Hi all,
First time poster here looking for advice. Having considered all the inner city areas, I'm most comfortable investing in the same suburb I live in. There's a lot of new developments going up around here. A woman at the bank thinks I need to consider buying off the plan. I wasn't into the idea originally because I really do want to avoid a bad one with 200 apartments that all look the same.
I'm not sure if I can post links in case it appears like I'm a sales agent but I came across a development tonight called Cirque. As a local, it's in what I would consider the 'right' part of Richmond (ie the city side of Burnley Street). It's a bit more unique than others on offer in the area BUT it is definitely more expensive than the average. It offers a lot of eco-friendly initiatives which I find appealing as well.
I really only wanted to spend around $550K. We could get a 2BR in Richmond though it would be smallish, or we could only afford a good sized but 1BR apartment at Cirque. Which would you do?
Does inner city Melbourne have a higher demand for 1BR or 2BR in your experience?
Are the developments too overpriced right now and should I stick with my original plan of trying to buy something already established instead?
We're looking at a long-term investment 7-10 years if possible. Sorry for so many questions - I'm quite dazzled by the options.
First time poster here looking for advice. Having considered all the inner city areas, I'm most comfortable investing in the same suburb I live in. There's a lot of new developments going up around here. A woman at the bank thinks I need to consider buying off the plan. I wasn't into the idea originally because I really do want to avoid a bad one with 200 apartments that all look the same.
I'm not sure if I can post links in case it appears like I'm a sales agent but I came across a development tonight called Cirque. As a local, it's in what I would consider the 'right' part of Richmond (ie the city side of Burnley Street). It's a bit more unique than others on offer in the area BUT it is definitely more expensive than the average. It offers a lot of eco-friendly initiatives which I find appealing as well.
I really only wanted to spend around $550K. We could get a 2BR in Richmond though it would be smallish, or we could only afford a good sized but 1BR apartment at Cirque. Which would you do?
Does inner city Melbourne have a higher demand for 1BR or 2BR in your experience?
Are the developments too overpriced right now and should I stick with my original plan of trying to buy something already established instead?
We're looking at a long-term investment 7-10 years if possible. Sorry for so many questions - I'm quite dazzled by the options.