Melbourne inner city units
- Thread starter Twiggy
- Start date
Hi I am looking at buying an investment property unit within 5-10km of the Melbourne CBD. My budget is 400-500K. Can anyone suggest some potential suburbs for me to focus on.
Try these few criteria to narrow down the list:
Near trains, buses and maybe main roads leading to the city centre.
Near good shopping and cafe areas
Near parks, recreation, beaches etc
Well designed with good floor plan
Undercover parking is a plus
Close to a more expensive and less affordable suburb (over-flow suburb)
Try to avoid expensive body corp buildings (pools, elevators etc are costly to YOU)
Rent return at least the same as loan interest rates so you don't become a slave to your IP's (good luck with that one inner-city)....
there will be many different and varied opinions with regard to Melbourne suburbs - ranging from east/west - dont go in Melbourne.
Generally helps if you have thought out a plan and propose it on the forum - so people can provide you some feedback with regard to your proposal/ideas.
ie. I was thinking of suburb xxx - because xxx, which i think I can get property xx to do xx.
Generally helps if you have thought out a plan and propose it on the forum - so people can provide you some feedback with regard to your proposal/ideas.
ie. I was thinking of suburb xxx - because xxx, which i think I can get property xx to do xx.
Elwood would be my best bet but haven't really researched it. Just think its the best location.
Might be a bit hard to find an apartment in Elwood in your price range that's in a boutique block unless you go 1 bedroom which I don't suggest. Having said that, buying conditions are very good and it depends on the vendors motivation. I suggest you take a value add perspective ( if you're a tradie you're able to do a lot of expensive reno's for well below cost and achieve above market rents and have the added benefit of built in equity gain if done correctly/carefully. Good luck with your search.
Hi Matto,
Your right perhaps I should clarify.
I am looking for a 2/1/1 unit within 5-10km from the city. Some of the areas I like are St Kilda East, Caulfield North, Northcote, Richmond. I am looking for not too many on the block. I would prefer a single or double story block.
I like certain types of units such as the art deco ones. Some unit blocks look tacky but should I let emotion take control and go for something I would like to live in (as this may be an option down the track) or think purely on investment potential?
One particular unit that has taken my fancy has been this one in St Kilda East:
http://www.domain.com.au/Property/For-Sale/Apartment-Unit-Flat/VIC/St-Kilda-East/?adid=2009633920
As I said I like the art deco design which is nicer than some of the 1970's and 80's unit blocks. It is well built with high ceilings, an entrance hallway, an off street open car space, nice architraves and an updated kitchen. The only thing I didn't like was the south facing courtyard, which was really a very narrow alley way with high trees on the other side of the fence so it would get very little sunlight. This may be an issue for drying washing! It was also accessed by the second bedroom rather that the living area. I guess though in inner city areas you have to compromise for space.
In terms of St Kilda East does the assumption of not buying on main roads apply to Hotham St and Alma Rd as there are a few on these roads? I guess some of these units can be at the back of the block and these rules would not apply.
I prefer ground floor units with courtyards. In terms of investment potential is this favorable or do balconies hold equal appeal (depending on view I guess)?
These are some other ones which look good. I don't like the external style of the building but they do have the potential of adding capital value through renovation.
http://www.domain.com.au/Property/For-Sale/Apartment-Unit-Flat/VIC/St-Kilda-East/?adid=2009646472
http://www.domain.com.au/Property/For-Sale/Apartment-Unit-Flat/VIC/St-Kilda-East/?adid=2009496295
Thoughts would be appreciated.
Cheers
twiggy
Your right perhaps I should clarify.
I am looking for a 2/1/1 unit within 5-10km from the city. Some of the areas I like are St Kilda East, Caulfield North, Northcote, Richmond. I am looking for not too many on the block. I would prefer a single or double story block.
I like certain types of units such as the art deco ones. Some unit blocks look tacky but should I let emotion take control and go for something I would like to live in (as this may be an option down the track) or think purely on investment potential?
One particular unit that has taken my fancy has been this one in St Kilda East:
http://www.domain.com.au/Property/For-Sale/Apartment-Unit-Flat/VIC/St-Kilda-East/?adid=2009633920
As I said I like the art deco design which is nicer than some of the 1970's and 80's unit blocks. It is well built with high ceilings, an entrance hallway, an off street open car space, nice architraves and an updated kitchen. The only thing I didn't like was the south facing courtyard, which was really a very narrow alley way with high trees on the other side of the fence so it would get very little sunlight. This may be an issue for drying washing! It was also accessed by the second bedroom rather that the living area. I guess though in inner city areas you have to compromise for space.
In terms of St Kilda East does the assumption of not buying on main roads apply to Hotham St and Alma Rd as there are a few on these roads? I guess some of these units can be at the back of the block and these rules would not apply.
I prefer ground floor units with courtyards. In terms of investment potential is this favorable or do balconies hold equal appeal (depending on view I guess)?
These are some other ones which look good. I don't like the external style of the building but they do have the potential of adding capital value through renovation.
http://www.domain.com.au/Property/For-Sale/Apartment-Unit-Flat/VIC/St-Kilda-East/?adid=2009646472
http://www.domain.com.au/Property/For-Sale/Apartment-Unit-Flat/VIC/St-Kilda-East/?adid=2009496295
Thoughts would be appreciated.
Cheers
twiggy
Twiggy, the reno's done already - you need to look for one with a dirty old kitchen, old bathroom, crappy carpet etc.....
The Y-man
Yes
- for one thing they are cheaper to buy (theoretically anyway)
- you have no idea what "shortcuts" have been taken in the reno. http://somersoft.com/forums/showthread.php?t=78586&highlight=y-man
- many things can be hidden by a coat of paint - for a short time - rising damp, leaky roof etc etc
The Y-man
commercial or residential?
Agree with comments above, 2 bed and maybe on older apartment that needs a little work.
Although not really what your looking for, however just be carefull around Carlton & Nth Melbourne as there are quite a number of 'Student accomodation' appartments which are mostly Studio or 1 bedders but may offer less capital gain than 'residential'
Although a little futher out (13-15km) from the CBD Glenhuntly & Carnegie might be worth a look. i.e. I have a renovated 2 bedder in Glenhuntly rented at $350 PW (about 4% return on estimated M/V)
Although not really what your looking for, however just be carefull around Carlton & Nth Melbourne as there are quite a number of 'Student accomodation' appartments which are mostly Studio or 1 bedders but may offer less capital gain than 'residential'
Although a little futher out (13-15km) from the CBD Glenhuntly & Carnegie might be worth a look. i.e. I have a renovated 2 bedder in Glenhuntly rented at $350 PW (about 4% return on estimated M/V)
Hi Twiggy, you should definitely take the emotion out of it but at the same time, your on the right track with what you've suggested. Those art-deco properties will have much better capital growth than their newer 'tacky' counterparts. Although dont discard all 60's & 70's as some still have character.
Im looking for exactly the same properties at the moment in that area, might see you around!
Comm..........
No such thing in commercial as it's all about the yield/potential yield.
i'd got for something like this if budget permits
http://www.domain.com.au/Property/For-Sale/Apartment-Unit-Flat/VIC/Toorak/?adid=2009646726
put in new floors / kitchen / bathroom. the place is massive as well
http://www.domain.com.au/Property/For-Sale/Apartment-Unit-Flat/VIC/Toorak/?adid=2009646726
put in new floors / kitchen / bathroom. the place is massive as well
