VIC A residential map of Melbourne CBD and its different precincts

One of my rules of the thumb when inspecting apartments is to check the front door, skirtings and architraves carefully. They don’t have to be very elaborate especially in a modern style development but they should feel solid instead of being an afterthought. Plus points if they have been painted a different colour. Pay less attention to fixtures such as soft close cabinets (often MDF laminate), ‘caesarstone’ countertops (usually the crappiest quality rock) or German appliances.

The front door is very important. I like solid wood but most importantly it should exceed fire ratings and feel good. I’m not an expert but a cheap front door usually telegraphs mindless cost cutting. You can’t possibly have a Bunnings door in a so called luxury complex. And do you want to risk your life in a high rise and be the next star of towering inferno 2?

I will take some photos of these architectural features soon.

 

Thank You olofmeister for making this thread.


Looking to buy a 1 BED apartment in a heritage building as my first home. This will be my PPOR until death or an unforseeable event happens.

Is this a good idea to buy now or hope price go down further with in 1-3 years?

Some stats, 30s work in the city. No intent to have family, bachlor for life. Like the city lifestyle because of the amenities, bar, restaurent, cafe etc etc.

Budget 400K but really want to spend 350 and 50 for reno and nice furniture.

Looking for something that is well maintenance building, with not very high body/owner corp fees.

What is the range in terms of body/owner corp fees for heritage building I’m expect to pay per year?

Is it better to buy in low or high total apartment per building?

In general, Am i right that the lower the total unit per building the higher apartment cost and body/owner corp fees???

Or should i be better off with modern apartment with a beautiful view instead for PPOR?

What are the pros and cons between heritage building vs modern apartment in the long run?

Need some guidance, please help me decide. Thank You All.

 

Some of my recommendations don't really apply if you are looking for a PPOR, but since you are 'only' in your 30s your situation may change, who knows? I cannot tell you what the economy will be like in a few years, presumably now is a good time to buy but if I could see the future I would be very rich by now!

I would stay away from new builds and if you want something modern, try and prioritise water views in 90s era blocks. Two most important factors when buying in the CBD are location and scarcity. Obviously there can only be so many towers with a Yarra view, and no more heritage complexes will ever be built. You always want a low density building to preserve exclusivity and maximise land value. Can you imagine living with 500+ neighbours, mostly students from China and India?

Generally speaking body corp for modern apartments with all the bells and whistles (think heated pool, sauna...) will be about 20 to 30% more expensive than an older apartment with no amenities. However works to maintain elaborate facades and general maintenance for heritage buildings can stack up over time. It's important that these works are completed on schedule so that the building can keep its old-time charm and stop concrete degradation before it becomes a problem. It is unknown what kind of long term issues modern towers will have because few have got to that stage. Generally, if something has stood for 100 years, you would bet against it falling down any time soon.

50k for reno/furniture is overkill and in a heritage protected building you are unlikely to want to rip everything up even if you are within your rights to do so. 15k will get you very nice (i.e. designer) furniture of adequate size for a 1br and 10-15k should see out the most comprehensive of renos.

You need to go out to the city for a couple of days for a walkabout and identify with part you would like to live in. Of course you can use my map as a guide. When you have a better idea I can point out a few buildings that I personally like to you.

 

Thanks for the advice, i will focus on heritage building apartments.

Haha True

Speaking of body corp fees, what is the range i'm expect to pay per year?

Good to know i wasnt sure how much to budget for.

I kind of have a general idea, Port Authority Building comes to mind. Big solid building with history. But its does have around 111 units in the building. Is thats too many unit in the building?

230 Little Collins seem interesting, maybe a little bit noisy too close to the action. Do you concur?

Right now not much on the market, i see ashdowne house and 230 liltle collins. What do you think of them?

 

Yeah that would be great, send me PM if you dont want to post here. Thank You

 

Hi, the Port Authority (29 market st?) is one of the best residential buildings in Melbourne, but unfortunately that means that buying into it is always competitive and usually it would go to auction. Most people are very impressed by the entry foyer. Don't think 350k is realistic even in this market, but I could be wrong. Closer to 400k and you have a chance. Be warned, the units with water views also receive noise from the train tracks not for away. On the plus side, the views will never be built out.

My agent has sold multiple apartments there I believe, so I can put you in touch.

Heritage apartments are a waiting game. One does not simply buy into them (haha). There are only about 30 true heritage residential buildings in the CBD off the top of my head, and about half of them have like...20 units or fewer. Compare that to the 25k apartments in the CBD alone, excluding Southbank. Of these, you should have the most luck with Temple Court and Hero Apartments (lots of units), both also well-regarded buildings (by me...not an agent lol).

Most will not sell in a down market, there is every reason to hold on to them. I should know, I live in one...

 

Helpful thread @olofmeister, would you be comfortable in sharing the list of what you consider to be true heritage buildings?

 

Yeah 350K is not going to cut it ATM, i concur with around 400K. But hopefully when Jobseeker/Jobkeeper and the pause on mortgage repayment ends September price might come down a bit fingers cross haha...

Yeah i think those building with 50 or less unit per building is more expensive and does not come on the market often. Like you said its a waiting game...


Temple Count is not bad around the corner from Port Authority Apartment both have trams going pass... As for for the Yarra view from Port Authority Apartment, yeah you will paid for it both ways cash and noise...

Hero Apartment seems interesting with the OG part and the extension above which is better???

 

@olofmeister any building recommendations around the CBD (but not CBD) for rental 2/2/1 with gym, pool, gas cooktop and not too noisy? Scouring pockets of Docklands 3008 currently but interested if you know any other good pockets that hit the mark?

 

I'm biased, but reckon the best buildings in Docklands are Dock 5, Convesso and Concavo, the three towers on the south side of the harbour and thus north facing. Apart from aspect and view, the location is brilliant: free trams, supermarket, eateries, GP, pharmacy, PO and library all on your doorstep. They're pretty tightly held: when I was looking in 2017 I narrowed my selection down to these three and it took months before one that fitted the bill came along.

 

Hi Rizzle.

My in laws currently have an apartment in the Quays on harbour esplanade which fits your description and has full water views from all rooms and incredible outdoor areas and facilities. I have stayed there previously and it is in a quieter side of docklands. Neighbours are nice and it is walkable to all the nearby shops at the district, the stadium, southern cross and within free tram zone.

Happy to share more if youd like to have a look.

 

You want to rent? Really I don't go to the Docklands and it is brutal in winter, so I'd rely on others for advice.

I'd try East Melbourne closer to the MCG if you don't mind the footy siren, or further down St Kilda road towards the Shrine/South Yarra where there are lots of options. Unfortunately I cannot tell you whether a unit has a gas stove or not - I use induction myself.

If your budget is sizeable you could score a good deal now.

 

Hah! Funnily enough my partner used to live in Concavo which I thought was great (except no gas cook top in all apartments, we love cooking and that's likely a deal breaker).I'll take a look at Dock 5 though, thanks.

 

Thanks Robbo, great location that apartment complex. I would consider it, but only apartments on the non harbour esplanade side, since that nearby intersection is always busy and noisy (I cycle past it on my daily commute to work).

 

Excelsior is an extremely A+ property for long term hold if you are looking to invest in old buildings.They don't come out to market often, especially those along the round corner with tree top view.

https://www.realestate.com.au/property-apartment-vic-melbourne-133630038