Meriton apartments



From: G V

I went to a seminar 2 days back. They are investment group selling and maintaining Meriton apartments. Personally I would not like to live in there but will be good as a investment property. Also the prices are on higher side. Any input would be appreciated.

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Reply: 1
From: Owen .

I looked at some Meritons around Ultimo a year ago and decided against buying one. My reasons were :

1) Expensive. I looked at $225k for 1br no parking and there was a 2 br with parking in the near-new block next door for $210k.
2) Lack of quality fittings. They look good at first but in the show apartments I saw they were getting very tatty, very fast. A year later and the common areas in the development I looked at are pretty grubby.
3) There's millions of them in each block. Your sale price and rent is set by the competition of all the other ones around you. Blocks of 200-300 apartments are always going to have a high turnover so a tenant will just look at the cheaper unit down the hall.

These comments are obviously a generalisation and I am sure that some of the Meritons developments are very nice. The comments really reflect my opinion of buying in large scale developments overall.

I try to stick with smaller blocks were generally the outgoings are reduced (no lifts, gyms or pools that no-one uses) and a bit of individuality makes a difference to my own apartments value. You also have a greater say in the maintenance of the common areas (1/10th vote instead of 1/200th).

Just my 2.2c worth.
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