澳洲Australia property Buy blue chip location apartment in Melb


在澳大利亚 The pool at of an IP needs to be resurfaced (or so the pool doctor says), the cost was estimated to be $10K ($10,000), after recoverying from my impresssion of a cat coughing up a fur ball, it just seems far too much. Its just a standard poo I need some advice regarding a property purchase. Property - semi-detached house Bedrooms - 2 Condition - average needs internal reno to modernise Street - one of the best in suburb Location - excellent Close to schools - yes Transport - 50m


Hello there

Was hoping that investors on this forum could please help me get some clarity on the current market situation in Melbourne - calling ye crystal ball gazers - preferably the crystal balls of astute, successful property investors, please! Lol

My strategy WAS to get a 1BR apartment in blue chip Melbourne location asap- but am feeling like that may be a funds/ LOE drainer [even with tax benefit] for me to run the out of pocket expenses as I will be borrowing 100%So - will it be worth it? Do you think Iam going to get that +CG in the next few years to have made it worth purchasing now? Or should i wait?
Has the Melbourne market hit the bottom yet?

I am a long term investor - so aiming to keep for 10 years plus
Thanks
And please post your opinion!

Eve :)  

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Eve said: ↑
Hello there

Was hoping that investors on this forum could please help me get some clarity on the current market situation in Melbourne - calling ye crystal ball gazers - preferably the crystal balls of astute, successful property investors, please! Lol

My strategy WAS to get a 1BR apartment in blue chip Melbourne location asap- but am feeling like that may be a funds/ LOE drainer [even with tax benefit] for me to run the out of pocket expenses as I will be borrowing 100%So - will it be worth it? Do you think Iam going to get that +CG in the next few years to have made it worth purchasing now? Or should i wait?
Has the Melbourne market hit the bottom yet?

I am a long term investor - so aiming to keep for 10 years plus
Thanks
And please post your opinion!

Eve :)Click to expand...
1br Apartment
Limited market to sell back into. Limited renters. Apparently there's an oversupply of apartments in inner city Melb

Has market bottomed?
No almost seems like it's just starting to fall

Will you get CG+ next few years?
So the market's just starting to fall, and you're buying an asset class with limited resell market. One must wonder...  

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Eve said: ↑
Hello there

Was hoping that investors on this forum could please help me get some clarity on the current market situation in Melbourne - calling ye crystal ball gazers - preferably the crystal balls of astute, successful property investors, please! Lol

I don't buy apartments, however unless you can find one that is yielding strongly, I'll ask you one question....what's the rush?

My strategy WAS to get a 1BR apartment in blue chip Melbourne location asap-..........what's the rush? but am feeling like that may be a funds/ LOE drainer [even with tax benefit] for me to run the out of pocket expenses as I will be borrowing 100%So - will it be worth it? Just based on that info, it is unlikely to be worth it. Do you think Iam going to get that +CG in the next few years to have made it worth purchasing now? No! Or should i wait? That may be prudent
Has the Melbourne market hit the bottom yet? Even if it has, it is unlikely to recover strongly any time soon. As mentioned earlier, if you can find something with a strong yield (unrealistic with a pure buy/hold, however if you can get close to 7 % go for it). At that level you should have captured any capital discount and hedged a little against possibility for further softening. Not saying further falls will occur, however they might.

I am a long term investor - so aiming to keep for 10 years plus
Thanks
And please post your opinion!

Eve :)Click to expand...
Hi Eve, there is no rush to buy in Melbourne IMO especially something that you cannot improve by subdivision or value add other than soft cosmetic reno's. Also I am making an assumption here, I hope you are not talking brand new OFT apartment when you talk of blue chip. I would be thinking an older style unit in a smallish block in suburbs say within a 5 km rim (or thereabouts) of the CBD.

Perhaps hasten slowly and save a little more. IMHO, now is not the time to be doing circa 100 % lends unless your income is very strong to support it and if so, you would be unlikely to be aiming for one bedders as a start.

Not advice.....merely my opinion, Don't Rush !  

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Eve said: ↑
I will be borrowing 100%Click to expand...
Try finding out the feasibility of this one - i.e. Are you able to borrow 100% for a 1BR....

The Y-man  

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Player said: ↑
Hi Eve, there is no rush to buy in Melbourne IMO especially something that you cannot improve by subdivision or value add other than soft cosmetic reno's. Also I am making an assumption here, I hope you are not talking brand new OFT apartment when you talk of blue chip. I would be thinking an older style unit in a smallish block in suburbs say within a 5 km rim (or thereabouts) of the CBD.

