I plan to keep it a long time, I don't believe in buying and selling, in for the long haul. Would there be a better option? Body Corporates is at $3000.
Off the plan Boutique Apartment in Prahran Vic
- Thread starter ipwarrior
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I plan to keep it a long time, I don't believe in buying and selling, in for the long haul. Would there be a better option? Body Corporates is at $3000.
Do you meant to say that 1 bedroom unit would cost more?
I do agree with you, the Kitchen seems unpractical for any sort of real cooking. and living area seems small. But if I'm not wrong, In the market today, it is hard to get anything else with 550k.
Personally I find the inline kitchen more practical and chose to use it for the apartments I'm building because it frees up space that is only used 45 mins a day.
If I look at many European modern apartment kitchens they are more practical than ours. I find it silly to have a full sized kitchen in an apartment. The prep bench is really only used 45 mins a day, why not save that space and put a dining room table there and do your prep on that? Hark back to grandma who did the same
My entrance kitchen living dining area is about 28 sqm its one big open space which makes it seem larger.
Hi ipwarrior,
First of all, location is great! I drive past there on the way to work often, would love to live there myself. I have had a look at the development and it looks nice (as do most new developments), the high ceilings will go a long way towards making the space feel larger than it actually is.
A few things I would consider; who is going to rent the property? I would suggest singles or couples no children (due to size), price wise I would say it is out of reach for the average renter, I mention these points because it reduces your rent base (the rent would be similar to a $400k p & I home loan). Have you put any capital into the purchase, or are you borrowing purchase price plus costs? The outlay per week seems to be very low, but great if that is all it costs. There are a number of developments in the area, have you considered that if a couple settle at the same time there may be a period of time before you can get a tenant, you may also need to reduce your rent for at least the first tenant due to oversupply for a period of time? Have you run an estimation of costs after rent and tax deductions?
I'm not telling you to buy or not to buy the property... just be aware of all possibilities and be prepared. I don't know if this is your first investment or one of many, but an agent will tell you what ever you need to hear to get a sale, he is not thinking of what is best for you!
I hope you find something useful in what I have said, if you have any other questions I would be happy to offer my opinion.
First of all, location is great! I drive past there on the way to work often, would love to live there myself. I have had a look at the development and it looks nice (as do most new developments), the high ceilings will go a long way towards making the space feel larger than it actually is.
A few things I would consider; who is going to rent the property? I would suggest singles or couples no children (due to size), price wise I would say it is out of reach for the average renter, I mention these points because it reduces your rent base (the rent would be similar to a $400k p & I home loan). Have you put any capital into the purchase, or are you borrowing purchase price plus costs? The outlay per week seems to be very low, but great if that is all it costs. There are a number of developments in the area, have you considered that if a couple settle at the same time there may be a period of time before you can get a tenant, you may also need to reduce your rent for at least the first tenant due to oversupply for a period of time? Have you run an estimation of costs after rent and tax deductions?
I'm not telling you to buy or not to buy the property... just be aware of all possibilities and be prepared. I don't know if this is your first investment or one of many, but an agent will tell you what ever you need to hear to get a sale, he is not thinking of what is best for you!
I hope you find something useful in what I have said, if you have any other questions I would be happy to offer my opinion.
It is a inline kitchen, and the living area is about 19sqm.
I plan to borrow 90% anything above $490pw will start to generate + Cash flow. It is true several similar low density development is coming up in the area.
I agree to What you say is quite true the price range high for average renter. But why is it so many similar apartments out there pricing around $500+ pw. I don't understand!!! Are there really people renting them?
Size matters
My experience is that you should always try and buy an apartment that could appeal to owner occupiers. Because owner occupiers both drive the market and capital growth.
A 2 bedroom 56 square meters apartment is crap. It is a third rate investment at best. There is a lot of this garbage being dumped on the market at present. My advise dont touch it. There are much better properties available elsewhere
My experience is that you should always try and buy an apartment that could appeal to owner occupiers. Because owner occupiers both drive the market and capital growth.
A 2 bedroom 56 square meters apartment is crap. It is a third rate investment at best. There is a lot of this garbage being dumped on the market at present. My advise dont touch it. There are much better properties available elsewhere
Well said.
Ask yourself would u pay that amount of money to live there for long term, like 10 years?
If yes, then go ahead.
If yes, then go ahead.
Op do you have to buy otp or would you consider an established property.
There are several large 2 bed apartments renovated in the area for sale in this price range.
If you can stretch a little more then buy a 2 bed terrace house. You might not get parking but these seem to get snapped up.
Expand your search to include Windsor (3181) - you will find that post properties in this area are actually listed as Prahran anyway.
There are several large 2 bed apartments renovated in the area for sale in this price range.
If you can stretch a little more then buy a 2 bed terrace house. You might not get parking but these seem to get snapped up.
Expand your search to include Windsor (3181) - you will find that post properties in this area are actually listed as Prahran anyway.
My thought exaclty - why go through the pain of OTP - let someone else suffer and reap the benefits yourself.
The Y-man
Y-man:
I don't really know what define that. Seems to work to make anything looks better.
Not sure what zoning you are talking about.
Not really, as long as the it is sound investment.
Yea probably good move. Terrible cashflow for limited capital growth.
