This got rejected by the council a few months ago. Did the developer win during vcat trial?
Mitcham Village Apartments - OTP
- Thread starter thestormwatcher
- Start date
This got rejected by the council a few months ago. Did the developer win during vcat trial?
Bought One!
I just signed the contract for a 2 bedrooms one for $444,500 with a car park in the basement.
I'm still very new in the property investment and a bit nervous about the purchase. I wonder how much it could be rented out for? Also whether its value will increase after 1.5 years when the construction completed.
I think the location is perfect and it seem the construction is well designed with high quality materials. They have sold 95% and there seems to be a lot of people fighting for one after another.
I don't think it's too expensive considering the current market. For that amount of money, you basically can't find anything decent around the area especially on the freeway side of the train track.
Do you think this is a good investment?
Have anyone here bought one yet? I think they will all be sold very soon.
I just signed the contract for a 2 bedrooms one for $444,500 with a car park in the basement.
I'm still very new in the property investment and a bit nervous about the purchase. I wonder how much it could be rented out for? Also whether its value will increase after 1.5 years when the construction completed.
I think the location is perfect and it seem the construction is well designed with high quality materials. They have sold 95% and there seems to be a lot of people fighting for one after another.
I don't think it's too expensive considering the current market. For that amount of money, you basically can't find anything decent around the area especially on the freeway side of the train track.
Do you think this is a good investment?
Have anyone here bought one yet? I think they will all be sold very soon.
Hi Linxo,
It is interesting to hear from someone who has actually committed to one of these apartments. I have heard that they are selling very well and that the prices of the apartments had been increased by $20,000 to $45,000 per apartment since the initial open day in September last year.
I agree that the location is excellent - located 10m from the train station (which is only 20-30mins to the city depending the level of express), with a multitude of shops only metres away including supermarket, gym BWS and bakery aswell as many restaurants, takeaway shops and a pub at your doorstep. The freeway is less than 3km away and you can bypass the Eastlink tolls if you are heading to the city. The fact that you have a carpark with your apartment is a major component to your investment.
I will assume that at $444,500 you have bought an apartment on level 5 or so, so you might have a view (but im not sure of what).
Taking all the above into consideration, there are many reasons why renters will be keen to secure an apartment (especially 2 bedroom) in the complex. Having said that, I can understand why you are nervous about the investment considering the hefty price tag. I am not an experienced investor -so I cannot allievate your conserns about your investment - but these apartments do intruige me (as per my original post, I travel past the apartment site on the train everyday) and I would be interested to hear what convinced you to invest in them.
I wish you all the best with the purchase and I hope other posters with more experience and knowledge than me help you out.
Cheers
Casey
It is interesting to hear from someone who has actually committed to one of these apartments. I have heard that they are selling very well and that the prices of the apartments had been increased by $20,000 to $45,000 per apartment since the initial open day in September last year.
I agree that the location is excellent - located 10m from the train station (which is only 20-30mins to the city depending the level of express), with a multitude of shops only metres away including supermarket, gym BWS and bakery aswell as many restaurants, takeaway shops and a pub at your doorstep. The freeway is less than 3km away and you can bypass the Eastlink tolls if you are heading to the city. The fact that you have a carpark with your apartment is a major component to your investment.
I will assume that at $444,500 you have bought an apartment on level 5 or so, so you might have a view (but im not sure of what).
Taking all the above into consideration, there are many reasons why renters will be keen to secure an apartment (especially 2 bedroom) in the complex. Having said that, I can understand why you are nervous about the investment considering the hefty price tag. I am not an experienced investor -so I cannot allievate your conserns about your investment - but these apartments do intruige me (as per my original post, I travel past the apartment site on the train everyday) and I would be interested to hear what convinced you to invest in them.
I wish you all the best with the purchase and I hope other posters with more experience and knowledge than me help you out.
Cheers
Casey
I know the developer personally (family friends) and not being biased or anything, but it is an excellent and attractive development. I have seen the architectural plans and definitely thumbs up on layout and quality of finishes for what you are paying. I won't tell you who the architect is (most of you guys already know probably) but they are well known and renowned for doing these types of developments.
Location is obviously a premium in Mitcham. No need to elaborate on that!
Just bought one
Hi All
My partner and I just bought one, and are very much looking forward to the new lifestyle when we move in. It will be so convenient.
20 plus ks from the City is nothing.
In reply to the negative comments. Mitcham and Melbourne is changing, think of suburbs like Richmond and Port Melbourne of 30 years ago (look at them now!!), Melbourne is now very expensive, period.
Though I sympathise with the local sentiments against change, these developments are the way of the future.
You can thank progressive governments over the years for creating the need and continuing increased population agendas.
Hi All
My partner and I just bought one, and are very much looking forward to the new lifestyle when we move in. It will be so convenient.
20 plus ks from the City is nothing.
