VIC Apartment in Glen Waverley

Just wondering what people's thoughts are on purchasing an apartment in Glen Waverley now?

 

PPOR? Buy whenever you find some place you love and can afford it. IP? Probably wait on it.

 

Well planning on ppor for a couple of years and then turning it into an IP and renting it out.

 

I wouldn't buy an apartment anywhere in Australia (unless guaranteed of unobstructed water/green views forever). Dunno what your driver is behind buying in GW, but if you're able to do it buy a freestanding home or at least a unit a bit further out.

 

Don't but if you have to then in school zone (walkable to train) but apparently you need at least 2 bedroom to apply for the schools

 

I don't think I ever saw a school checking how many rooms a student has at home.

 

Thanks for the feedback everyone.

The reason I'm considering the GW area is because I grew up in the area and have always liked the area. With houses in the area definitely out of the budget, I thought a unit in the low density apartments within the school zone might have a chance to hold its value somewhat even during a bit of a downturn. But I could be totally wrong.

Btw I'm considering the apartment block on Frank Street

 

Yea not a big fan of high rise apartments... and those things are kind of hideous, wrecks the whole suburb's skyline.

 

Becareful of how close those apartments on frank st is to springvale road, definitely check how noisy it will be at night. It is also quite a distance from the station (1.2km) and would require you to walk along springvale road most of the way, which you may need to question whether it defeats the purpose of having an apartment (for convenience and location). Due to the distance, you may end up driving more often just to visit the glen and kings way, in which case it would open up more suburbs for you to buy in.

Looking at VCE rankings, Glen waverley high does not appear to drastically outperform any others in the immediate area such as Highvale or Mount Waverley. The general area is also attracting new low rise developments, like the 12 odd apartments they put up at 22 Shirley avenue next to Syndal station (mainly sold to foreigners). For the council to approve that signals the potential for more similar supply in the near future and closer to the main hubs.

In saying that, if you must buy now in glen waverley at present, there is not much better on the market at that price range and there being 3 in the same complex listed for sale could be a blessing to negotiate lower prices (or a concern depending on which way you look at it - if it is so easy for you to buy then it may be hard for you to sell).

Just question whether its worthwhile buying those apartments now for investment if you think it will not go up in value (buildings do depreciate) and do not intend on living there long term. It would need to offer some crazy good sustainable yield for me to jump in. Also a 500k-550k price point for an apartment with arguably low walkability and on main road is not overly cheap by any means and its location may really limit your tenant pool so you would want to research that. You would also need to be sure you cannot find a villa unit for not much more (see 1/32 capital ave that recently sold).

 

not a big fan apartments but the ICON apartments are at least unique in that its right in the middle, those apartments insifde are pretty small though, qualitywise didnt seem horrible

 

Bad idea to buy an apartment in Melb
That’s it

 

For a rental property which is a studio apartment or a one bedroom unit, checking whether there are any regulations/codes limiting the occupancy of these apartments to one person per

GWSC had around 14% study scoires >40 compared to under 10% for the other 2 mentioned which may not be drastic. It's also reputation as well I guess. Balwyn High sits at over 18% for 2019

 

Can I ask why you hold this opinion? Is it from either a PPOR or investment perspective? Or both?

 

Hmm probably both because irrespective of PPOR or IP, you’d want cap growth/want your buying power to keep up with the market. And apartments would not give you that because it’s so easy to keep building more. Making second hand sales very undesirable since there’s always a newer OTP coming (and because of FIRB rules you’ve lost the foreigner Asian market on a resale)