melbourne CBD or close to.

S

stargazer

Hi all

Looking for anyone in Melbourne with some city knowledge. Looking to buy an apartment or unit fully furnished. Up to around $300,00. Preferably not student accomodation.

What areas am i most likely to find something.

Looking to rent out then use for holiday for short periods from time to time.

Any suggestions on real estate agents would help.

Will be going over there soon to look around.

At this stage not sure of the areas but near the casino seemed nice when i was last there.

Cheers
BC
 
I wouldn't recommend near the casino, or in Southbank, or in the CBD, or Docklands. Those places are awash with stock and lack decent amenities.

I'd recommend buying a unit in an established suburb such as Richmond, Port Melbourne, Carlton, St Kilda or South Melbourne. These are far better places, both to live in and for capital growth.

EDIT: I just noticed the $300k limit. That might not be enough in the areas I suggested.
 
Last edited:
I would suggest student accommodation. But you might be too late. In the news yesterday (I don't have the link to hand ....anyone else?) A block of student accommodation is coming to the end of lease which means......it will no longer be student accomodation and will have an immediate jump in capital growth purely by change of usage.

Just a thought about being creative and questioning everything even the stuff you think you know :)
 
Twitch said:
I wouldn't recommend near the casino, or in Southbank, or in the CBD, or Docklands. Those places are awash with stock and lack decent amenities.

I'd recommend buying a unit in an established suburb such as Richmond, Port Melbourne, Carlton, St Kilda or South Melbourne. These are far better places, both to live in and for capital growth.
Click to expand...

and i will keep this in mind!

thanks for the suggestions.
 
Sounds like you'd be a candidate for Timeshare?

I am assuming you are going to do short term rentals during the peirods you are not using it. Managing this type of property from a distance might be difficult - as the avergae PM won't do it for you (welll, they will, but it will be expensive - considering you'd be up for leasing fees each time! - as well as doing inventory checks etc)

Cheers,

The Y-man
 
Twitch said:
I wouldn't recommend near the casino, or in Southbank, or in the CBD, or Docklands. Those places are awash with stock and lack decent amenities.
QUOTE]

I'm sorry but this is utter... nvm
Yes, there are many apartments around, yes thats true. THats just because the land is too expensive to just build a a couple of houses on it !
Lack of decent amenities... gosh .. . . . . .. . sigh... nvm
You're more experienced than myself..so I'll just zip it up.

Anyways,

I have a 3 units in the CBD.

1 : Bought 2005 at 330k, just revalued 2 months ago at 450k 6%yield
2 : Bought 2004 at 400k, '' at 620k 5.9% yield
3 : Bought 2006 at 420k, '' at 500k 6.7%yeild

The apartments are in Southbank, Docklands and St Kilda.

Low Capital Gain..? I dont know, but to me its quite decent.

Advice though is to buy at the right unit at the right location in the right building. Dont buy an apmt in Docklands without the water views. Dont buy apmts in CBD or surrounding suburbs with a blockout view / with bad fittings.

Look for quality, position and of course, the view.
Click to expand...
 
bonecrusher said:
Hi all

Looking for anyone in Melbourne with some city knowledge. Looking to buy an apartment or unit fully furnished. Up to around $300,00. Preferably not student accomodation.

What areas am i most likely to find something.

Looking to rent out then use for holiday for short periods from time to time.

Any suggestions on real estate agents would help.

Will be going over there soon to look around.

At this stage not sure of the areas but near the casino seemed nice when i was last there.

Cheers
BC
Click to expand...

Have you looked at areas like flemington, kensington and ascot vale? There are still a few bargains there and fairly close to the CBD.
 
Twitch said:
I'd recommend buying a unit in an established suburb such as Richmond, Port Melbourne, Carlton, St Kilda or South Melbourne. These are far better places, both to live in and for capital growth.

EDIT: I just noticed the $300k limit. That might not be enough in the areas I suggested.
Click to expand...

I'd agree - especially for Port Melbourne. But St Kilda & Richmond should be doable.

