After some thoughts/discussion on apartments in the eastern suburbs of melbourne (15km-20km from city). Recently drove past a new complex going up in Chadstone which I will use as an example. www.realestate.com.au/119874813 The location looks good. Close to station, shops, tafe, pub (could be pro's and con's here?), bus etc. The development itself looks quiet attractive although the area does have housing commisons located nearby which isn't ideal. For those who have purchased suburban apartments, what should you be looking for and also looking to avoid? Thanks in advance.
Yes the location is nice but there is a heap of supply there, if you are buying as a PPOR then it is meh but if you were looking for IP I wouldn't touch it. Up to if you want to buy. Read some of the OTP threads and you will see my full response as why it might not be the best decision.
Its lists the properties as 2 bedroom one bathrooms. How big are they. Many of these apartments are small and in my view do not make good investments. The banks are also worried about there exposure to apartments with over 4000 going up in the Melbourne CBD. The problem is that when the banks are worried about their exposure they tend to instruct valuers to reduce the valuations on all apartments
No issue with Chadstone, but OTP with ~200 other apartments all settling at the same time - not such a good idea IMO. Not sure if I'm reading it right because I'm on my phone, but also looks like 58sqm internal.
