ACT canberra general

Body corporates are a massive PITA.

They don't tend to retain their value as well as detached homes.

There's an oversupply of units/townhouses.

Cheers

Jamie

 

Belco is one of the spots hit with the oversupply. Apartments but it has hit my townhouse.

Mine is a 1990s build and with the new stock people will obviously take one of those while the price is good over an older unit.

If my tenant leaves I'll have to renovate to get the same rent.

Won't turn around unless developers get the idea profits are not there and stop building.

Who is buying these apartments when there is no population growth?

 

Sorry, Belco isn't my area (although I've always thought Aranda could be nice ).

 

yeh im a fan of Florey....im bias towards Page but florey is probably the next best value suburb around these parts. depending on where in the suburb could walk to the mall. i dont mind a bit of king fook either.

how much is body corp? how much does a similar featured house cost?

maybe you can collect all 5, knock them down, and put on 15 townies on in 20 years.

 

I've never been a fan of Florey, but that's just a personal view rather than as an investment.

Your townhouse would be competing with those around toterdell st in belconnen. Always see a lot for rent.

 

lol - I had to read that a few times. Chinese Restaurant right???

 

Hello - I have a query as I just settled on a place in Canberra 2 months ago. The bank put down the place as security under "freehold mortgage" however property is all leasehold in the ACT I believe? A title search shows myself as the sole proprietor and the mortgage to the bank ... would this affect anything down the track?

 

Don't think it matters since it's already settled. I assume you're talking about how it was listed on the mortgage application?

 

Thats right Jamie - how it was loaded on the system, reason I ask is apparently if it is leasehold it needs to be referred to external bank solicitors with a $2k fee! Kinda puts the brake on future purchases ... Have you heard about that before for ACT purchases ?

 

I've bought a few in Canb and never needed to pay $2k

 

Nope - never heard of such a thing and I've written my fair share of loan apps for ACT purchases

Cheers

Jamie

 

How's Theodore in general and can you generally plonk a duplex on a RZ2 zoned block?

 

I'm personally not a fan of Theodore - I reckon Calwell is a better suburb and it's a little closer to the Hyper D.

Cheers

Jamie

 

starlite might know more but yeh you can..i think if its over 700 sqm....actpla seem pretty flexible..one up the road where they tacked on an attached double story out the front of existing, to be separate titled,...and a few other attached ones on corner blocks, as well as detached...or even some where it looks like they took a normal house...and cut it in half and made 2 units....but best to call actpla before buying..... im submiting granny flat plans for DA this week...see how that goes (in rz1)

 

this might help.. http://www.actpla.act.gov.au/__data..._306_residential_zones_explained_20110705.pdf
50% ratio for rz2 with street frontage and 35% ratio for battleaxe..
went to theodore once, really liked the view there....

 

Thanks all.

Too late, the one I was looking at is gone

 

I'm looking to sell my ppor shortly, so have been looking around at comparables. Prices have moved slightly in my pocket of west belconnen. Houses that I would have thought would go for $500k 6 months ago are around $520k atm.

I've seen an increase in sale by auction, so went to a couple this morning to get a feel for what was happening.

Two 4 br places in Dunlop.

First one was a smallish 4br 20 year old house on large block. It had a lot of agents, but not many bidders (4 groups including me) Only 1 bid made at 390, vendor bid at 410 and passed in. No real interest.


Second was a 4br single level townhouse, 5 years old in complex with smal but lovely garden. Immaculate and really well presented ( I could see myself living there). I thought this auction was run better than the first - 2 agents and the auctioneer. About 8 groups, most seemed to be neighbours. Only one bidder - sold for $500k.

Although there are lots of auctions happening, my experience this morning didn't convince me it's the way to go for me.

 

Canberra auctions are cooling off I think. Serviceability tightening effect?

 

I have been looking for a deal BMV from last few weeks. Market has moved a lot in last 6 months. I must say it is only in houses. Units prices are failing across the board.
Places in good suburb are selling like anything specially in Gungalin area. mine appreciated by 15% in last 12 months. PPOR equity increased by 100K in 12 months.