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Just wondering how people felt about small 1 bedroom units within 5km radius of a major city.
Remembering they are generally 45sqm which generally means the banks need larger deposits before a lend...
Thoughts...
Im looking at 42sqm 1 bedder 1960's unit low strata fees.
Has a very high walkscore..close to all amenities.
I like it as the figures do work BUT have never looked at a 1 bedder before. Resale also means you limit your buyers to those with a larger deposit ect..ect
Needs renovating which is our bread and butter..
thanks propertunity, good to know.
Has anyone bought a 1br unit similiar to the above description? What has the CG been like?
are you talking some og those highgate/mt lawley walkups? they have typically had pretty good growth and rent out quite easily, i know a few people who have done well investing in them.
i believe Marisa/MTR knows the area/market quite well, she might be able to confirm.
I have a tiny 1 bedroom apartment in Potts Point.
I bought it in 2009 when no-one was buying and I got it for $217K. We put in a lowball offer of $215K and the agent laughed. I told him I had cash. He rang back 2 weeks later (owner needed the cash quickly). We were looking at studios which were going for $235K. It's had excellent CG.
It's in a block of 12. It used to be a boutique hotel.
Has anyone bought a 1br unit similiar to the above description? What has the CG been like?
Personally I prefer 2 bedroom apartments. However if you lie the idea of a one bedroom I would not buy anything less than 5o m internal space. Anything a lot smaller you will struggle with resale.
Also consider that in many major cities especially Melbourne there is an over supply with small apartments coming out of the ground. Stick to established apartments in inner city areas.