last ten years? 2 bedder in 2000 was around 270K at 83 queensbridge.
Last sold 2 bedder in the building was 520K, and peak was couple months ago 620K.
That is close to double or more.
If you said last 5 years maybe.
OTP - Queens Rd Melbourne
- Thread starter Grant85
- Start date
last ten years? 2 bedder in 2000 was around 270K at 83 queensbridge.
Last sold 2 bedder in the building was 520K, and peak was couple months ago 620K.
That is close to double or more.
If you said last 5 years maybe.
My point still stands - apartments in an area with lots of them (and that's it) don't do well. At least in the CBD, an apartment is still close to the CBD which has commercial and retail going for it. What does Southbank have? Nothing except Crown. What does St Kilda road have? Nothing except a few offices here and there. It's quite obvious where the problem lies.
Contract of sale is here:
http://www.mlgproperty.com.au/jp/monarc_edm/Monarc Contract of Sale.pdf
Check out http://www.skyscrapercity.com/showthread.php?p=66419715 also for some more information.
I was advised of no amenities, fees were -cut and paste from PDF:
ESTIMATED OWNERS CORPORATION FEES
APARTMENT TYPE ESTIMATED FEES
1 bed (no carpark) $1,400- $1,850
1 Bed + Study (with carpark or without carpark) $2,000- $2,650
2 bed + 1 bath + carpark $2,700- $3,250
2 bed + 2 bath + carpark $3,300- $4,100
I'd like to live there but there isnt much room for anyone else (for what I was wanting to spend).
Do a search on OTP on these forums to read more about pro and cons.
As a PPOR I'd think it would be awesome. Close to the lake/chapel st/cbd and...............2x Squires Loft!!!!
Buying OTP is strange when they haven't started much, then again, its all about your appetite for risk.
If you buy, just make sure to post up the experience when you've moved in!
http://www.mlgproperty.com.au/jp/monarc_edm/Monarc Contract of Sale.pdf
Check out http://www.skyscrapercity.com/showthread.php?p=66419715 also for some more information.
I was advised of no amenities, fees were -cut and paste from PDF:
ESTIMATED OWNERS CORPORATION FEES
APARTMENT TYPE ESTIMATED FEES
1 bed (no carpark) $1,400- $1,850
1 Bed + Study (with carpark or without carpark) $2,000- $2,650
2 bed + 1 bath + carpark $2,700- $3,250
2 bed + 2 bath + carpark $3,300- $4,100
I'd like to live there but there isnt much room for anyone else (for what I was wanting to spend).
Do a search on OTP on these forums to read more about pro and cons.
As a PPOR I'd think it would be awesome. Close to the lake/chapel st/cbd and...............2x Squires Loft!!!!
Buying OTP is strange when they haven't started much, then again, its all about your appetite for risk.
If you buy, just make sure to post up the experience when you've moved in!
agree with you. southbank is in the dumps now... too many buildngs up and rising. However to say 10 years there is no CG is not factual. i was glad i sold all mine last year when the prices were up.
CBD depends where it is. If you getting the king st ones -they're not much CG there - if you bought QV ones there closing in for like 600K for a 2 bedder and the rest of the developments are all shoe boxes.
Port Melbourne - too expensive compared to other areas like south melbourne, st kilda. and owners corp is a killer. My best bet is south melbourne - always buyers and stock held very tightly -(botanical gardens and south melbourne market is always an attraction).
I live in South Melbourne, and i love the property area around the Albert park lake. Monarc Apartment is just 4 min drive from my home through lake side drive, and every time i drove pass there, i always want to get an apartment around there. I can buy an apartment outright without mortgage, but i am still waiting what happen the first few month in 2011.
But at the moment my boyfriend love to live in my 4 bedroom house, which i know is too big (space) for me, i would love a smaller home one day and rent out my 4 bed house in South Melbourne. But again my house is high end property and is not a big market, where renter can get much cheaper home around that area.
There is an OTP apartment called Proximity near where the Monarc apartment were.
But at the moment my boyfriend love to live in my 4 bedroom house, which i know is too big (space) for me, i would love a smaller home one day and rent out my 4 bed house in South Melbourne. But again my house is high end property and is not a big market, where renter can get much cheaper home around that area.
There is an OTP apartment called Proximity near where the Monarc apartment were.
I am wrong on this one - Queens Rd is Post code 3004 (still called Melbourne but...)
The Y-man
Thanks to everybody for the opinions and advice. My gut feeling is it's a good start for me, but I wonder opinions on price. I know the description is vague, and there are many variables, but $490k for 1bed + study, 1 bath, with a car park on the ground floor, 56sqm, 21sqm patio. It is North facing, and the neighbouring building is 12m away, and 7 stories.
I have looked online at similar properties, so I have a bit of an idea, but not totally sure yet.
Sound about right?
Thanks again!
I have looked online at similar properties, so I have a bit of an idea, but not totally sure yet.
Sound about right?
Thanks again!
body corporate is average, i have owned in regency towers before it's not that big. if you're looking to pay like 900K to over mil yeah you can get those 110-120sqm but if you going to get 93sqm now the price is around 700K above.
If you can afford to pay those prices - would be better off buying in Eureka for that price range.
For that sort of money, I would personally go for:
http://www.realestate.com.au/property-apartment-vic-prahran-106997321
Same price, heaps bigger, and in some opinions better location.
If you are overseas, there is an issue that you probably have difficulties going in to inspect it etc.
The Y-man
if you're looking to stay - i would go for this
http://www.realestate.com.au/property-apartment-vic-southbank-107097293
cheapest 3 bedder 2 bath around CBD and fringing suburbs - and 102 sqm (can't find that in newer developments for that price). You can also achieve rents of 600-700 per week.
http://www.realestate.com.au/property-apartment-vic-southbank-107097293
cheapest 3 bedder 2 bath around CBD and fringing suburbs - and 102 sqm (can't find that in newer developments for that price). You can also achieve rents of 600-700 per week.
I agree that it's always best to get as big an apartment as possible. It will definitely be the trend in the next 10-15 years where Australians become comfortable with raising a family/kids in an apartment, as land gets too pricey to live in a house. 100sqm+ apartments will become more in favour due to this.
agree with you. nowadays new developments are gearing up on 91sqm for a 3 bedders which is small compared to what they used to built before. That 102sqm apartment is also on a premier location with walking distance to the south melb markets. If you check the other listings - mosto 3 bedders are high 600 or above 700K