Perhaps hasten slowly and save a little more. IMHO, now is not the time to be doing circa 100 % lends unless your income is very strong to support it and if so, you would be unlikely to be aiming for one bedders as a start.

Not advice.....merely my opinion, Don't Rush !Click to expand...


Hi - and thanks for your comments
Not new - as you said - older in small block/ inner eastern suburb
This next purchase was to be my second in Melbourne - have a 2 BR
But - I think the 'what's the rush' advice is spot on
In a strong position now to save $ with overall portfolio at 55% LVR

Thanks for your opinions/ comments - I hope I get more!

cheers
Eve :)  

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Deltaberry said: ↑
1br Apartment
Limited market to sell back into. Limited renters. Apparently there's an oversupply of apartments in inner city Melb

Has market bottomed?
No almost seems like it's just starting to fall

Will you get CG+ next few years?
So the market's just starting to fall, and you're buying an asset class with limited resell market. One must wonder...Click to expand...
Lol - yes- when you put it that way - I am wondering now too
So it seems that I am back to looking for CF+ or at least nuetral property with hopefully some potential for +CG through reno/ subdivion etc?

Thanks for your perspective :)

Eve  

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Eve said: ↑


Hi - and thanks for your comments...................But - I think the 'what's the rush' advice is spot on
In a strong position now to save $ with overall portfolio at 55% LVR

Very nice. Keep your overall LVR skinny for the moment. You may find better opportunities unfold. Be ready with offsets and/or LOC so you have a deposit in a hurry should you need one.

Thanks for your opinions/ comments - I hope I get more!

cheers
Eve :)Click to expand...
Keep saving Eve. I don't follow units/apartments as such, however with the Melbourne price freeze in most areas (there will always be some exceptions), you may find a cheaper asset in time or even another two bedder.....perhaps in the same suburb or one suburb removed that may experience spill-over effect and be poised for growth. Will also be easier to finance a 2 BR unit by way of more optimal LVR and have better resale and tenant appeal thereby enhancing your returns.

Good luck :)  

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I don't necessarily agree with low-rise old apartment blocks. They usually have very low maintenance, look ugly and have no views. If you're looking to buy an apartment in Melbourne, it's best to go for 2 bedrooms/2 bathrooms/1 car space at the very least. There's too many 1/1/1 and 2/1/1 in Melbourne so you have to buy something beyond that to have a good resell market and therefore good capital growth.  

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the melbourne market could be in line to blow off 20-30%. keep your eye on IRs and see how steadfast the RBA are. if they are pig headed then it is likely. Conversely if rates drop a good 1% then it could all be back on again, tho I wouldn't expect much growth out of melbourne, probably less than tyical neg gearing costs but at least that big ugly debt is deflating amidst all this rush to inflate currencies  

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the melbourne market could be in line to blow off 20-30%.Click to expand...


Hi Ausprop - do you mean 'blow off' as in 'drop 20-30%' if IR stay on hold or go up?

Very nice. Keep your overall LVR skinny for the moment. You may find better opportunities unfold. Be ready with offsets and/or LOC so you have a deposit in a hurry should you need one.

Hi Player - yes - I think that's where my head is at now - think I am best to look after what i've got atm - worked too hard to get to this stage - I think just because I can buy, doesn't mean I should right now [got that bit of wisdom from a post on this site :)]
Am ready to go with cash and LOC if something comes up
Am considering swapping my current PPOR for a block of land and do another build while this current market pans out???
That should be enough to keep my brain going for now!

If you're looking to buy an apartment in Melbourne, it's best to go for 2 bedrooms/2 bathrooms/1 car space at the very least
Do you mean new apartments? Or villas/ units/ townhouses?

Guys, am I doing this quote and reply thing right?
I am so not a techno head and it was challenging for me to even work out how to post a new thread!

Eve:)
PS; Ta 4 well wishes Player :)  

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Eve said: ↑


Hi Ausprop - do you mean 'blow off' as in 'drop 20-30%' if IR stay on hold or go up?Click to expand...
sure, the melbourne market has defied all logic  

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Well I was talking about apartments, but the same thing applies to any type of property. Bathrooms always add value because it becomes a lot easier to rent out - especially for females who tend to dictate whether a property should be purchased or not.  

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