St Kilda appears to be offering decent value at the moment with prices starting from just over $200k:

http://www.domain.com.au/Public/PropertyDetails.aspx?adid=2007376555

http://www.domain.com.au/Public/PropertyDetails.aspx?adid=2007398890

http://www.domain.com.au/Public/PropertyDetails.aspx?adid=2007373530&ts=1

Two other suburbs I'd add to the above list are Brunswick and Northcote, and if you're on a strict budget or want 2 bedrooms instead of one, Footscray or Brunswick West.

Peter
 
The units/apartments in and directly around the Melbourne CBD are particularly attractive to foreign students. It's not uncommon for parents of students from some asian countries to purchase a property for the duration of their stay, however there is a general limit of $300,000 on property ownership by temporary students. A real estate agent told me this has some effect on property prices - effectively a price barrier as once the price hits $300,000 the demand drops off significantly. Not sure how true that is, but worth consideration.
 
maybe off the topic but generally, how is a inner 1 bed apartment(not serviced) compared to a 2 bed unit in establish middle/outer suburbs in terms of both yield and capital growth according to you guys experience through your journey?

Regards
Vince
 
peastman said:
How about something like this:-
http://http://www.realestate.com.au/cgi-bin/rsearch?a=o&id=105088358&f=0&p=10&t=res&ty=&fmt=&header=&cc=&c=73026733&s=vic&snf=rbs&tm=1222562044

Cheap to get into, good cashflow and sounds like lease will expire in a few years which should give very good CG.
Click to expand...

I've never been a big fan of this type of deal, but there's something about this one that I like. I often hear people say "no car park = no deal". Even so, assuming the apartment was in a decent location within the building, it could be worth a punt.
Thanks for sharing :)
 
Rob Williams said:
I've never been a big fan of this type of deal, but there's something about this one that I like. I often hear people say "no car park = no deal". Even so, assuming the apartment was in a decent location within the building, it could be worth a punt.
Thanks for sharing :)
Click to expand...

Its a few blocks from where I work. Its a great location and the building is beautiful. Have been inside for a few after work drinks in the hotel foyer and is very grand.

It looks as if the apartment faces the lane way from best that I can see. If it ever became a private residence, brighten up with some paint, get rid of the dark colour curtains. This is the quintessential city pad. Like this one.

Re car park, the person that would live there wouldn't need a car. All amenities are close - supermarkets, gyms, entertainment, transport (obviously), Telstra Dome is in walking distance, financial and legal precinct are literally there on your doorstep.

Interesting that it mentions only a 5 year lease, usually you see mention of options, so it might become available for private use. Not sure how that works, and who owns the res of the apartments.

The downside to this is the finance (and size). I suspect a 20%+ deposit would be required given its a commercial lease, although it is to Sebel Hotels, which is part of the Mirvac Group, so possibly a 20% lend is possible given who the lessee is.
 
Thanks for the input Buzz. I come to Melbourne 3-4 times a year. Love it there! If I moved there, this would be just the sort of place and location I'd be looking for. Yeah, I'd ditch the car, too. Never even caught a taxi in all the years I've been doing the Melbourne visits. It's a great city.
I'm over there Sat Oct 11th - Mon 13th. Will check it out, if they can arrange it. I'll buy you a beer, too if you have time :) (who hasn't got time for beer!).
Rob
 
VCDenton said:
maybe off the topic but generally, how is a inner 1 bed apartment(not serviced) compared to a 2 bed unit in establish middle/outer suburbs in terms of both yield and capital growth according to you guys experience through your journey?

Regards
Vince
Click to expand...

I bought a 1BR and 2BR at the same time in the same suburb to test this...

The yield on the 1BR has been slightly better, an seems to have less vacancy (affordability?)

Growth estimates from 2001 to now
1BR $160k to $250k~$280k
2BR $215k to $350k~$400k

Cheers,

The Y-man
 
Alot of young childless couples go for the 1 bedroom being cheaper because they share a bedroom anyway. I've only sharehoused in a House and wouldn't ever want to do it in a 2 bedroom unit.
 
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