NSW 2 Bedroom Apartment in the Centre of Neutral Bay $860,000 ~ Thoughts?

Thoughts on this
Viewing Listing

Is this a good buy? If no, im more interested to understand why not part.

 

Not sure as I don't play in this particular market. But for me, $1400 per quarter for strata is a deal breaker. Next thing that would be a deal breaker for me being a split level apartment is having only one bathroom. At least a toilet on each floor is a must have for me.

 

As a PPOR or an IP?

 

PPOR

 

what are the comparables? No car parking.

 

While I don't watch the LNS super closely, Neutral Bay is definitely a blue chip area and this seems like an okay price prima facie. (eg beautiful area, close to CBD for easy commute), plus 2 bedrooms and outdoor area- you might pay this much for a much further out and not as desirable location.

Given it is a reasonably new building also you would assume it would be up to code for OHS and Fire safety which a lot of older units aren't (which can lead to massive levies down the track)- that said, as a newer build, they don't really build them like they used to ! The $1400 doesn't necessarily scare me off as long as they are spending it wisely and have a good buffer.

Make sure to get the relevant strata reports etc done to look out for any issues.

 

Hard to see what's particularly special about it from a 'value purchase' point of view.

But I guess if its for a PPOR then personal tastes apply.

 

Some more thoughts :
- in certain councils, they don't provide parking permits for new builds- so look into this to make sure you can get street parking via permit (even if you don't have a car, could be harder to rent out should you do so in the future)
- looks as though it was listed in December 2015 for 27 days and didn't sell- may be worth looking into why?
- as someone who much prefers older builds because of character, and relative scarcity one negative is they are generally not open plan- with this apartment you don't have either the character OR the open plan! (plus the kitchen looks to have no natural light)
- It looks as though the strata levies might be going towards the on-site concierge (which I personally wouldn't get any value from but perhaps you do) and the lift. Broken lifts can get expensive! So I take back my previous comment about the $1400- you are obviously paying for the concierge and lift (which I (personally) view as wasted money) and not to build up a good sinking fund.

 

I'm not an apartment person - my garage is nearly as big as that place - but the living area and balcony faces SW, so no sun except perhaps a little late in the day. All the sun would be in the bedrooms, assuming no other building is over-shadowing them, so I'd want to sleep in the living area and turn the bedrooms into lounges.

 

For that price, I would get an apartment in a nice art deco building within a 10 minute walk from one of the eastern suburbs line train stations but just my preference

 

Thanks guys, I discussed this with couple of friends who are into property market and also with my mortgage broker who has pretty good idea in this area. Will skip this property.

Mod please close this thread

 

What did your friends and broker say?

 

Biggest negative for me is the separate, tiny kitchen. We stayed in a holiday unit once with roughly this layout and hated it.
Marg