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I've read a few of the comments in regards to this development on crn of Clarendon St and City Rd, (109.com.au) which has also been recently forwarded to me by a friend who purchased a property there.
Even though the freeway is very close, this development is selling like crazy… looks like already 75% of the apartments have been sold. I've had a good look at the floorplans and they look good and innovative.
I am considering maybe into investing into a property there but just wondering what you guys think. I haven't lived in the area before but it seems like a pretty good location.my friend bought it off the plan, he thinks it was a good investment, but i think his decision was a bit abrupt as there are lots of new developments around melb.
When i checked it on the website, they have some free vip login with lots of info it looked pretty good.
I know the neighbouring Southbank has credit for cheap developments, but this 109 looks like an exception.
Any further comments/advice on this development, I'd appreciate it, at least someone who is familiar with the area.
Hi Tmillery, if the price of the new apartment exceeds 500 000 for a two-bedroom, I dont think it is a good buy at all. I live in an apartment just 100 metres from the corner of City rd and Clarendon st. The apartments in the area is way overpriced. There are a couple of brothels down the road which makes the street appeal undesirable.
I am trying to purchase one of these apartment it looks like a very good investment. just the stamp duty alone is a massive saving. Just listen to the press in Melbourne inner city living is growing at the same rate as the suburbs. whereas a few year ago suburbs were growing faster the inner city.
What this tells me is that people are attracted to the city, The best units are on the higher floors so the higher up you can get on the better.
Let me suggests you some suburbs inner Melbourne that are good for investments…
Melbourne City
South Yarra
Southbank (1km around St Kilda Rd)
Docklands (wait for another 1 or 2 years)Units in these areas has potential to grow at 5%+/annum
