All Topics / The Treasure Chest / My head is buzzing

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  • Profile photo of Ringo1Ringo1
    Member
    @ringo1
    Join Date: 2003
    Post Count: 2
    April 1, 2003 - 7:47 am

    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

    Any information or experience would be great

    Cheers – AJ

    Profile photo of Kirby319Kirby319
    Member
    @kirby319
    Join Date: 2003
    Post Count: 120
    April 1, 2003 - 12:52 pm

    Ringo, there is a DEFINATE over supply of units in Melbournes CBD.

    I would stay away if I were you unless you are absolutely sure your unit is something special that stands out from the crowd.

    Profile photo of SooshieSooshie
    Member
    @sooshie
    Join Date: 2002
    Post Count: 974
    April 1, 2003 - 1:38 pm

    Hi AJ,

    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 [:)]

    There are no problems, only solutions

    Profile photo of DavidUDavidU
    Member
    @davidu
    Join Date: 2001
    Post Count: 101
    April 2, 2003 - 2:16 am

    Hi Ringo

    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

    Cheers

    David U

    Profile photo of Ringo1Ringo1
    Member
    @ringo1
    Join Date: 2003
    Post Count: 2
    April 2, 2003 - 7:08 am

    Hey David, Sooshie & Kirby

    Thanks for your advice & Honesty

    Had alraady read the article David – a good insight.

    Yeah the oversupply aspect is an issue – However, saying that I think this unit is a little unique (can you see the emotion v’s the logic here) –

    Once again thanks

    AJ

    Profile photo of annaw2annaw2
    Participant
    @annaw2
    Join Date: 2003
    Post Count: 178
    April 3, 2003 - 2:10 am

    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.

    We have several small units, great renters. Anna

    Profile photo of annaw2annaw2
    Participant
    @annaw2
    Join Date: 2003
    Post Count: 178
    April 3, 2003 - 2:15 am

    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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