Maidstone, Vic

[sivakumar_sr]

Hi

I need your opinion on this buy.

Maidstone - 2 Bed+ Ensuite 2 Bath, 1 Car, 93M2 Apartment - AUD$370,000 - Off Plan - Settle by Feb 2009. Blinds, Aircon, Dishwasher included.

http://www.realestate.com.au/cgi-bi...t=&header=&cc=&c=98972086&s=vic&tm=1202873536

The appartment is two level with less than 10 units in it.
Is it worth buying or the price it too much.

Regards
Siva

 

[yo yo ma]

Is it for PPoR or IP? What is the estimated rent return?

 

[sivakumar_sr]

It is for investment. Rental return is approx 350 per week

 

[willfong]

I live a couple minutes drive from there and I think that's too much to ask for a 2br apartment in Maidstone. For the same price you can get small townhouses (tiny, but hey at least there is some land content) or 3br apts nearby (north a bit, nearer to Highpoint shopping centre and the tram, which is a better area with much higher median price than Maidstone). Won't be brand new though, around 5-8 years.

 

[willfong]

And that 2br apt won't get you $350 per week, the agent is bull$$$$ing you. Looking at the agent name I'll be wary to deal with them too, refer to this post (and the link in there) to find out why.

http://www.somersoft.com/forums/showthread.php?t=39441

 

[Nigel Kibel]

maidstone

The development is located next to a private golf course. Secondly AV Jenning have just sold a large number of blocks next door for around $400,000 each. They averaged 500 square metres. That means that when the homes are completed they wil be worth upwards of $800,000. I think this area is undervalued. I know that this particular development also includes a number of properties for owner occupiers.

So you have to look at the whole picture. If you are buying as a long term investment it should be worth considering.

 

[ozi]

You could probably find a run down house on a good size block in Maidstone for that price. The rent at $350/w is over the top too.

 

[long88]

Nigel, how could a $800k houses undervalued ?

is there any 1 Mil houses around there ? to make this 800k undervalued ?

sorry i am not from around that area.

 

[Nigel Kibel]

undpriced

I am talking abut the area generally. The houses are not undervalued they are for owner occupiers not investors. I think that the area as a whole should improve in value.

There is a lot of light industrial property around. With land selling for $400,000 a block it will in time lift the land value in the area and start to push up overall prices.

 

[willfong]

I agree the area is still undervalued and those parts of Maidstone (Ulmara and the nearby Essence, or generally the ones north of Ballarat Rd) are currently commanding very good price already. Having said that I still think you could do much better with 370k in the area and the rental for that 2br is not as high as what the agent suggested.

Eg. old 4br house with big land in maidstone for 340-370
http://www.realestate.com.au/cgi-bin/rsearch?a=o&id=104599801&f=10&p=10&t=res&ty=&fmt=&header=&cc=&c=26190670&s=vic&tm=1202979677

3br townhouses and apt in Maribyrnong for the same price range
http://www.realestate.com.au/cgi-bin/rsearch?a=o&id=104646876&f=20&p=10&t=res&ty=&fmt=&header=&cc=&c=57733193&s=vic&tm=1202979782
http://www.realestate.com.au/cgi-bin/rsearch?a=o&id=104476781&f=10&p=10&t=res&ty=&fmt=&header=&cc=&c=57733193&s=vic&tm=1202979782
http://www.realestate.com.au/cgi-bin/rsearch?a=o&id=104513235&f=10&p=10&t=res&ty=&fmt=&header=&cc=&c=57733193&s=vic&tm=1202979782

 

[Bandita]

Hi

I need your opinion on this buy.

Maidstone - 2 Bed+ Ensuite 2 Bath, 1 Car, 93M2 Apartment - AUD$370,000 - Off Plan - Settle by Feb 2009. Blinds, Aircon, Dishwasher included.

http://www.realestate.com.au/cgi-bi...t=&header=&cc=&c=98972086&s=vic&tm=1202873536

The appartment is two level with less than 10 units in it.
Is it worth buying or the price it too much.

Regards
Siva

We live in the West. And, No, I wouldn't buy it, it's too much for that area. You could buy a house with land for that price. Maidstone is seeing growth, especially in the houses - as the land is generally over 600m2 in that area. The whole area maybe changing, but it is still industrial. I think it will take much much longer for apartments to see that kind of growth there (especially if you start with one at $370k) - also, the rent they're suggesting is far too high.

Cheers,
Jen