docklands property, or "advising" people to invest in Docklands property?

All the best,

Jamie.