I’ve just kicked off on the investment property search
I live in Sydney & have been looking to purchase a Studio appartment (37 sm for $280k about 3 ks from the city (Sydney)
However I’ve been surfing the real estate net & am now thinking of buying a new 1 bedder in Melbourne CBD (block of 12 – 57 sm & terrace) off the plan at $280 (saving 12k in stamp duty).
Rent for both is the same $280 pw
How is the market going in Melbourne compared to Sydney. I’ve heard there is/could be an oversupply of units in the Meldourne CBD
I agree with Kirby. There is an oversupply at the moment. Wait for the firesales to begin. Read some of the posts at this forum and you will find some information regarding, buying off the plan in general.
Perhaps, coming down to Melbourne and getting to know the areas you are looking at, may give you a better indication dollar for dollar what you are comparing it to up in Sydney.
Be wary, your fair game for a lot of racketeers here (Racketeers are everywhere, but they seem to have honing beacons when they smell the scent of potential money).
Cheers
Sooshie []
I made a recent post (a couple of days ago) along the lines of ‘Are you investing or speculating?’ This may or may not be useful in assisting you with your decision
Hi Ringo,
Re the 37sm unit, just for future info, some lenders won’t lend on properties under 50sm. We have found that some will allow inclusion of garage/carport/storage space/balcony as part of the overall sm, others will not. St George are fine with smaller, Westpac would include carspace and balcony, a credit union would not.
Ringo, an addition to my previous. Daughter has a studio in Hornsby, continually rented for the past 6 years at $190pw. I believe there was one in the block recently for $189,000, security block, indoor pool. Hers cost $110,000. Anna
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