Zano Apartments in Brunswick

[MohanWei]

Hello,

Can anyone please let me know if it is a good investment on 1 bed apartment for $349K in Brunswick?

http://www.zanoapartments.com.au/#!/menu

Is it a good price? Is it easy/hard to get finance approaval? etc

Thanks
Moh

 

[Rolf Latham]

Hi Mohan

What floor size be the one bedders ?
ta
rolf

 

[Jake Milne]

Personally I don't like off the plan. There's always the risk of defects, and even though they'll usually be fixed over time they can lead to massive headaches with trying to get tenants.

OTP's are usually on busy roads, not ideal if you eventually want to sell because the majority of the home owner market wants quieter streets to settle down in, which means you'll mainly attract first home buyers and investors who are both much more careful with their wallets (thus there won't be amazing record prices in the future).

The last thing I don't like about new properties on busy roads is that every year there seems to be more of them which just decreases the demand as supply goes up and why would someone buy something 5 years old when they can have a new shiny apartment for around the same price?

$350K could get you a 2 bed, established property that isn't on a main road...

Here's an example: http://www.realestate.com.au/property-apartment-vic-brunswick-111370995

Not suggesting the above is a good investment but just pointing out that when you buy new you pay a premium, just like you do with cars. So unless you're in a high tax bracket I'd suggest established property would give you more for your money.

 

[The Y-man]

Agree with Jake's post above.

By the way, to drown out the traffic noise at night (busy road + tram), you'll have a live band and drunk people to drown them out (according to their website - check the "lifestyle" link! )

For the same money, I bet this will be bigger

http://www.realestate.com.au/property-apartment-vic-brunswick+east-111336255

Also, there's a couple of people on this forum who are still waiting on an OTP they signed quite some time ago in nearby Coburg to get off the ground and start building - so be cautious.


The Y-man

 

[Aaron_C]

Buying OTP is just like paying retail for items...lots of people do but that doesn't mean it's good value. These days 'one bedroom' apartments are basically 35sqm dogboxes, and 'two bedroom' apartments are just 50sqm...

 

[MohanWei]

Type #1 = 1 bedder
Living Area: 46 sqm
Terrace: 8 sqm
Total: 54 sqm


Type #2 = 1 bedder
Living Area: 50 sqm
Terrace: 14 sqm
Total: 64 sqm

Each apartment include 1 x Car park and storage area.

 

[Jake Milne]

Outside space is not considered during valuation. These apartments are too small. (the second is only just a pass; the floor plan is of importance here; I'm guessing the bathroom is an ensuite?)

There is a boutique block of brand new apartments where the 1b's are 60-65sqm for $398 asking but I can't tell you where yet because I have it reserved for a client. I'll let you know about it if they're not interested!

 

[MohanWei]

Thanks all. Much appreciated

 

[Melbournian]

Type #1 = 1 bedder
Living Area: 46 sqm
Terrace: 8 sqm
Total: 54 sqm


Type #2 = 1 bedder
Living Area: 50 sqm
Terrace: 14 sqm
Total: 64 sqm

Each apartment include 1 x Car park and storage area.

those are small bare minimum standards 50sqm.
agree with rest - wouldn't buy those.