Melbourne CBD Apartments

Hello

I have seen 1 bedroom apartments for sale in North Melbourne for under under $200k. It is a large building at least 5 stories high, probably a few hundred apartments in the one building. They seem like a good deal so there must be some catch....

I noticed other advertisements say "student only". What on earth are they? Why would anyone build a huge apartment block and restrict it to students only???? Also some advertisements say you are buying a part of a hotel aka "serviced apartments".

I want to be 110% certain I am NOT buying a "student only" or "serviced apartment". How do I make sure it is a normal / standard apartment? I want to choose my own property manager and not have to deal with any dodgy management lease etc. Does my lawyer check this during the settlement process?

Also, would someone be able to to tell me the approximate council rates and body corporate that I would pay per annum for a one bedroom apartment in nth melb?

Any other advice would be much appreciated.
 
if it's less than 50 sqm without a car park then it will be student accommodation. The reason why they call it 'student accommodation' is because under the law that is what they must call it. Student accommodation differs from normal apartments because there is no need to construct car parks, which makes it cheaper for the developer and allows the council to increase the residential density of the area.
 
I want to be 110% certain I am NOT buying a "student only" or "serviced apartment". How do I make sure it is a normal / standard apartment? I want to choose my own property manager and not have to deal with any dodgy management lease etc. Does my lawyer check this during the settlement process?

Check the vendor's statement - conditions will be listed in there.



Cheers,

The Y-man
 
Thank you for explaining "student accommodation".

With student accommodation, how does council (or whoever) ensure you only rent it out to "students"????

If you buy student accommodation and rent it out to a non student, what could happen?

With student accommodation, are you allowed to live in it?

Can you choose your own property manager for student accommodation, or are you forced into a management contract (like serviced apartments)??
 
Thank you for explaining "student accommodation".

With student accommodation, how does council (or whoever) ensure you only rent it out to "students"????

If you buy student accommodation and rent it out to a non student, what could happen?

With student accommodation, are you allowed to live in it?

Can you choose your own property manager for student accommodation, or are you forced into a management contract (like serviced apartments)??


In most cases, "Student Accomodation" is a business run by a company (pretty much along the same lines as Serviced Apt - without the servicing!).

The company decides on the policies of who stays etc.

They run the business, so they "manage" the property - eg tenant selection, screening etc.

You are only there to essentially provide capital to the company to run their business - with essentially no say in how the business is run.

Not saying this is good or bad - just that you need to view "Student Accomodation" as a business/commercial proposition than a residential one.

Cheers,

The Y-man
 
you can move into it, if you are a student! Also lenders generally restrict their LVRs to student accom, because of the restricitions they view it as closer to commercial property rather than residential.
 
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