Hi,
I have been reading quite a number of posts about Off the Plan (OTP) purchases, in particular one good thread discussing this - link below.
Being new to this forum, my very first IP, and OTP; I hope I could get some of your thoughts on this, rather than just the ideal 10 year property prices double story from my financial advisers. I will be primarily using this apt OTP as IP and as a vehicle for CG to allow further buys.
I have been talking to two financial advisers who have been propagating IP's out in Port Melbourne. They had mentioned that they had looked at several prospective areas, namely Brunswick, South Yarra and Richmond. But still highly recommend Port Melbourne.
Some questions:
1 - Area; in this case - Port Melbourne, could it be an exception to South Yarra; or really no diff as long it is OTP?
2 - Price; the price is fairly steep but apparently it has fancy appliances and some city views (glimpse at best) - Miele (or equivalent). Mainly the location is the reason of the steep price. Based on the argument of CG, the higher the value of property the larger the growth (at least that's what the financial advisers say). Worth to further ponder upon, or just keep looking?
3 - Price; should I start at a lower entry point for my first IP? Maybe buy two cheaper IP's - diversify?
Details on this apt OTP:
$677,000 - 73 sqm (incl 5 sqm balcony), 2 Bedroom 2 Bathroom, 1 Car; 4th (out of 5) Floor, Facing City (North East), Body corp 200 per month, Bay street - its on the main street - close to Coles and cafe's.
Related forum: Off the Plan Property in Southbank
http://www.somersoft.com/forums/showthread.php?t=59616
Appreciate any thoughts !! Thanks !!
I have been reading quite a number of posts about Off the Plan (OTP) purchases, in particular one good thread discussing this - link below.
Being new to this forum, my very first IP, and OTP; I hope I could get some of your thoughts on this, rather than just the ideal 10 year property prices double story from my financial advisers. I will be primarily using this apt OTP as IP and as a vehicle for CG to allow further buys.
I have been talking to two financial advisers who have been propagating IP's out in Port Melbourne. They had mentioned that they had looked at several prospective areas, namely Brunswick, South Yarra and Richmond. But still highly recommend Port Melbourne.
Some questions:
1 - Area; in this case - Port Melbourne, could it be an exception to South Yarra; or really no diff as long it is OTP?
2 - Price; the price is fairly steep but apparently it has fancy appliances and some city views (glimpse at best) - Miele (or equivalent). Mainly the location is the reason of the steep price. Based on the argument of CG, the higher the value of property the larger the growth (at least that's what the financial advisers say). Worth to further ponder upon, or just keep looking?
3 - Price; should I start at a lower entry point for my first IP? Maybe buy two cheaper IP's - diversify?
Details on this apt OTP:
$677,000 - 73 sqm (incl 5 sqm balcony), 2 Bedroom 2 Bathroom, 1 Car; 4th (out of 5) Floor, Facing City (North East), Body corp 200 per month, Bay street - its on the main street - close to Coles and cafe's.
Related forum: Off the Plan Property in Southbank
http://www.somersoft.com/forums/showthread.php?t=59616
Appreciate any thoughts !! Thanks !!