Hi Again,
What do you all think about SOUTH YARRA , Melbourne, l was looking at investing in property there. Units in particular.[suave]South Yarra is a great area to invest in. It’s close to Chapel Street and Toorak Road and not far from the city. It’s also the next suburb along from Toorak, so you may find that you’ll pay a lot even for a unit.
Landt64.South Yarra and similar affluent suburbs will always command a high price and have shown strong growth figures over the past decades, it is a good area to invest in for capital growth but there is usually a high buy in (a friend of mine just bought a 1 bed unit on toorak rd, very original, very basic, $280 k), so depends what you’re buying for, growth is good, but yields are average.
D.
South Yarra is certinly as blue chip as they come. The suburb does vary considerably however, for example Darling Street is full of low rise apartments, and has a high renter population. Many other apartments in other parts of SY tend to more OO, for example Avoca At which is the next Street south parallel to Darling. Just get to know the area, so you get what you want.
Used to live in Avoca St so I know the area quite well.
Like the others said, its very blue chips. That means, lower risk but lower returns as well. Over the long term, you should experience stable but moderate capital growth.
And the properties there are definitely -ve geared so take that into account.
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