VIC Apartment on Marine Parade

I was wondering what’s the capital growth potential of a Art Deco apartment on Marine parade in St Kilda.

https://www.realestate.com.au/property-apartment-vic-st+kilda-133310226

I know the general conception is that apartment don’t have much capital growth but this one is unique because of its location.

what do you think ?

 

It is no point buying apartment in Melbourne when you can afford house with that price range.

 

if you do due diligence and find no problems i actually really like it
what a great location and from estimation it looks over 120 sqm, bigger than many houses
also good opportunity to value add
cant really tell from the pictures whether you get beach view or level of street noise, only downsides...

house there will cost close to 2m?

 

If you don't mind the location (facing 4 lanes of traffic, Marina, skate park, the bay...) on the upside - would definitely have a seasonal rental attraction/premium too.

Great character building which puts it streets ahead of other units.

 

Love it, are the vents in the walls for A/C, reason I ask is that my sister bought in a similar age building in Sydney where A/C is not available and cant be installed and has really suffered in the summers we have had of late ...

 

Beautiful old art deco apartment, its great that it has a 2nd bathroom and has room for upside in a luxe reno.

Downsides to consider: being on the ground floor it doesn't have a lot of privacy/security judging from the pics. As balwoges mentioned, there doesn't seem to be any space for aircon. Also its south/west facing so not the ideal aspect.

 

+
Great location
Ideal condition for a renovation
Beautiful building
Aircon?
As alluded to above, 2nd bathroom is a huge plus
Ability to have open plan kitchen and living in the West wing and beds all in the East with renovation

-
Noise?
No north facing windows is a big negative
No balcony also a big negative

 

and WINTER? and I don't think the fireplaces can be used ... plus no parking.

 

Ah yes this one has been on the market for a while! Location is pretty good but it is on a busy road and no water views, I've cycled past there a few times.

Not sure why it has sold for so long think it was originally listed for $950k. Perhaps the salty air has caused a few problems, a look at the body corp minutes is a must!

I've seen a few on the treelined park st, St kilda sell a couple months ago. Thought they were pretty good buys and cheaper than this one albeit a lot smaller.

Another thing to consider is the strip of beach along this section is not as popular for swimming as the elwood side.

 

Nice and spacious - but needing a lot of work. No off-road parking is a big minus and it will be dependent on the local parking rules. Generally non-residents can park up to 2 hours and permit holders all-day. Sounds OK but not really much good if you can't find a parking spot in the first place.

 

This popped into my browsing this evening...for those interested, it sold for $806k if the website is too be believed. I've seen a few properties tonight online that have a lot of inconsistencies between the Statement of Information, reported sales date and sold price that they cannot all be true for the same property hence my caveat.

https://www.realestate.com.au/sold/property-apartment-vic-st+kilda-133310226

I downloaded the original SOI and this Marine Parade property sold at the lower end of expectations.

 

Nice one been tracking that also looks the seller acquired in 09 for 600k, so a mixed result considering it looks to be in a much worse condition than prior.

In any event, older listings are really moving now.

I have been tracking a few inner ring, east and bayside areas and listings have dropped right off - I am amazed even in docklands have only 35 odd 2+ beds listed under 850k in newquay and vic harbour combined which is crazy low supply and only a few with skant water views.

Anyone bold enough to call the bottom? Or will listings shoot back up post lockdown?

I hope the latter!

 

It looks one of those nice old style apartment buildings. I personally stay away from any real estate this old as I am concerned about repair/maintenance issues. Prefer to go for something newer and not be too worried about it. On the positive side, it is definitely unique and it would attract a special market who enjoy these types of buildings.

Just wondering if you bought this apartment yourself or are you simply curious about its potential?