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  • Profile photo of SacnacSacnac
    Member
    @sacnac
    Join Date: 2004
    Post Count: 1

    I am thinking of buying an inner city apartment in Adelaide, not a serviced apartment.
    It is 2 bedroom, 2 bathroom, balcony and no carpark. Ideally set up as uni-student accomodation or business/retirees. The rental return is far better than anything available in the suburbs.
    The apartments are all over 75 sq metres.
    Has anyone got any opinions on the pros/cons of buying apartments.

    New member – sacnac.

    p.s. i’m computer illiterate – how do i assign myself a picture/character to go with my name.

    Profile photo of elika7264elika7264
    Member
    @elika7264
    Join Date: 2003
    Post Count: 160

    Hi Sacnac,

    just a couple of thoughts re your post.

    How large is the apartment you are interested in. Two bedroom/2 bathroom should well and truly exceed 75 square metres — otherwise, you are buying a rabbit warren and not an apartment. I think student accomodation has some problems — what happens during the long summer break. Can you let out the apartment??? If not, then the apartment only is lettable for 9 months of the year. Not the best investment. My other concern is no carpark. That could be a problem when letting the apartment and later on when selling.

    Anyway a few thoughts. I am sure others will add their comments.

    Helen

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,058

    I don’t know the Adelaide market at all, but in some states inner city apartments are harder to get finance for. Mainly because the mortgage insurers won’t insure for certain postcodes. If it is hard to get finance, it will limit the typ of people you can sell to and therefore may make it harder to sell.

    Terryw
    Discover Home Loans
    North Sydney
    terry@discoverhomeloans.com.au

    Terryw | Structuring Lawyers / Loan Structuring Pty Ltd
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    Profile photo of wanting morewanting more
    Member
    @wanting-more
    Join Date: 2004
    Post Count: 22

    Hi, I looked at buying just a few months ago in Adelaide also.However, I found much better bargains out in the suburbs. I personally think there will be problems reselling them in a few years time as there are new apartments being built all the time and they are constantly bigger, better,with carparking space, security, gyms, pools etc etc.
    Just my opinion..
    good luck in what ever you choose to do
    cheers wanting more

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