I'm not sure whether to buy a small apartments in the Docklands region with a decent view, something for about $450k. I'd probably live in it for a year and then rent it out (perhaps as a holiday rental) when the region is a little more estabished.
I've heard so many differing views on the suburb, some say to stay well away from it others say to tread carefully and a few say so long as you are able to park your money for a loooong time then only will you benefit. I thought i'd see what your opinions on the area are.
Mr Simba, I'm interested in any ideas you may have as to who would find tenants and manage the property as a holiday rental for you?
I have heard that within Docklands there are better and worse buildings. Research well and you may find a good IP there.
Hi Mrsimba
double check that your personal lender will lend in that poscode if you havent already. Three years ago the nab told me that they couldnt lend 80% to me if I was to invest in particular postcodes (CBD, Soutbank & Docklands). The banks may have changed and my lending situation has changed since, but I was shocked back then that they had this strict criteria in writing. My parents did buy a 1 BR unit there 4 years ago and are happy with it (but certainly not over the moon).I think most lenders have opened up their policies for this area. The main thing you will have to watch is the size of the apartment. May have some troubles under 40sqm.
Hi,
I put 5K deposit for 1 bedroom apartment at 360K last year Feb. This is marketed by local (Singapore) property company. The sale man is Hong Konger. There are few such project market in Singapore by local company here !!
I went back to check realestate web site that night and discovered that there are so many units for sale at dockland, with 360K, I could also get 2 bedrooms instead of 1 bedroom. I went back to clarify with them the full harbour/water views with yacht, the cheaper resale unit at the net, …etc there are so much discrepancy . I decided to call off the sale.
I was told, i will lost my 5K deposit unless i find another replacement to buy my unit.
The whole episode is very unhappy and in the end I lost 5K to this company.
This 5K is my painful lesson or tuition fee and have ever since stay away from this sort of sale by local company selling foreign property.
I went to visit Mel in Feb 2007, the first thing i did was to visit this project at dockland and till today never regret it ! It is worth it for me to lost 5K instead of incurring more cost…….
There are so many project at dockland area…..watch out for the maintenance fee, bank loan – max up to 60% , even today they are (bank)still advise me be very mindful about investment in apt in CBD area and also area less than 35sqm unit.
I have IP in Perth and Mel but none of them is this sort of unit. somehow i feel very uncomfortable about this sort of unit.
just to share my experience in one of the project in dockland.
cheers !
Simba, I'm working for developer who used develop one of the apartment in dockland. We sell off the plan and sold out before the construction finished. I can say that dockland is pretty warm at the moment. Demands are great there, but lots of supply as well.
From what I know there will at least be 10 or more new apartments in the area until 2010. So you if you really prepare to wait for a while, I dont think that you'll be losing any money.There is another consideration for these types of investments;
you have one of many units which are virtually the same in a very big complex. Many are bought by investors, so there is stiff competition for renters and/or buyers if you decide to sell. There are also high management/maintenance fees as well with these places generally.
The cap growth prospects may be good though, but this is an un-known, so do plenty of research on the area/rental vacancies and returns, outgoings, re-sale prices etc.
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