VIC Brunswick West Area

Discussion in 'Where to Buy' started by Pweesng, 15th May, 2020.

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  1. Pweesng

    Pweesng Active Member

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    Hi Guys,

    forum property experts, seeking advise here.

    been offered a townhouse at Brunswick West. Its a little smaller than what i would want, basically 2 stories, with 2 bedroom upstairs and living, dining and kitchen downstairs. About 102m2 interior and 16 m2 outside. Basically a 2+2+1

    Its part of a 7 townhouse and a bunch of apartments. in one establishment. asking for 679k.

    The exact location is the corner of Albion and Olive York way. The townhouses are the the other side away from the CityLink.

    Would like to hear you opinion.

    Thanks in Advance!
     
  2. The Y-man

    The Y-man Moderator Staff Member

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    Is it IP or PPOR?

    The Y-man
     
  3. Pweesng

    Pweesng Active Member

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    IP. I’m foreigner.... but I do visit Melbourne every year
     
  4. The Y-man

    The Y-man Moderator Staff Member

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    Sounds ok BUT get the OC cost allocation. You don't want t be paying for the amenities of the apartments etc that your tenants won't use.
    It's also outside the Strathmore School Zone (the main attractor in the area)

    The Y-man
     
  5. rizzle

    rizzle Well-Known Member

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    This place: Google Maps ?

    Issues I would have personally:
    • Busy road = less appeal to owner occupiers (future resale)
    • Excavated site next door suggests more apartments going up in the future
    • Apartment complex has lifts = $$$ body corporate fees
    • Limited scarcity value due to large apartment complex
    I'd be looking for older, preferably ground level only apartments/townhouses not on main roads.
     
    Codie likes this.
  6. The Y-man

    The Y-man Moderator Staff Member

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    The OP says "foreigner" so I assume FIRB rules come into play (i.e. pay more, get less).

    The Y-man
     
    rizzle likes this.
  7. Pweesng

    Pweesng Active Member

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    yeah... its punitive for foreigners....additional 8% tax and FIRB cost. But i can understand that govt needs to protect properties against speculation by foreign dollars.... so i am keeping my mouth shut.... hahahahah
     
  8. The Y-man

    The Y-man Moderator Staff Member

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    You can go commercial with no penalties.

    The Y-man
     
  9. Pweesng

    Pweesng Active Member

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    yeah. But it fail my first test for property investment. Which is “if all else fails, move in”

    so because of that, it has to be resi unfortunately....
     
  10. The Y-man

    The Y-man Moderator Staff Member

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    Can you pick up nomination sales? Seems to be a ton of them around now....

    The Y-man
     
  11. Pweesng

    Pweesng Active Member

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    Yes. Nomination can be an option. As long as it’s a new dwelling that adds to the stock

    primary concern are:-
    1) is that a good location for rental
    2) will it be easy to rent out
    3) capital gain - how is it like in such development

    and of course in hoping the price can be a steal or at least more than reasonable
     
  12. San2018

    San2018 Well-Known Member

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    Curious, how do we define foreigner here. The one who doesn't have OZ passport or the one with OZ passport but doesn't live here.

    I tried to google to understand the definition but it's confusing.

    I am asking this question because how does it impact my IPs and income from them if I move out of the country at some point in future.
     
  13. The Y-man

    The Y-man Moderator Staff Member

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    Residential real estate - exemptions [GN4] | Foreign Investment Review Board



    The Y-man
     
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  14. Pweesng

    Pweesng Active Member

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    quick and dirty way would be, “People who doesn’t have the right to live in Australia, other than those in tourist visa”. For instance if I’ma student on student visa, I actually don’t have to pay the extra stamp duty. But I’ll need to sell the property once my student visa is no longer valid.

    In your case, if you move overseas, two areas to look at.
    1) PPOR will become IP and CGT will be chargeable

    2) change of tax residency (if it changes) and the relevant impact.

    but as long as you have an Aussie passport, I don’t think you’ll be subject to those additional taxes we need to pay.
     
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  15. Omnidragon

    Omnidragon Well-Known Member

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    Gee Brunswick West is pricey these days.
     
  16. Pweesng

    Pweesng Active Member

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    Anyways... I did a Low ball and see if it works. Not proud of it. But the situation isn’t conducive for a big ticket investment. Offered 628k. Told the developer, I’m happy for them to sit on it and come back if they can’t find another buyer

    so let’s see