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Melbourne Apartments - Question

Discussion in 'Real Estate' started by Daddy, 30th Jul, 2015.

  1. Daddy

    Daddy New Member

    Joined:
    28th Jul, 2015
    Posts:
    4
    Location:
    Melbourne, Victoria
    I've been thinking about buying an apartment in Melbourne for a while. I keep hearing about tiny, badly designed ones with "kitchens placed in hallways, a lack of ventilation and natural light, and poor storage."

    and apparently 40% are smaller than 50 square metres, which is smaller than just the BEDROOMS in many houses (eg. Sydney, London, Adelaide).

    source: 20. Avoid Melbourne's Poor Quality Apartments

    I'm wondering if anyone knows which apartment blocks I should avoid and if anyone knows which are good.

    I want one that I could potentially live in, then maybe turn an investment on when I sell it later or maybe rent it out down the track, but I don't want to get anything undesirable.

    Any help would be appreciated.
     
  2. michaelmaloney

    michaelmaloney New Member

    Joined:
    29th Jul, 2016
    Posts:
    4
    Location:
    Gold Coast
    If you are in love with a certain district but are uncertain at the same time as you are new there, a realtor would be a good choice to help you out. You will have the chance to view the apartments before making any deposits. Hence, you can first review your options to suit your accommodation and storage needs.
     
  3. Corey Batt

    Corey Batt Finance Strategist Business Member

    Joined:
    12th Apr, 2016
    Posts:
    23
    Location:
    Adelaide, SA
    And old thread - but always good to note for the posterity of others.

    Buyer beware when it comes to apartments - supply is constantly coming on the market and demand is nowhere near the levels to soak up the required amount of sales. For a long while a significant proportion of sales have been to overseas investors who are allowed to buy new stock such as apartments, however lender crackdowns to foreign non-residents has seen these buyers dry up and several developers go bankrupt over failing sales/reduced buyers.

    As supply and demand dictates - if you have a stronger (and growing) supply compared to demand, prices will fall until enough demand comes on to balance the equation. Unfortunately we're nowhere near the point of equilibrium.