VIC 2 bedroom 95sqm Apartment

Hi everyone,

I’m seeking an advice/opinion on my situation. I realise, no one has a crystal ball here, just want to hear your opinion guys.

Recently, I’ve purchased an apartment in Oakleigh, VIC to live in. It is a 95sqm two-bedroom apartment for 560k. It is a block of 35-40 apartments, and only 8 of them are 95sqm. The rest are 70-75sqm. Walking distance to train station, schools and on some distance from main road (second lane of houses), and all the windows looking away from the road, so there is no noise at all.

In my current circumstances it seemed like the best option. We have two kids, my wife and me are working, combined income 150k, but we are paying for a child care and out of school hours 2-2.5k a month. A house in a satellite area simply did not work for us time-wise, we would not be able to drop off and pick up kids from school.

The little one will go to school in one year, and it will give us 1-1.5k extra income to the family budget. I’m thinking should we jump to a 3-bedroom townhouse as soon as we get this 1-1.5k extra or stick to this apartment for a while. With current market, all 3bed townhouses are pricy in my area. Probably would have to pay something like 800k. On the other hand, 95sqm apartment is not so common to see with this price on the market in my area, so maybe it will perform good and give me a bit of CG to trade in 2-3 years.
What is you impression of this proprety?

 

95sqm is a good size for a 2br... same asa small 3br house

 

Im with @Y-man. Rent it out and then pick where you want to live.

Get the best of both worlds and sounds like you may get a premium on the rent due to having a larger 2 bed apartment.

 

Is there any possibility of getting a 3rd bedroom into the apartment considering it's size?

If apartment living does not suit your family but you love the area then perhaps renting a townhouse or small house in the same area might be the answer whilst renting out your apartment.

It will be a lot cheaper to rent than own.

 

yeah as @westminister said - do a 3rd better townhouses not cheap in Oakleigh man

just do what I used to do in the day when I started working - get approval from owners corp to take down the non-structural walls and and reconfigure the whole apartment for a 3 bedder being it is 95sqm. if it does not have fire sprinklers even better. Nowadays 90sqm 2 bedders are rare.

 

You mean converting into 3bedroom to increase a selling price or change the lifestyle?

I’ve been considering rent it out after a while as an option. Just looking into option to get the big Australian dream come true Ultimate goal is to buy townhouse 115qm+.

We have used our FHB stamp duty concession, so we need to live there for at least 1 year. If we buy something later, it probably will be 700k, so the FHB discount does change much in this price range.

Looking at Clarinda as well as it is a bit more affordable. There is no public transport, but I like the area. Very green. Maybe an option if prices won’t go crazy at the time when I’m ready to move on. I’m just in the FOMO mode now. This is a third property I have bought in my life, but first one in Australia. I don’t mind starting with something simpler as long as I see an opportunity to upgrade later. Just afraid that I will be locked to the apartment with no upgrade option with the price trend at the moment. I know a mate who stuck like that in Sydney. They have bought a property, gained CG, but not enough to upgrade to something else as the property they wanna buy jumped twice.