Good post property girl... when I saw these going up years ago I thought they'd be money sinks
Kingston Foreshores - ACT
- Thread starter Craiginqatar
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"prices at the Waterfront complex, also overlooking the lake, have not risen at all since they first went on the market about 10 years ago."
Pretty sure they were only built around 06/07 and of the few top end properties that have been resold, they have risen between $500k - $900k in four years. The lower end hasn't had risen as much, but still decent.
Having said that, I wouldn't buy anything near there, the workmanship is very poor... so I have heard.
Also have to laugh at a 'Marina' on an inland lake.
Pretty sure they were only built around 06/07 and of the few top end properties that have been resold, they have risen between $500k - $900k in four years. The lower end hasn't had risen as much, but still decent.
Having said that, I wouldn't buy anything near there, the workmanship is very poor... so I have heard.
Also have to laugh at a 'Marina' on an inland lake.
I always thought they were overpriced but watched them perform very well over the last 8 years. I doubt the new ones will be any different. There is a big demographic for the product. Lots of dinks, gays and rich polies.
Just off topic a little, have you guys seen the Nishi apartments in new Acton? I had a look a couple weeks ago. I couldn't believe the prices they were asking for tiny tiny apartments.
Surely Canberra buyers would be a lot more sophisticated than maybe what the developers give them credit. We are not in Japan, we have a lot of space in Canberra, people don't need to resort to living in a 35m2 apartment.
The apartments do look beautiful and fresh (great colour selection) but everything is laminex. I don't even mind the laminex as it has been done well but when you combine the cheap finishes and the tiny floor spaces with still pretty expensive price tags.... Well it's just not for me I guess.
Angel
Surely Canberra buyers would be a lot more sophisticated than maybe what the developers give them credit. We are not in Japan, we have a lot of space in Canberra, people don't need to resort to living in a 35m2 apartment.
The apartments do look beautiful and fresh (great colour selection) but everything is laminex. I don't even mind the laminex as it has been done well but when you combine the cheap finishes and the tiny floor spaces with still pretty expensive price tags.... Well it's just not for me I guess.
Angel
It's an interesting development and it's great to see something different in Canberra. From what I can recall, the prices weren't overly stupid for what you get - I was looking at some of the 1 bedroom places and I'm pretty sure they were greater than 50m2 and starting at the bottom of $400k....I could be wrong, it was a while back when I checked them out.
I've heard that due to the design, it could be difficult to filter out external noise though.
Cheers
Jamie
Forget the foreshore, there are properties such as those in Blackall St Barton that have better water views than the foreshore, because they are built on a small hill only 50 or so metres from the lake. Comparable pricing but without the hassle of bad construction.
I would NEVER buy off-the-plan.
Property girl has summed up exactly why off-the-plan is a bad idea.
The fact that you are posting on somersoft shows you have doubts. If there are any doubts, especially in a weak property market, don't buy.
Property girl has summed up exactly why off-the-plan is a bad idea.
The fact that you are posting on somersoft shows you have doubts. If there are any doubts, especially in a weak property market, don't buy.
I understand where you're coming from and agree to an extent - however, the off-the-plan market in the ACT has been a little unique compared to other capital cities in recent times.
There have been a lot of investors who have done quite well with OTP in Canberra over the last 5 years due to the consistently strong growth.
Will it continue? Who knows.....there does seem to be a lot more OTP developments at present....which could effect the demand/supply balance.
Cheers
Jamie
Jamie,
You seem to be a mortgage broker so its obvious you have some bias.
The fact is Tony Abbott will win the next election and sack 12,000 Canberra public servants. Add to that the general property market in Australia is stagnating (at best).
Anyone who wants to risk $500,000 on Canberra needs to think very carefully.
You seem to be a mortgage broker so its obvious you have some bias.
The fact is Tony Abbott will win the next election and sack 12,000 Canberra public servants. Add to that the general property market in Australia is stagnating (at best).
Anyone who wants to risk $500,000 on Canberra needs to think very carefully.
Haha, easy Tom - I was never disagreeing with you, just stating my own observations.
Cheers
Jamie
