Thoughts? West Melbourne, first investment

[Centurion]

Hi all,

First time poster.

Just wanted to get you opinion on this property.

Long story short, its my first home, first purchase and I am a complete noob.

Will be looking to purchase this as an investment. As anything close to the CBD in Sydney is just crazy as we all know.

Location: West Melbourne
Apartment
Off the plan
Completion 2 years from now

2 bed room
2 bathroom
1 car space

82 square meters

All Smeg appliances with Timber floor boards

$520k

What are your thoughts on this property and location?

I don't know much of this area but I know its fairly close to Docklands and the CBD

I did a quick search on rental income and its approximate return would be anywhere from $550 give or take.

 

[sash]

Sorry to be so blunt.....but are you knuts!! The inner city apartment market is oversupplied and recipe for disaster.


You are much better to get a H&L package in the Northern suburbs on a small block of land for $330-350k odd with a return of 360-380 pw. Much better proposition for CG. The trouble is most land has a 6-12mth wait to title...such is the demand.

Hi all,

First time poster.

Just wanted to get you opinion on this property.

Long story short, its my first home, first purchase and I am a complete noob.

Will be looking to purchase this as an investment. As anything close to the CBD in Sydney is just crazy as we all know.

Location: West Melbourne
Apartment
Off the plan
Completion 2 years from now

2 bed room
2 bathroom
1 car space

82 square meters

All Smeg appliances with Timber floor boards

$520k

What are your thoughts on this property and location?
I don't know much of this area but I know its fairly close to Docklands

I did a quick search on rental income and its approximate return would be anywhere from $550 give or take.

 

[TMNT]

+1 to sash

unless its for PPOR,

OTP, inner city, melbourne

big recipe for disaster

 

[Centurion]

Sorry to be so blunt.....but are you knuts!! The inner city apartment market is oversupplied and recipe for disaster.


You are much better to get a H&L package in the Northern suburbs on a small block of land for $330-350k odd with a return of 360-380 pw. Much better proposition for CG. The trouble is most land has a 6-12mth wait to title...such is the demand.

No I appreciate your bluntness, I'm new to all this and I'm from Sydney not Melbourne so I'm keeping my options open and researching based on what I know, but there is so much to learn.

Last thing I want to is to get sucked into buying something, from a property sales rep at a shopping centre, which is what just happened

H&L I'm assuming means home and land package?

CG?

Sorry not familiar with the acronyms yet

 

[Centurion]

+1 to sash

unless its for PPOR,

OTP, inner city, melbourne

big recipe for disaster

Cheers Ninja Turtles

PPOR?
OTP?

 

[sash]

Yes...H&L is House and Land and CG is Capital Gains.....

Steer clear from units within 10 klms of the Melbourne CBD..for that matter most property within the 20 klms is almost fully prices.

I am seeing H&L packages which are unbelievable value compared to even Brisbane, Perth, and Adelaide....some of these are within 25-30 kms of the city. Once built I believe they will grow at least 10%....with potential for more as some of them will have large centres which will be built within the next 5 years. Some of these areas remind of Stanhope Gardens and Parklea areas when they were just paddocks. Some already have good infrastructure within minutes with more planned.

People will poo these areas...but they offer CG with decent returns. The stiff you are looking at is pretty dangerous...particularly if they drop in value or the banks decide not to finance based on post code restrictions in their policies.

No I appreciate your bluntness, I'm new to all this and I'm from Sydney not Melbourne so I'm keeping my options open and researching based on what I know, but there is so much to learn.

Last thing I want to is to get sucked into buying something, from a property sales rep at a shopping centre, which is what just happened

H&L I'm assuming means home and land package?

CG?

Sorry not familiar with the acronyms yet

 

[imbi3]

I am seeing H&L packages which are unbelievable value compared to even Brisbane, Perth, and Adelaide....some of these are within 25-30 kms of the city. Once built I believe they will grow at least 10%....with potential for more as some of them will have large centres which will be built within the next 5 years. Some of these areas remind of Stanhope Gardens and Parklea areas when they were just paddocks. Some already have good infrastructure within minutes with more planned.
.

Hi Sash. Which ares were you referring to?

 

[sash]

I am looking at these areas but have a look at the Southeast ...clue near Southeast

West ...near Werribee.....

Geelong....Armstrong Creek.....hope that helps...

 

[Deltaberry]

Don't. Buy. Apartments

Unless you like losing money. I was going to build two blocks of apartments in two West Melbourne sites exactly, but wasn't planning on selling. I was going to own it outright.

Then I decided against it. Since I was going to hold, I'd rather hold townhouses which will appreciate and sell like hotcakes any day, than apartments. Ever tried searching how many apartments are on sale in inner city on domain?

If I wanted to make quick buck I would've built apartments.

 

[KoopaTroopa]

PPOR?

Principal Place Of Residence

OTP?

Off The Plan