Melbourne inner west house VS St Kilda/Elwood apt?

[Melbournian]

Interesting choice. I know that building due to working close by. There are some good points like it's proximity to the city and trams.

On the other hand it's in between two very busy roads, in a pro development area, in a mixed use zone, there are 121 units most of which are identical, the bedrooms directly open to the living area, the access to the bathroom is through one of the bedrooms (bad if there are two tenants), the outdoor space is through one of the rooms, the hallway opens directly onto living space there are expensive body corp facilities in that building such as a tennis court, pool, gym. There is nothing unique about this property and it's in a completely over saturated market of new-ish high rises close to the CBD.


There's nothing really strange about those figures. What you're seeing is the new units that have been sold from a sub-division and new building built behind the original Victorian complex; done by the same developer that renovated the front block.

PS - Anot aggressively chasing business. I'm offering information on this site for free and letting people know that I'm open to phone calls to give advice.

i respect your opinions. but again everyone to their own - there are generic units - agreed and nothing unique which allows for manufactured growth and can be modified which can generate rents of 550-650 per week unfurnished to furnished. The body corp is the lowest among all the other newly builds. People who rent the can range from corporate people who need quick access to the city. If done up correctly as in renovated you could easily see 50-100K in growth. there is nothing wrong with lifts, pool and gym - many potential buyers later down the track would seek this as something they would look for into buying.

this is south melbourne and is across to the botanical gardens and is close to albert park lake and the south melbourne market as oppose to being close to a cemetery (which essential just wiped out all the asian renters), having a bunnings kitchen for resale and far from a train line . A bit strange that you bought a 1 bedder for 500K when others were sold for 400Kish

PS: nothing personal just my opinions.

 

[pieman]

i like the fitzroy one but the others seem average depending on price.

I lived next to that Tennyson st flat and they are nice apartments with a great fit out. What ballpark were they?

 

[Jake Milne]

Somewhere around the 700 mark for the 2 bedrooms

 

[matto_]

back to the op q.

Are you familiar with Melbourne. If buying for ppor, and living there for 5 years, have you been to both areas. Very different in terms of feel.

Investment has totally different criteria.

 

[Uncertain1]

Thanks for the extremely informative debate folks! Currently we are living in Williamstown, and very familiar with Newport/Yarraville (not so keen on Footscray, but we have been looking there due to budget restrictions and the future potential of the area...although maybe that is perceived rather than actual).

The choice between apartment and house is a tough one, and something that we have yet to come to terms with. I would prefer a house, in order to avoid a number of things, including strata insurance and body corporate, whereas OH wants an apartment in order to be closer to the CBD and to avoid garden maintenance/suburbia. We both work in the city (OH in the CBD, me in Toorak). I know exactly what you mean in terms of different feel of suburbs - let's just say that the more blue chip suburbs are where we would like to live, but the western suburbs are probably more like what we can afford.

5 Lewisham in Prahran is exactly the style of apartment and building we would be interested in (eg, character building and a renovated apartment)...although at 500k for a 1 br it is a little pricey. Agree with those who are a little suspicious at all the recent movement in that area though.

We are very much led by our own preferences, rather than considering the investment potential because we aren't certain what will happen in 5 yrs time when we will probably move on. Plus, buying PPOR has a bit more personal emotion attached to it (even though I am trying to remain impartial). It's a difficult decision and one that will most probably be led by the right property, but it is interesting to hear what others think. Happy to hear more on the subject if anyone has anything further to offer!

 

[zed_kid]

i had the same dilemma in 2011, inner west house or inner east apartment, i went the apartment route, the yield was MUCH better

 

[Uncertain1]

I see what you're saying Zed, but all those new build CBD apartments sitting ready to overstock the market do have me a little concerned.

 

[Jake Milne]

inner East apartments are a good option as long as they're on a street with little to no other apartment blocks and in an area that is not pro-development. To avoid the over saturated areas stay at least 2km out of the CBD