104 sqm is not bad for 2 bedroom - but unless you really like living in south yarra - there are better bargains in fringing suburbs next to south yarra which could save you 200K not OTP for that size or larger.
The Capitol South Yarra Off The Plan
- Thread starter dashjames
- Start date
Ok I feel like I have the experience and the credentials to post in this thread. I bought OTP in 2009 and have lived in SY for 7 years and my family own 3 IPs there.
I’ll start with OTP 1st. It’s a pain. It’s stressful. It takes ages. You bear most of the risk. Vals go down you might not get a loan unless you throw more money at it. Vals go up and the developer will pull your contract and put in on the market (only learned this today in the other thread... its crazy). You have no idea what the finished product will be like. It’s only good if you have a small deposit, or in my case when the government was throwing money at FHB to buy new OTPs.
SY. You can buy an established house there for 800k-850k, 2bed 1bath OSP if you’re lucky on about 120-150sqm land, it won’t set your world on fire but it will be liveable. There are no bad areas in SY, only worse areas when compared to something like Kensington Rd. If you can’t find anything in SY for 800-850k look at Prahran or Richmond.
Just buy established seriously. If you want to try OTP plonk down 5% on a cheaper, lower density development somewhere else, see how that goes.
I’ll start with OTP 1st. It’s a pain. It’s stressful. It takes ages. You bear most of the risk. Vals go down you might not get a loan unless you throw more money at it. Vals go up and the developer will pull your contract and put in on the market (only learned this today in the other thread... its crazy). You have no idea what the finished product will be like. It’s only good if you have a small deposit, or in my case when the government was throwing money at FHB to buy new OTPs.
SY. You can buy an established house there for 800k-850k, 2bed 1bath OSP if you’re lucky on about 120-150sqm land, it won’t set your world on fire but it will be liveable. There are no bad areas in SY, only worse areas when compared to something like Kensington Rd. If you can’t find anything in SY for 800-850k look at Prahran or Richmond.
Just buy established seriously. If you want to try OTP plonk down 5% on a cheaper, lower density development somewhere else, see how that goes.
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yup stay away from off the plan. it's too risky and you only end up losing money
Well that’s not true. There’s a risk premium attached to OTP that’s for sure and people can make money off it. Put down 5% and flip it before even signing for the title for example.
I know a couple that made and absolute mint on that development in port Melbourne, the one on the corner of bay st and beach rd, the one that’s all wavey, bought OTP. Depends on the market conditions, now is not really an OTP favourable market.
Now that's the 1st OTP flip i have head before signing off the title.
Yea apartently you can sell before you settle the title - i asked our conveyancing guy as we have a OTP apartment in South Yarra. Building is sold out and under construction with over a year to complete. Plenty of time to show some value and no stapd duty. no regrets thus far (check in a years time 
i agree. 8th floor, single glazing of the windows, corner with chapel st = drunk hoons friday and sat nite keeping you up at night, with not much you can do. You said this is you principal place of residence...do you really want these hoons in your neighbourhood?
Also, the price is steep for what they are giving. The size seems fine, the quality im sure is also good. I would not go for it because of the chapel st corner and also because its 8th floor- either do something higher, or forget that area. Besides, the price is too high for you to warrant OTP and get capital gains. You will have to wait about 7-10 years to get decent capital gains if you want to sell it for a nice profit.
Look at cheaper but nice nonetheless established apartments in/around that area. Some good ones in SY/SB etc that are not OTP and have been 'proven' to work. Being on a main street isnt all that bad as long as you are high enough ( at least 15-16 floors). Obviously, avoid streets such as chappel, kings cross area in sydney etc...The real trick here is to have the entertainment options close to you but not close enough such that you are part of their nightlife ( and all the trash associated with it).
noise does travel up.
Even with double glazed you can hear stuff - best is the put acoustic batts and plaster it up as an additional layer on the walls and within the internal walls.
Even with double glazed you can hear stuff - best is the put acoustic batts and plaster it up as an additional layer on the walls and within the internal walls.
age article on off the plan in melbourne
http://www.theage.com.au/victoria/b...warning-as-projects-stall-20110408-1d7vx.html
http://www.theage.com.au/victoria/b...warning-as-projects-stall-20110408-1d7vx.html
really? wouldn't be suprised.
Yes, it's postpone and probably will redesign the floor plans to fit more aparts hence it will decrease price and body corporate
Read more: http://www.theage.com.au/business/pr...#ixzz1gi7WlvnF
capital south yarra if not mistaken is the dude (neeta's friend) who was the architect and also bought the penthouse i think.
Hey all..
I'm in Vogue (moved in late March) - now, we're just renters, but have a good perspective of the apartment living beast.
We're on the 15th floor, and our side of the building faces side on to Chapel Street - we hear the number 79 tram a bit, a buzz of the city/suburb (which is nice), and the only bugbear right now is motorbikes - they love to hoon down Chapel from Alexandra Parade to Toorak Rd at different times.
But the bulk of the doof doof brigade stick to the Toorak Rd - Malvern Rd side of Chapel, so it's not that much of an issue. And the nightclubs/seedy part is all down there - Vogue / Capitol is on the nicer side !
We came from a 4 bedroom house to 2 bedroom apartment - it's amazing what you have to get rid of to live in one
But we're a lot closer to our clients now (we work from home - voice overs and audio narration),and that's the big change.
I'm in Vogue (moved in late March) - now, we're just renters, but have a good perspective of the apartment living beast.
We're on the 15th floor, and our side of the building faces side on to Chapel Street - we hear the number 79 tram a bit, a buzz of the city/suburb (which is nice), and the only bugbear right now is motorbikes - they love to hoon down Chapel from Alexandra Parade to Toorak Rd at different times.
But the bulk of the doof doof brigade stick to the Toorak Rd - Malvern Rd side of Chapel, so it's not that much of an issue. And the nightclubs/seedy part is all down there - Vogue / Capitol is on the nicer side !
We came from a 4 bedroom house to 2 bedroom apartment - it's amazing what you have to get rid of to live in one
But we're a lot closer to our clients now (we work from home - voice overs and audio narration),and that's the big change.
