Want to buy a studio or one br unit in Sydney CBD. Need some advice !!!

I have been looking for a apartment unit in Sydney CBD or Surrounding area for a few weeks. I have a budget around 200k - 250k ! I have found some property from the internet within my budget in Chippendale, Surry Hill, Pottspoint, Woolloomooloo, etc but most of them are studio units so I do not know which suburb should I choose. One of my friend said, Waldorf Apartment in Chippendale has good yield but I am not quite sure about CG.
Anyone please help me with this. Thanks !!!
 
Hiya Scorpion

Could make for interesting times when chasing finance.

Speak to your broker about what resrcictions there are with these types of things.

many lenders wot touch them at all if they are too small, more so if they are serviced apptments uner a contract.

Can be a suitable investment for a SMSF where the LOooooooooow LVRs arent that much of an issue and the high rtns are good to pay the propery down

ta
rolf
 
I have been looking for a apartment unit in Sydney CBD or Surrounding area for a few weeks. I have a budget around 200k - 250k !
This is your first problem. You have been finding small studios (which as Rolf says are very hard to get finance for, or if you do, are very hard to resell because future buyers will find them very hard to get finance for). Or you have been finding serviced apartments (these generally have high management fees and low CG).

I have found some property from the internet within my budget in Chippendale, Surry Hill, Pottspoint, Woolloomooloo, etc ....... I do not know which suburb should I choose.
Any of these suburbs should be fine for CG IF you choose the right sort of property.

Anyone please help me with this. Thanks !!!
If you want a proper 1brm unit in the suburbs mentioned then realistically you need to have a budget in the high $300Ks to early $400Ks. That is, unless you have cash from a SMSF, or a large cash deposit & only need a very small mortgage (as Rolf said) and want to buy a studio / serviced apartment.
 
Quote :
This is your first problem. You have been finding small studios (which as Rolf says are very hard to get finance for, or if you do, are very hard to resell because future buyers will find them very hard to get finance for). Or you have been finding serviced apartments (these generally have high management fees and low CG).


Quote:

If you want a proper 1brm unit in the suburbs mentioned then realistically you need to have a budget in the high $300Ks to early $400Ks. That is, unless you have cash from a SMSF, or a large cash deposit & only need a very small mortgage (as Rolf said) and want to buy a studio / serviced apartment.

Actually, I have 200k-250k in cash but I just came back from overseas so I am still unemployed but I would love get some advice for financing if I could have some loans !!!
 
Hi Scorpion

My advice is to sit with the cash until u get sound work

Then buy what you want with a 10 or 20 % depsoit and put the rest of the cash into offset against the loan.

Your savings are "tax paid" cash, so should not be burned into an asset that can be carrying deductible debt.

ta
rolf
 
Slightly old post, but i was thinking about the CG potential of art deco 1 bed units in Woolloomooloo and came across this thread. (1 bed as that might be my $$ limit ) As expected, prices have moved a bit in this area, but maybe not as much as i expected - you can still get a 1 bed unit ( not studio ) for around $400k, but with no parking.

http://www.domain.com.au/property/for-sale/apartment-unit-flat/nsw/potts-point/?adid=2010945623

or

http://www.domain.com.au/property/for-sale/apartment-unit-flat/nsw/potts-point/?adid=2010853840

-ve geared sadly, but maybe good for CG.

Anyone else have considered thoughts on the area or stock above?

Cheers :)
 
As expected, prices have moved a bit in this area, but maybe not as much as i expected - you can still get a 1 bed unit ( not studio ) for around $400k, but with no parking.
...
-ve geared sadly, but maybe good for CG.

You yourself said they haven't moved as much as expected.

IMHO, decide whether you want to buy an apartment in a trendy part of the city, or whether you want to buy a good investment.

That $250k of the OP's from a while ago could have bough a 3 bed house in Mount Druitt, have been +cf AND have enjoyed significant capital growth.
 
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