TAS Are these units good buy, appreciate your suggestion

2-9/8A Romilly St South Hobart Tas 7004 - Villa for Sale #126303926 - realestate.com.au

535k+, thinking about 7 or 8.

Concerns: narrow and steep drive way, high density, lack of sun, slope garden, too close to each other, close to the riverlet

Some plan documents are attached.

My first post. Your experience and suggestions are greatly appreciated.

 

Any reason why you wouldn't go for something with a land component or something established instead?

 

Apprecite your question, thatbum.
Reasons are:

• only need deposite now, rest of the payment due at the settlement, which is when the construction is completed, so more time for getting the funds ready.
• very rare to find new development in this developed area. so hoping to get dencent CG over the next few years with relatively good CF.
• currently Hobart is a selller's market, difficult and epensive to get into good established ones
• close to our own house, so know the area and like the suburb
• the information I have is the land should be still between 400-500.

 

So you would be buying off the plan, with all the disadvantages of such - do a quick search of of the forums - the general consensus is that OTP is very rarely a good investment and has many disadvantages.

Plus it looks like its a unit development - some sort of strata? In that case you really don't have any real ownership rights to the "land".

Although admittedly I don't any knowledge of the Hobart market, I would have thought you could use your local knowledge to pick up something much better and established when it comes up.

 

Thanks, thatbum, certainly it is making me rethink about this...
I agree even in my own experience, OTP is not very good investment indeed. The problem with the market here I guess is it is very hot atm certainly a lot of competition. So price has gone up quite a lot. So securing some good established one is becoming increasingly difficult and expensive.

 

Wow thats small. 121m2 for a 4 bedder is tight. That has to affect resale and demand later. Size out a queen size bed and the bedrooms are tight. The master has a tight 600mm each side of a queen.
Garage / laundry - Garage door width may suit a corolla.
Deck seems to protrude close to roadway - May be largely non functional

 

Then don't buy in Hobart. Why buy during a seller's hot market.
If you must buy something "now" when your finance isn't even sorted, then maybe talk to a respected Buyer's Agent in Adelaide or Brisbane or Perth where you will get a decent investment for that budget that will be a real house on real land and not an OTP unit.

 

Thanks for the reminder how small inside these units are despite the not too bad landsize.

 

Indeed, buy in the fall, sell in the rise. I'll definitely look into the buyer's agent option for the not doing currently very well market. Appreciate your suggestion.