Good buy?

[Melbournian]

Does anyone think this is a good buy

http://www.realestate.com.au/property-apartment-vic-southbank-1070972

102 sqm (3 bedroom apartment) with floorboards, downlights and marble flooring. Has anyone bought a 3 apt unit in melbourne recently?

 

[pieman]

Body corp fees??
Rental demand for 3 bedders?
Potential to add value?

All point to a "wouldnt touch it with a barge pole" imho

 

[meconium]

I love the innercity. But these days its all overpriced and this is the case with this apartment. The innercity is overpriced. All of it. The best deals were around in 2006, there's no going back. If its an investment the OP is chasing then it may be best to buy older houses on large, redevelopable blocks of land. No, not in the innercity. Elsewhere.

 

[Mr. Fabulous]

Why would you want an apartment in a cookie cutter high rise with crappy views that is exactly the same as thousands of other units in the immediate vicinity when you could buy a halfway decent house or unit not much further out for the same price?

 

[charlieandkath]

I didn't even look at it but in my opinion Melbourne had a bloody good run lately and for this reason and the current interest rate cycle I would not be investing in Melbourne at the moment. Cheers.

 

[Melbournian]

Why would you want an apartment in a cookie cutter high rise with crappy views that is exactly the same as thousands of other units in the immediate vicinity when you could buy a halfway decent house or unit not much further out for the same price?

size and price - others are much pricier and much smaller.

 

[shuggy]

size and price - others are much pricier and much smaller.

For the same money you could buy a house in brunswick with greater rental demand and cap growth. This is not a good buy for $609,000, there must be at least 10,000 apartments in southbank. I reckon the body corp is probably more than $5,000 a year. I wouldn't touch it either.