Looking to buy off the plan

Hi All,
I am living in sunny Newcastle and have always been in love with the Melbourne lifestyle. I am looking to buy an apartment off the plan....but am not sure where? I want to be close to the city (walking or short tram ride) looking for a one bedroom spacious or two bedroom apartment. I have come across Silverleaf at South Melbourne (kingsway) but the only apartments with a view and a good aspect are facing Kings way. I can only afford 5th floor. It looks like a busy road? Can anyone give me some feedback? I can't afford to make a mistake. appreciate any assistance.
 
Hi WW,

Have a search of threads re off the plan - appears there are some pitfalls.

Have you thought about buying an already established apartment?
 
Hi Wendy,

Need to know ....


What's the budget?
Why do you want off the plan?
Will you bring the sunny weather with you?

before I can really comment...

The Y-man


p.s. Kingsway is as busy as you can get in Melbourne!
 
Hi All,
I am living in sunny Newcastle and have always been in love with the Melbourne lifestyle. I am looking to buy an apartment off the plan....but am not sure where? I want to be close to the city (walking or short tram ride) looking for a one bedroom spacious or two bedroom apartment. I have come across Silverleaf at South Melbourne (kingsway) but the only apartments with a view and a good aspect are facing Kings way. I can only afford 5th floor. It looks like a busy road? Can anyone give me some feedback? I can't afford to make a mistake. appreciate any assistance.

Have a read on people's thoughts on the off the plan by doing a search on the forum.

An alternative suggestion might be to find a good buyers agent that knows Melbourne well to find you an established apartment? The amount you pay for the BA will probably be made up by the amount you save with their knowledge of the local market.

Regards,

Jason
 
Hi All,
I am living in sunny Newcastle and have always been in love with the Melbourne lifestyle. I am looking to buy an apartment off the plan....but am not sure where? I want to be close to the city (walking or short tram ride) looking for a one bedroom spacious or two bedroom apartment. I have come across Silverleaf at South Melbourne (kingsway) but the only apartments with a view and a good aspect are facing Kings way. I can only afford 5th floor. It looks like a busy road? Can anyone give me some feedback? I can't afford to make a mistake. appreciate any assistance.


Hi,

I be straight, i have never been a fan of OTP; unless it's a small development ( less then 20 units) + good quality builder + good location...and of course selling below the market at that time...yes rare find...but any large OTP is a big no no for me personally as a investor.

Wendy reading your post...it seems like your buying this place because it's the only one you can AFFORD? that's a huge mistake...don't buy just because you can afford it...here are some negatives i can see from this purchase:

1. It's on a busy main road- hard to rent out/ sell
2. You can only afford the cheapest one in this whole block...meaning your buying the WORST one = bad mistake, be aware at any one time there would be 3-5 apartment on sale at the same time and since your one is not top of the pile...it won't demand the top price.

3. Normally with OFT - 1 month before and after completion i can tell you now there will be at least 1-3 property for sale because the original buyer could not get their finance in place etc...discount buying.

Regards
Michael
 
Wendy have a Chat to Cathrine Cashmore at JPP Buyers, she is very friendly and should give you some direction.

Yep would agree! give Cathrine a buzz.

Catherine Cashmore
Senior Advocate and Media Correspondent;
JPP Buyer Advocates
P 03 9523 1054 | M 0458 143 089| F 03 9523 1082
368 Hawthorn Road, Caulfield South 3162
[email protected]

Regards
Michael
 
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