Off the Plan Property in Southbank

Hi,

I am interested in two properties; both of them are off the plan and on City road Southbank. Completion is end of 2012.

First Property
$440,000 - 65 sqm, 2 Bedroom 1 Bathroom, 17th Floor, Facing City (North), No car park, Low on amenities therefore low body corp 200 per month (Nearby 250 City Road)

Second Property
$505,000 - 71 sqm, 2 Bedromm 1 Bathroom, 18th Floor, Facing South, With car park, High Body Corp 400+ per month (Nearby 140 City Road)

The idea is to live there for few years, say 2-3 and then sell it later. Currently single, so like the city lifestyle. Have 80K in savings, would get another 18K as first home buyer grant, and potentially can save 120-150K at the time of settlement at the end of 2012.

The sticking point is not owning a car park reduce the saleaability a lot.

Would highly appreciate your thoughts. Many thanks.
 
Run as far away, as quickly as possible. You'd be hard pressed to find a worse property investment.

If you like southbank rent one and buy decent IP(s) elsewhere (I actually did that for a few years, and lived in southbank myself).

Good to rent in for a while, terrible to own one.
 
i wouldn't touch any of those off the plan... too expensive. Size makes a difference especially if you're planning to sell off to some overseas buyers. Also if you have 80K you might as well buy one now and just rent it out.

Picture this...a china buyer...coming from shanghai where he owns a properties which are small in size comes to buy in Australia. Bear in mind, in china everyone lives in apartments as density is so high. He comes across a 70sqm 2 bedder. Would he buy it or would he look at a 85-90sqm 2 bedder (old but renovated nicely). Which would he buy?

One thing a lot of people don't realize is the turnover of sale of properties in southbank is among the highest in victoria as they have very big exporuse
But there are still a lot of duds....that even sell..there was one 1311/83 queensbridge..(southbank towers) was on the market for 850, 800k and then all of a sudden some korean buyer came along to pick it up for 740. It was worth around 600 back then. Crazy but true.

However the new buildings are evidently increasing the supply. Come to think of it. Glad i got rid of the 2 last year - now remainig only one 2 bedder in sth melb.
 
I'm not saying one way or another - just passing some info.

some articles from StuartW

http://www.theage.com.au/business/w...have-an-unplanned-downside-20100207-nktw.html

http://www.prosolution.com.au/news/past-newsletters/nov08.pdf

OTPs can be a PITA at the best of times.

Interestingly - I spoke with someone from deposit power today, the comment surrounded OTPs and the number of developers going broke and the purchaser losing the deposit. So use a bank guarantee or DP to cover yourself might be worthwhile.
 
Interestingly - I spoke with someone from deposit power today, the comment surrounded OTPs and the number of developers going broke and the purchaser losing the deposit. So use a bank guarantee or DP to cover yourself might be worthwhile.

Are developers allowed to hold deposits? When I bought my Central Equity units the deposit was paid to Holding Redlich (solicitors) trust account and not released until settlement.

T.
 
I can't believe they are allowed to build a 2br apartment without a car park space.:(

I would consider an older style flat in Rich, SY for example as an alternative. Its 1 or 2 train station trip from Flinders St.

I had purchased in Sth M a Central Equity back in 2002 and sold last year. Happy to share my thoughts. Whilst it did OK capital gains wise, I think you could make better choices for an equally good lifestyle. PM me if you want.
 
Hi,

I am interested in two properties; both of them are off the plan and on City road Southbank. Completion is end of 2012.

First Property
$440,000 - 65 sqm, 2 Bedroom 1 Bathroom, 17th Floor, Facing City (North), No car park, Low on amenities therefore low body corp 200 per month (Nearby 250 City Road)

Second Property
$505,000 - 71 sqm, 2 Bedromm 1 Bathroom, 18th Floor, Facing South, With car park, High Body Corp 400+ per month (Nearby 140 City Road)

The idea is to live there for few years, say 2-3 and then sell it later. Currently single, so like the city lifestyle. Have 80K in savings, would get another 18K as first home buyer grant, and potentially can save 120-150K at the time of settlement at the end of 2012.

The sticking point is not owning a car park reduce the saleaability a lot.

Would highly appreciate your thoughts. Many thanks.

gee that's sounds quite expensive small apartment however for a small apartment I have no idea about the area still half asleep thought you were talking about a place with a similar name in brisbane lol:confused:
 
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