Studio apartments in Adelaide CBD

RumpledElf

RumpledElf

We're finding ourselves in Adelaide separately a lot lately. And I wanted a unit for the kids to use as student accommodation years coming up. So considering buying one of these for personal use until the kids are older.

http://www.realestate.com.au/property-apartment-sa-adelaide-107186178

A quick look on the internet shows a LOT of studio apartments in the $120k-180k range, many of which are rented. Some seem to be only a share in the unit block as a whole, others are specific units. I'm guessing these all have horrific fees each month.

Finance as always will suck for us, although we could easily put down a 50% cash deposit on a unit under about $150k and I imagine its easier with a rented unit.

Catches? Tips? Suggestions? Anyone in Adelaide have one?
 
RumpledElf said:
We're finding ourselves in Adelaide separately a lot lately. And I wanted a unit for the kids to use as student accommodation years coming up. So considering buying one of these for personal use until the kids are older.

http://www.realestate.com.au/property-apartment-sa-adelaide-107186178

A quick look on the internet shows a LOT of studio apartments in the $120k-180k range, many of which are rented. Some seem to be only a share in the unit block as a whole, others are specific units. I'm guessing these all have horrific fees each month.

Finance as always will suck for us, although we could easily put down a 50% cash deposit on a unit under about $150k and I imagine its easier with a rented unit.

Catches? Tips? Suggestions? Anyone in Adelaide have one?
Click to expand...

You may want to look at how many are for sale in this complex.Quite a few turn over from what i have noticed.
 
That was just the cheapest one that came up, think I only saw one from that one but several other blocks had multiple for sale. Its hard to tell which ones you are buying a unit and which are buying an investment in the building and you're just buying a share, so you can't actually be an owner occupier.
 
Hope u got a good deposit : )

Most lenders dont like em........

try for a 50 m plus living space one bedder, may have better resale options long term

ta
rolf
 
We're thinking of this for next year, in a few months its entirely possible we'll have close to the full amount cash and be able to make up the shortfall with credit cards or something.

Only really started discussing this today :)
 
And someone I literally met the day before yesterday offered to go halves. He was deathly serious too.

I don't think I need lecturing on why you shouldn't get into large financial commitments with virtual strangers :eek:
 
RumpledElf said:
We're thinking of this for next year, in a few months its entirely possible we'll have close to the full amount cash and be able to make up the shortfall with credit cards or something.
Click to expand...

I thought that aim was to buy the whole thing on credit card :D

The Y-man
 
I had a quick look at the available listings and I couldn't see any which could be owner occupied.
If you intend to use it infrequently until the kids need it do you want it to be vacant when you don't use it?
To get a mortgage you are best finding something over 40sqm (preferably over 50) that is one bedroom not studio.
I'm surprised there wasn't more available for owner occupiers in Adelaide.
 
westminster said:
I had a quick look at the available listings and I couldn't see any which could be owner occupied.
...
I'm surprised there wasn't more available for owner occupiers in Adelaide.
Click to expand...
Yeah, pretty much. But if you go through the 'sold' listings there's a lot more variety. Just seems a bit dead at the moment.

No rush! We're owed close to 3 months backpay from work right now for a start :mad:
 
The one in your first post would be great if your kids are heavy sleepers.

Me I bought in Magill, better long term appreciation, good public transport, quieter and who knows it might be a retirement option long term. Medium term I'm expecting at least one of my kids to move into it and pay market rate rent.
 
RumpledElf said:
We're finding ourselves in Adelaide separately a lot lately. And I wanted a unit for the kids to use as student accommodation years coming up. So considering buying one of these for personal use until the kids are older.

http://www.realestate.com.au/property-apartment-sa-adelaide-107186178

A quick look on the internet shows a LOT of studio apartments in the $120k-180k range, many of which are rented. Some seem to be only a share in the unit block as a whole, others are specific units. I'm guessing these all have horrific fees each month.

Finance as always will suck for us, although we could easily put down a 50% cash deposit on a unit under about $150k and I imagine its easier with a rented unit.

Catches? Tips? Suggestions? Anyone in Adelaide have one?
Click to expand...


I cant comment on this specific property but i do know people who bought property with the intention of their kids using it during uni etc only to have those kids study in other states. I think it is a bit of a risk buying it if that is a one of the main reasons as you never know what their plans are going to be.
 
RumpledElf said:
Yeah, pretty much. But if you go through the 'sold' listings there's a lot more variety. Just seems a bit dead at the moment.

No rush! We're owed close to 3 months backpay from work right now for a start :mad:
Click to expand...

Think you could hold out a while and want to take a walk on the wild side (Off-The plan)? Stamps exemption and 8.5k if you build. Just something to consider. :)
 
Unihouse is probably one of the very 1st student accomodation in SA.

My cousin has one and she regards buying it now as as there is minimum capital growth on this.
 
I'm not sure that you could buy one of these for personal use so you might want to check on that.

Also something to consider, you don't know what uni your kids will be studying at (Mawson Lakes, Adelaide Uni, Flinders, Magill etc) so might not be such a good move to buy something ahead of time until you actually know which uni they'll be at. I guess you could say that being in the City it would be convenient to any campus but still, i think its better to wait and see.

Also, not sure what age gap your kids are but if you have a couple close in age, a 2 bedder would probably suit best so they can share/stay together..and it'd be far cheaper than buying 2 x 1 bedders where you have 2 lots of fees for anything and everything.

If you are looking for student accomodation near Flinders Uni on the other hand i might be able to help you out (got a few available) ;)
 
Mamaof3 said:
you don't know what uni your kids will be studying at (.....Magill......) so might not be such a good move to buy something ahead of time until you actually know which uni they'll be at.
Click to expand...

Also keep in mind that it looks like the Magill Campus will be closed in the near future.
 
Or they might not even go to Uni!

I'd personally try go for a 1-2 bedder apartment any day over a studio/student accom/serviced. Easier to get loans on, more of a renting pool which in turn assists with CG over the other options.

In saying that, I'd also go a little cottage in the city any day over an apartment! :)
 
CJay said:
Or they might not even go to Uni!

I'd personally try go for a 1-2 bedder apartment any day over a studio/student accom/serviced. Easier to get loans on, more of a renting pool which in turn assists with CG over the other options.

In saying that, I'd also go a little cottage in the city any day over an apartment! :)
Click to expand...

I was recently looking at apartments in the Adelaide CBD,i agree a cottage would be better buying long term for CG and yield,but they sell quick and for a bomb. :D
 
irawin said:
Unihouse is probably one of the very 1st student accomodation in SA.

My cousin has one and she regards buying it now as as there is minimum capital growth on this.
Click to expand...

I use to live in that exact building when I was a student in Adelaide.

It's true that there next to nil capital growth, the price listed is about the same as back in 2005.

You also must be a student to live in there. Management fees are 8%.
Students pay for both electricity and water, on top of their rent.

Deposit will be approx 40-50% minimum as banks dislike student accomodation/ <50sqm properties.
 
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