the worst areas i would say is CBD - especially those pigeon hole apartments like 40-60sqm. they hardly sell.
Southbank is a no go zone - too many devs and many will overshadow what is already there.
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(a) Depends on purchase price
(b) Southbank: agree totally, I am getting offers left right and centre from agents that know I do business, but not interested unless its a steal, and I mean a steal (2 bedroom with car park, come to me if its around $400k otherwise don't disturb me)
(c) I missed a fantastic opportunity 5 years ago, to buy those pigeon holes in the CBD, they were going at fantastic prices, but I made the mistake of talking to my bank manager. Biggest mistake of my life. I could have picked up at yields greater than 12% gross.
There is good money to be made in cbd properties.
Rental demand is fantastic, and I mean fantastic.
But its such a cyclical boom and bust market.