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VIC Docklands

Discussion in 'Where to Buy' started by smallbuyer, 15th Aug, 2016.

  1. smallbuyer

    smallbuyer Well-Known Member

    Joined:
    25th Jun, 2015
    Posts:
    110
    Location:
    WA
    I was talking to an acquaintance and they told me they had purchased an OTP apartment early last year that is due to settle at the end of the year in Docklands. Does anyone has any info on this area, it seems a bit crowded with apartments from what I’ve seen.

    Any chance it has gone up in the last 18 months as Melbourne has moved quite a bit in this time?

    How are they likely to go with Vals and finance?

    Any advice as to what to do with this situation?

    Cheers,

    Smallbuyer
     
  2. smallbuyer

    smallbuyer Well-Known Member

    Joined:
    25th Jun, 2015
    Posts:
    110
    Location:
    WA
    I was talking to an acquaintance and they told me they had purchased an OTP apartment early last year that is due to settle at the end of the year in Docklands. Does anyone has any info on this area, it seems a bit crowded with apartments from what I’ve seen.

    Any chance it has gone up in the last 18 months as Melbourne has moved quite a bit in this time?

    How are they likely to go with Vals and finance? I have heard something about lower lvr's in some areas?

    Any advice as to what to do with this situation?

    Cheers,

    Smallbuyer
     
  3. craigc

    craigc Active Member

    Joined:
    25th Jun, 2016
    Posts:
    38
    Location:
    Melbourne
    Lots of apartments & lots more coming. Look at the cranes to give an idea & also Lorimer St Port Melbourne as rezoned residential. Hence offices moving out. Can't help on vals query though.
     
  4. ashish1137

    ashish1137 Well-Known Member

    Joined:
    12th Sep, 2015
    Posts:
    310
    Location:
    Sydney
    Apartments have not grown in past 5 years, let alone 18 months.

    The only advice to them is "all the best".

    Check in melbourne outskirts. People have achieved 20% or more in small buys ranging from 300k to 380k.

    Regards
     
  5. Marty McDonald

    Marty McDonald Mortgage broker Business Member

    Joined:
    22nd Jun, 2015
    Posts:
    228
    Location:
    Sydney North Shore and Norther beaches
    Docklands is mentioned often when talking about over supply and I have had issues with valuation previously. In general I would say avoid.
     
  6. JacM

    JacM VIC Buyer's Agent Business Member

    Joined:
    12th Jul, 2015
    Posts:
    1,120
    Location:
    Melbourne, Australia
    Huge oversupply of apartments in the Docklands. Expect difficulty with leasing it out or selling it.
     
  7. albanga

    albanga Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    1,118
    Location:
    Melbourne
    If they have purchsed for OO then may be OK as it is likely they work in the city and the 0% growth they will experience on the next 10 years will be offset by a 10minute commute each day.

    If they purchsed for an investment then IMO they have rocks in their head and probably purchsed in what I would say is the worst investment in Australia outside a one trick mining town.
     
  8. Coastal

    Coastal Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    153
    Location:
    Brisbane
    Nice quite place to live next to the city
     
  9. Anki

    Anki Active Member

    Joined:
    29th Apr, 2016
    Posts:
    30
    Location:
    Melbourne
    Sell sell sell... I have seen apartments which are listed 20 percent below the purchased price. Too much supply is in pipeline and glut would be at worst in 2018.
     
  10. JDP1

    JDP1 Well-Known Member

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    20th Jun, 2015
    Posts:
    2,840
    Location:
    Brisbane
    But..... With the exception of Sydney and Mel...the whole of Australia is a one trick mining town :)
     
  11. Corey Batt

    Corey Batt Finance Strategist Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    1,173
    Location:
    Adelaide, SA
    Docklands is the butt of many a joke in terms of dud investments - huge oversupply issues which have been around for years and will for years to come. Avoid like the plague.

    Always remember why you're investing - capital appreciation/rental return. If there's a continuing increase in supply coming online, that's competition which can put downward pressure on prices and keep rents low.
     
  12. TaylorChang

    TaylorChang Well-Known Member

    Joined:
    2nd Jul, 2015
    Posts:
    167
    Location:
    Sydney
    I have done some loan for clients for off the plan settlement in Docklands this year.
    Every loan I did. None of the valuation come near the purchase price.
    $100k lower than the purchase price is not uncommon.
    I felt the pain for them.
    Many lenders have post code restriction lending policy against Docklands, such as NAB, AMP...etc.

    If can, please avoid.
     
  13. JacM

    JacM VIC Buyer's Agent Business Member

    Joined:
    12th Jul, 2015
    Posts:
    1,120
    Location:
    Melbourne, Australia
    Also the Docklands is a horrid wind tunnel. Nothing pleasant about stepping outside.
     
  14. ATANG

    ATANG Well-Known Member

    Joined:
    5th Jul, 2015
    Posts:
    178
    Location:
    SA
    Docklands is a very special market...either you love it or you hate it. I have a lot of friends who live there and they can't leave there, they love the water, the close accessibility to the city, the quietness; then i have another group of friends who hate it, and blame of chinese money coming in to support those stocks, and they probably been there once a year....

    Personally i would only be interested if there's something special coming up, for example a luxury spacious apartment with harbour view, on top floor with a big discount from previous contract price. There's still this luxury market potential in the suburb (if you get in at the right price) because chinese loves water.
     
  15. TMNT

    TMNT Well-Known Member

    Joined:
    23rd Jul, 2015
    Posts:
    1,397
    Location:
    Melbourne
    The truth about life in a Docklands apartment tower

    interestingb article

    althgouh ive never lived in docklands, ive been there every now and again,

    id hate to live in one of those shoebox apartmens with a conrete wall in front of it,

    however some of the penthouses or big apartmentes with balcony and view are spectacular,

    id live there in a heart beat if I got a screaming bargain