Hi , any advice on the prospect of Cheltenham? i am looking to buy there in an apartment block. Thanks in advance.
Cheltenham going bananas both sides of the Hwy. I see development blocks in the golden triangle, real estate bs for wrong side of Hwy but close to Southland, goi g for $1.2-1.35M. I agree with @The Y-man stay away from apartments. Go for single storey villas if you can't afford houses. Good area but prefer beachside close to station and parks if you can get it. Also look at Mentone, parkdale and mordialloc.
+2 definitely stay away from apartments in the area. So many have gone/are going up in Chelt, Moorabbin, Highett, Mentone... Mostly sold to investors and with so many, and not much potential to add value, I really don't see an upside. Older, solid units that are larger and and give you abit of a yard are better prospects. There's plenty in original condition that one once renovated, kitchen/bathroom etc, can give you a nice upside.
I live down the road in beaumaris and i wouldnt think theres a huge demand for aparemt living in cheltenham but melbourne is changing very quickly If you said 10 years ago they would be building large scale apartment blocks in sandy people would of thought you were crazy. Who knows Will have to do your own research on this one I guess apartments are very easy to replicate, which woild be my main fear in buying one
Time will tell wrt apartments. I live locally and the prices currently being paid for 2 bed villa units is 50% more than it was only around 3 years ago. Apartments are still cheaper, and more unusual in this suburb but there is a fair bit up supply coming on. I think the apartment block specification, builder and specific location are much more important with determining apartment prices - there seems to be lot of difference in prices achieved and there are many poorer quality builds about too which won't perform so well. The apartment market generally seems to be getting more discerning and splitting into high end and low end. The rule of paying 15% more on the other side of the Nepean highway also seems to apply for property in Cheltenham - although recently prices for property in the bayside pocket (park road, pennydale etc ) seems to be rapidly catching up with neighbouring Sandringham. 4 years ago there was a larger differential in pricing between the two suburbs but my perception is that this has reduced. Houses / bigger villas with a bit of outside space ( I don't include 2 storey, 3-4 on a block developer- style townhouses in this) are in big demand by OO's as well as investors. I think these are a better investment than apartments or the newer, small townhouses in this location.