In reply to the negative comments. Mitcham and Melbourne is changing, think of suburbs like Richmond and Port Melbourne of 30 years ago (look at them now!!), Melbourne is now very expensive, period.
Though I sympathise with the local sentiments against change, these developments are the way of the future.
You can thank progressive governments over the years for creating the need and continuing increased population agendas.
Wouldn't Mitcham be a bit far out for some? There is no reason why Mitcham-style developments couldn't be built in Preston, Coburg or Caulfied, and all be handier to the city. Whereas Toorak has many imitators but no equal.
Sure the Mitcham development is near the train station, but with trains only every 40 minutes on a Sunday night and only limited buses to the shopping centre at Forest Hill you'll still need the car for weekend trips.
Mitcham has nothing like the urban vibe of inner suburbs, and the Arts Centre isn't just a few minutes down the road on the tram.
Mitcham is a a solid enough suburb but a lot more people, if they had the choice would prefer Toorak. A lot of people aspire to live in Toorak; far fewer aspire to Mitcham.
Surely something like this in Toorak would be of more enduring scarcity value and higher capital growth than a new apartment in Mitcham?
http://www.domain.com.au/Property/For-Sale/Apartment/VIC/Toorak/?adid=2008192188
Having said that, Mitcham is still a decent suburb and I can think of many worse places to buy an IP.
agree i would be waiting for that 38 storey box hill development and put my money in that. Spoke to most of the box hill agents.. many reckon they would put be putting their own money into it once it starts selling. As for mitcham.. really wonder who is going to rent there especially apartments.
Completion Date - Mitcham Apartments
Hi Mazda, at this stage it is October 2011.
As I am employed within the commercial construction industry I expect some delays.
In all it is the interests of developers and investors alike to progress the project ASAP however.
Cheers,
Dougie.
Congrats on your purchase, dougie.
Hi Mazda, at this stage it is October 2011.
As I am employed within the commercial construction industry I expect some delays.
In all it is the interests of developers and investors alike to progress the project ASAP however.
Cheers,
Dougie.
Box Hill Development vs Mitcham Apartments
I agree though,
Box Hill was my first choice initially, on offer at this time was "student only" options.
Remember the buy "now or later" philosophy. In this climate, how long are you prepared to wait to purchase?. Remember it took years to get this Mitcham development approved. Could it be the same for Box Hill?, and how much are you prepared to pay?
Cheers,
Dougie.
I agree though,
Box Hill was my first choice initially, on offer at this time was "student only" options.
Remember the buy "now or later" philosophy. In this climate, how long are you prepared to wait to purchase?. Remember it took years to get this Mitcham development approved. Could it be the same for Box Hill?, and how much are you prepared to pay?
Cheers,
Dougie.
The developer has not sold 95%. I spoke to him on the weekend and he said 75% have been sold but he expects most (if not all) will be sold in the next 2-3 months given the popularity. There is a potential issue going on with VCAT he told me, although I don't want to disclose this on a public forum. But don't worry, it does not affect the completion of the apartments.
I think it is a pretty good investment given it is in a good Mitcham location and the boom in Ringwood would only help future Mitcham growth, rather than hinder it. You are correct about the high quality materials (unless you are expecting gaggenau where some appliances can cost the same as a new small car) and the impressive construction layout.
However, as with most OTP type investments, you face the unavoidable risk of competing with a stack of other investors at the same time when the apartments are finished. Hopefully for you, there are more owner-occupiers out there who bought, sufficient demand and capital growth should you wish to offload.
You could possibly get a second hand apartment 2 bedroom for around 350-400K mark. Still would be cheaper than the mitcham. If i had to pay around 444K mark - i would be better be buying off in CBD, southbank or south melbourne.
I had asked a lot of the agents ard box hill, blackburn area - most haven't given good feedback regarding the mitcham apartments. i could be wrong but just doing my due diligence.
Those student apartments in box hill haven't been selling well either.
I'm not a fan of OTP but if i had to do so i would want a higher chance of success. but either way - just wondering what kind of individuals would be renting there. Most ppl i know would prefer a house. Not trying to be negative.. but it's like building apartments in point cook if you ask me.
Owner occupiers VS renters
We have paid 374K 1 Br + study area = 62 squares + car park which was our budget. We asked the agent what the % of owner occ vs investors he told us its standing at about 70% owners occs and 30% investor (rentals). Im assuming the renters it would attract would be like us... professional couples no kids wanting an easy ride into the city etc......
We however did not want to live in the city hence choosing Mitcham. Ideally we would have liked to buy at the Tooronga village site the the prices are very very high and the owners corp fees even higher ...
Cheers
Dougie
We have paid 374K 1 Br + study area = 62 squares + car park which was our budget. We asked the agent what the % of owner occ vs investors he told us its standing at about 70% owners occs and 30% investor (rentals). Im assuming the renters it would attract would be like us... professional couples no kids wanting an easy ride into the city etc......
