ACT Braddon - Whats the catch?

I came across this building in Braddon that has two apartments for sale at the moment.

http://www.allhomes.com.au/ah/act/s...hbourne-avenue-braddon-canberra/1316935842611

http://www.allhomes.com.au/ah/act/s...hbourne-avenue-braddon-canberra/1316903282111

This sounds too good to be true. The apartment is rented for $500 pw at the moment, the other one is $400 which is still ok. Owner has the option to put it under serviced apartment management or live in it. What is the catch here?

 

That certainly does seem like a good deal, top floor and everything. Probably should sus it out!

It's a bit weird how it's fully furnished as well.

I dunno what the catch is either, maybe absolutely ludacris body corp fees??

 

And if the other one is good enough for 007 it can't be too shabby

 

Pretty sure they're serviced apartments.

Cheers

Jamie

 

Looks like a very big complex that may limit your capital growth (more sellers than buyers will push prices down) and I would also guess very high strata fees. (24 hour concierge, pool, sauna, gym etc etc etc)

 

No. As I said they have the option to take it out of the serviced management. And, I also saw a rental property advertised on gumtree today in that building by the owner himself. I have decided to go have an inspection of that property and get some inside from the guy.

 

Ask how much the management fees are - they're likely to be quite expensive.

Check out the size of the units too - anything less than 50m2 can be hard to finance without a large deposit.

The yield seems good - but the growth won't be there......happy to be corrected though.

Cheers

Jamie

 

Just had a look at that 007 apartment in Braddon, it is still available. WTH?
And its not like the agent forgot to remove the ad it was updated this month and its been there since last year. It is strange they are not able to sell a 1 bedder in Braddon.

 

Give em a call and find out.
Maybe they did just leave it on there.

 

I'm not sure if it is.

I haven't kept a close eye on the Braddon market but I assume it's susceptible to the same market conditions that apply to units in Canberra at the moment - especially a one bedroom place.

Cheers

Jamie