Purchasing in Melbourne

[Rolf Schaefer]

Hi,
I just thaught I let you know that we purchased another IP - this time a 2BR apartment in Hawthorn East in need of some TLC.

We purchased this property again with the help of Metropole Properties and they did a great job in sourcing this property for us (we got it well below asking price; it is on a huge block of land)- a big thank you to Michael Yardney, Jack Henderson and Bryce Holdaway.

This is the property:
http://www.domain.com.au/Public/PropertyDetails.aspx?adid=2006279019


Purchased in our HDT (thanks to DaleGG and his team) and the loan will be from BankWest fixed at 6.99% for 5 yrs.

 

[Jacque]

Very cool, Rolf. Yet another step forward to financial independence

Good for you!

 

[WinstonWolfe]

I take it the photos are post TLC?

fixed for 5yrs???? hmmmm.... suppose they aren't likely to come crashing down in that time...or go up........

 

[turk]

Well done Rolf, however I think you may have the wrong link or bought the wrong unit

 

[Peter Parker]

Well done Rolf, however I think you may have the wrong link or bought the wrong unit

The one in the link looks like another of Rolf's aquisitions, not the latest

 

[Harris]

Great unit Rolf,

Congratulations..!

I used to rent one of the units in the same street in my student days.

Definitely one of the best, tree lined streets in hawthorn and close to everything.

Do you propose an area that you would like to buy in and then specify your budget to Metropole or is it something that you leave on to the expertise of their team..?

I have been thinking lately of using a buyer's agent however not sure of the exact value that they bring in for someone who is local to the area..?

I saw you also bought another prop in Brunswick not too long ago through metropole.. What in your opinion they bring to the sourcing and negotiating bit that you are unable to achieve yourself being very active and in know of the local market yourself (being a mortgage broker)

Would love to get your thoughts.

Thanks
Harris

 

[traveller]

Congrats Rolf. Looks to be a good one and not a reno one

If you dont mind sharing then will you like to enlighten us with some numbers like rental estimate, body corporate etc...

Thanks-

 

[traveller]

Having a brief look at the rentals section just estimated rental for this type of property to be around 280-300pwk range. If thats right then the yield is even lower then some of the houses that you might get a further up in the city and with no Body Corp....

I am not trying to be sceptical here but rather just learn as to why this type of investment be more beneficial or preferred over say a house worth 340K in more middle ring suburbs returning close to 320pwk in rent and no body corporate fees either.

i know the times are good for landlords as well but as far as i can remember only a couple of years ago the vacancy rate in the inner suburbs was higher then rest of melb(except cbd highrises)...

Just opening up for debate....

 

[The Y-man]

i know the times are good for landlords as well but as far as i can remember only a couple of years ago the vacancy rate in the inner suburbs was higher then rest of melb(except cbd highrises)...

Just opening up for debate....

I would speculate that vacancies in the area are relatively low compared to other inner sub's due to the proximity of the Uni and transport.


Cheers,

The Y-man

 

[manny]

Hi Rolf,

congratulations once again on a great purchase Does look like a great unit & in a lovely blue-chip suburb, should continue to do well...

Well done!!!

Cheers,

Manny.