Melbourne Cbd

hi guys just a quick question,
im in the process of purchasing my first investment property
im thinking of buying a 1 bedroom apartment in melbourne cbd and rent it out for the next 8 years or so
1 bedroom, lvl10, 44squar meters, balcony, for 330k

the apartment is off the plans so i am eligible for the 25k first home buyers grant

yes, no? thoughts?

cheers
jono
 
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Asking those questions on this forum is dangerous especially if you are really trying to market the apartments. Rather than being free advertising you could get shot down. If you are a genuine buyer then good luck but watch out for all those extra costs.

Good luck!
 
Can you swing a cat in there?

Dont you need to live in there to get the grant?

Sounds like a hotel room. i reckon you are better off looking out St Kilda/Elwood or further down the bay than a ****ty 44m2 apartment.
 
yeah ill have to live in it for the first 6 months, im spending 350k, if anyone has any better ideas for a first investment let me know
cheers
 
yeah ill have to live in it for the first 6 months, im spending 350k, if anyone has any better ideas for a first investment let me know
cheers

What are your longer term plans. No good buying a place like that if you wish to get married in the next 5 years and you need the first home buyers grant to even buy the property.
 
im 21 so i wont be getting married for a while haha
my plans are to buy a IP with steady rental income and eventually buy another and another
im just looking for the solid stepping stone
 
im 21 so i wont be getting married for a while haha
my plans are to buy a IP with steady rental income and eventually buy another and another
im just looking for the solid stepping stone

Let me post my bias. For 350 K, I would be looking to muster as much infill suburban land (not on the periphery of our metropolis) say over 600 sq with an old dwelling to rent out.

You will be buying something that cannot be manufactured..........Land.

What you are entertaining will be difficult to finance being so small and has nothing unique to it. They can build up to the sky ad infinitum. Different if you were buying a high end upper floor apartment with two or three bedrooms.

This old box on land may not be where you want to live however it may increase in value more than your sub 50 sq m cell and thereby allow you to duplicate and piggy back onto other IP's in the future.

Here are some suggestions.........Broadmeadows, St, Albans, Ardeer, Deer Park, Albion, Hopper Crossing, Werribee, Frankston.......you get the drift.

If they don't appeal, then look for a middle ground and buy a decent unit, town house closer in and near transport, amenity, etc.
 
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