With 1.1 million, where should I buy my apartment?

[jackula]

I ended up had an offer accepted for a 2/2/1 at the docklands. Almost 100sqm of floor area, 270 degree unobstructive view, you can see all of docklands and the entire city skyline. Problems are lack of airconditioning in the bedrooms and belcony size is only 3 sqm.

We haven't exchanged yet, any thoughts?

 

[units4me]

So how much?

 

[jackula]

I don't want to say until we've exchanged, what do you think is good value?

 

[mystery]

I don't want to say until we've exchanged, what do you think is good value?

Jackula, .... you're not making it easy for forumites to give you quality feedback. People can't give you an accurate answer to your questions if they don't have accurate information.

Look I'm not having a go at you, ... it's just that you seem to jumping all over the place putting in offer's and then asking what we all think without any details.

You should have absolutely no doubt in your mind if you had done enough detailed DD. You wouldn't need our confirmation. You need to know what has sold recently in the area and for how much and be able to compare same type properties, so that you can negotiate with the knowledge that you have an accurate understanding of prices in the area.

This is the basics of property investing, ... most of us spend many day's, months researching before we purchase to ensure we can buy with confidence. Don't rush in to purchase based on guesswork, .... take your time to compile all the facts .... after all ... you are investing several hundred thousand dollars and that's a hell of a risk without proper research.

Good luck with everything ... just take your time and put the odd's in your favour by thoroughly researching first, .... you don't have to rush as a great property/opportunity will always be available.

Martin

 

[Jamie_D]

I love Freshwater, Southbank, 7 Yarra (new) South Yarra and heaps in Port Melb.
You should be able to pick up an apartment there.

Which bank are you with?
Some of the majors avoid lending over 80% on high density properties.

Let me know if you need assistance.

 

[jackula]

Which bank are you with?
Some of the majors avoid lending over 80% on high density properties.

To Jamie, yes Freshwater is nice but very expensive. I am going with HSBC, I signed today, they said they can get me a formal approval within the week and 80% is no problem for the high density apartment building because it is owner occupied investment.

To everyone else, thank you very much for your suggestions, I got the apartment off someone who bought off the plan for 695k but it sounded like he couldn't settle. When I first made my offer of 650k it was knocked back, he said he is expecting at least 670k, when I said I can settle within 30 days, he accepted it immediately.

Someone had previously offered 688k but pulled out, so I guess it is lucky timing

 

[Jamie_D]

Congrats!!

So where did you end up buying?