The Capitol South Yarra Off The Plan

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dashjames

Hi Guys,

My partner and I are considering buying an apartment in the yet to be developed Capitol development on the corner of Toorak and Chapel street South Yarra.
The apartment is 2 bed 2 bath with 104sqm plus 8sqm of balcony on the 8th floor with no real views, but not facing a brick wall either (closest building is over 50 meters away).
The apartment is $835k and the finishes seem top quality. To me, the price seems quite reasonable for size...any thoughts?
This would be our prime residence, so we are really just looking for capital growth for resale when we want to buy a house down the track.
Any advice would be great!
 
Thanks Wunderbar,

The apartment is 104sqm plus then 8sqm balcony.
We bought another property 4 years ago that we currently rent out and have quite a bit of equity built up in it already. It's enticing to be able to buy something off the plan (at an inflated price of course) but still be able to build equity in our other property before selling prior to settlement...
 
Yep. I guess they've quoted you the cheapest one - which means the views aren't so great. Best to get the one that faces the yarra river/richmond or faces west to the botanical gardens. I'm guessing those ones would sell for a lot more....

Completion date?
 
Alright cool. My only concern will be the noise level of that area on Friday/Saturday nights.

How many car spaces are they giving you?
 
Noise is a good point. It actually doesn't bother us for residential, but the effect it could have no resale etc. I also need to confirm car spaces, theres definitely one, but not sure if two.
We've never bought off the plan before..it's a big plunge! Particularly trying to research and forecast capital growth and hope that interest rates down rocket up to be too ridiculous! The apartment works out to be around $7500 per square meter.
 
How about common facilities? Gym? Pool? Body Corp fees? Given it's a South Yarra development you would expect those things to be included at the very minimum. And how many levels is the entire building and what floor is the one you're looking at?
 
Apartment is on level 8, gym, pool spa sauna facilities etc. i think the development is 38 levels.
Body corp are extremely expensive sitting around $5-$6k per annum
 
hmmmm......8th floor is a bit low - you will definitely get a lot of the noise from bogans/hoons being drunk on a weekend. How much more is an equivalent apartment on a higher level? 10k? I currently live in the CBD and even on level 20, I can still hear those idiots at night time.
 
Hmm true. but let's think about who your potential resale purchasers are - given its South Yarra they're more likely to be more affluent people, perhaps 2 x corporate high flyers earning say 200k p.a. each. If i were earning that kind of money I would most certainly pay a bit more and get a place with less noise and better views - it's all about the little pleasures to get max growth in that type of development
 
DJ, do a search on here for OTP purchases. If you're still convinced this might be the way to go then we'll give you some more tips!!
You'll be taking all the risk for little reward. What existing property is there for that sort of money?
 
Check out the thread for OTP where someone here had the developer pull the rug from under them.

I was astounded. There was some clause where if completion wasn't met by a set date, the developer could pull out (I think you got your deposit back).

I think the poster advised there had been amazing CG since he/she first signed the contract & paid the deposit. Due to these CG, the developer no longer wanted to sell the apartments for the agreed price, they wanted to sell for more. So all they had to do was stall the building process long enough that it went past the set date & the contract could be voided, developer could still go ahead & finish them, but sell them for the higher price to new purchasers.

Tread carefully!

For the amount you're looking at paying, I'm sure you could find a gorgeous house in the same area..why do you want an apartment?
 
Actually for that price he's paying, the best he could find in South Yarra would be a small, renovated two bedroom terrace in the crappy area of South Yarra (in that block between Punt rd, Toorak rd, Chapel St and Commercial Road. This terrace would have only maximum 1 car space (many have none), with small, narrow streets. That is why he wants to buy an apartment....if you don't know the local area and what you can get for it don't suggest otherwise

Edit: Oh and I forgot to mention you would probably have front row seats to the two train lines that run through South Yarra too. Great tip mary
 
Oh Wonderbra....hee hee, saw someone else call you that but was holding off as I thought it was childish....like your vitriolic comments.

Whereabouts are your South Yarra properties Wonderbra?

Why are you so in favour of the OP going OTP for this purchase?

By the way, why are you always insulting everyone on here? You mustn't really be sure of your superiority if you need to go around cutting everyone else down when most of us are here to learn & share in a 'nice' environment. I now feel sorry for you.
 
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I'm not in favour of anything either way - it's not my money. But if it's a good deal, then it's a good deal regardless of whether it's a house/apartment/flat/townhouse.

I know the area because I live near there and I actually go to inspect properties in that suburb. If you don't have the local knowledge, then how do you know that an OTP in South Yarra isn't as good as buying an existing house? I'm far more qualified to speak about value in that area than you - since you don't even live in the same country!
 
Ummm, where do you think I live?

And I repeat my question but revise it, how many properties do you even own? Or do you just like to live amongst the rich & imagine you are one of them?

(Sorry dashjames, I didn't mean to derail your thread)
 
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