Hi everyone , need some help lol , I am thinking of buying a 2 bed apartment in Stkilda on the esplanade , its in a nice complex has 2 balconies and a carpark and not directly facing the main st but has bay views from the bedroom and balcony I was wondering if anyone could give me advice on capital growth in that area , ie would I expect 10% capital growth per annum , the reason I ask is that some people have told me apartments dont receive the same capital growth as houses which I understand but Im thinking that in this area I will get good growth as their is only a limited amount of stock opposite the beach , also I was wondering if anyone could tell me how I can find out what previous properties have sold for in this complex , any help would be much appreciated , kind regards Al
No one has “the” crystal ball to tell you about growth in the area and any area for that matter.
Buy it if you can afford it, fits your plan, takes you closer to your goals and dreams and makes economical sense today, tomorrow, next week, next month… etc. The area "ticks off "all the fundamentals of a good area to invest, does it fit your plan?
In regards to getting past/comparable sales, DEMAND from the selling agent, a print out of the sales (i.e. last 3 months, apt, same building/area etc). Any decent agency would be subscribed to RP data, etc. If they don’t, pretend you are walking away and you will see
Happy Investing
thanx for your info jonchu , I understand that noone has a crystal ball , however I thought there may be some investors who have owned or still do own apartments in that area and may have been able to tell of the growth that they had achieved , in relation to previous sales history could anyone reccomend any good websites where I may obtain this info , thanx
Hi Mr property, get a free subscription from http://www.prd.com.au, they have really good snapshots of every suburb. You can get growth over the last 5 years, demographic snapshots, median prices, the lot.
There are a ton of sources you can pay and get the info, I just gave you the FREE way on getting the info. Get the agents to WORK! for the money they get paid.
In regards to growth, I just meant to say that any investment needs to make sense when you buy it. I have seen many new investors buy apartments that cost between $100-$250 per week to hold and they don’t get the capital growth all the “gurus” predicted for the area, and the areas did not followed the same growth pattern from previous years, Sydney is full of examples. Mosman, Sydney, NSW (apartments units) is a good example, units in Dee Why NSW is another great example too, close to the water, Sydney, etc, etc.
I am talking about those that bought at the peak of the boom (2003) and have had 4-5 years of no growth and lots of $$$ out of pocket. I have two “friends” in this situation at the moment, they bought 1 bed units for $380,000 they are now worth $400,000, $20K gain?, no, 4 years of $150 per week negative CF, you do the sums… At the time I was buying what they call “dinky” houses and mine were doubling up in price… By no means I am saying this is what is going to happen in St Kilda , just don’t buy an investment that all you can do to profit is to wait and hope for a gain, I am sure you get the idea…
Happy Investing
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