We however did not want to live in the city hence choosing Mitcham. Ideally we would have liked to buy at the Tooronga village site the the prices are very very high and the owners corp fees even higher ...
Cheers
Dougie
Fair enough - i would have thought someone who would want to live in mitcham would be someone who wants to live in like a landed unit rather than an apartment.
375K for 62 sqms in my opinion is a bit expensive. You can get the same in Southbank for the same price. maybe flunctuations of 2-3% in price. with carpark .. body corp around 1.9-2.4K plus in some older buildings.
As for the owner occupier vs renters. you can't be sure on that until it is completed and there are people who move in. It's another sales pitch from the agents i think.
I just always look at investment point of view i suppose. Maybe 2-3 years down the track if you say wanted to upgrade to a bigger place - say you had a pet dog which needed a garden. What would the return be, or the rental turnover.. as in how long to wait before a tenant signs up. and how easy would it be to sell off ? i did actually look at these apartments and factoring in all those conditions. however it didn't go my favour. However i could be wrong mitcham apartments could rise to say 450K for a 1 bedder in 1-2 years?
You did see y man's link on off the plan purchases
http://www.theage.com.au/business/w...have-an-unplanned-downside-20100207-nktw.html
Again everyone to his or hers own opinion...good luck on it though.
375K for 62 sqms in my opinion is a bit expensive. You can get the same in Southbank for the same price. maybe flunctuations of 2-3% in price. with carpark .. body corp around 1.9-2.4K plus in some older buildings.
As for the owner occupier vs renters. you can't be sure on that until it is completed and there are people who move in. It's another sales pitch from the agents i think.
I just always look at investment point of view i suppose. Maybe 2-3 years down the track if you say wanted to upgrade to a bigger place - say you had a pet dog which needed a garden. What would the return be, or the rental turnover.. as in how long to wait before a tenant signs up. and how easy would it be to sell off ? i did actually look at these apartments and factoring in all those conditions. however it didn't go my favour. However i could be wrong mitcham apartments could rise to say 450K for a 1 bedder in 1-2 years?
You did see y man's link on off the plan purchases
http://www.theage.com.au/business/w...have-an-unplanned-downside-20100207-nktw.html
Again everyone to his or hers own opinion...good luck on it though.
Hi Everyone,
I was doing a google search on Mitcham Village Apartments, and this came thread came across. I purchased a 1 bedroom with car park as an investment property early December 2009 for $310k, going to use it as an investment property. The apartment I purchased overlooks the court yard so "direct" traffic and train noises are reduced as compared to the others facing Whitehorse Road and the train line.
I am new into IP so it's very exciting for myself and my wife. I have looked at the pros and cons posted in this thread, so I guess I just have to sit tight and see where this goes.
I was doing a google search on Mitcham Village Apartments, and this came thread came across. I purchased a 1 bedroom with car park as an investment property early December 2009 for $310k, going to use it as an investment property. The apartment I purchased overlooks the court yard so "direct" traffic and train noises are reduced as compared to the others facing Whitehorse Road and the train line.
I am new into IP so it's very exciting for myself and my wife. I have looked at the pros and cons posted in this thread, so I guess I just have to sit tight and see where this goes.
Mitcham Village - Construction Commencing Soon
vtml,
I wish I had the finance to invest in this place in addition to living there.
Where I purchased overlooks Mitcham station, initally not my first choice.
What pushed me over the line was that the balcony is quite long, (credit to the architects),and the bedroom is at the rear of the apartment.
The courtyard area looks great, and those apartments around them went first. At a higher price.
Long term, when I retire back to the country. I have confidence it will be a long standing investment, with ongoing potential in a rental capacity.
There is a market out there like myself, 42 in a relationship, childless that does not want to live in the city.
Consider these factors as I have.
I cant wait to move in.
Cheers,
Dougie.
vtml,
I wish I had the finance to invest in this place in addition to living there.
Where I purchased overlooks Mitcham station, initally not my first choice.
What pushed me over the line was that the balcony is quite long, (credit to the architects),and the bedroom is at the rear of the apartment.
The courtyard area looks great, and those apartments around them went first. At a higher price.
Long term, when I retire back to the country. I have confidence it will be a long standing investment, with ongoing potential in a rental capacity.
There is a market out there like myself, 42 in a relationship, childless that does not want to live in the city.
Consider these factors as I have.
I cant wait to move in.
Cheers,
Dougie.
Mitcham Village Apartments
Does anyone have an update on these apartments?? I was under the impression they were supposed to have started digging by now. Are they having trouble selling the remaining units or are there planning problems?? I noticed some action around the Pegassus apartments down the road...
Does anyone have an update on these apartments?? I was under the impression they were supposed to have started digging by now. Are they having trouble selling the remaining units or are there planning problems?? I noticed some action around the Pegassus apartments down the road...
