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Hi, from a naive Melbourne newbie!

Discussion in 'Introductions' started by CX13, 2nd Aug, 2016.

  1. CX13

    CX13 Member

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    So I just stumbled across this site last night while I was asking 'Google' a whole heaps of questions...and this site definitely seems like a great answer! I'm married, late 30's, with a 16 month old daughter. My husband and I purchased off the plan (settling last year) and are now looking to upsize (our daughter was a far-off fantasy at the time of signing the contract on our small flat!). We think we'll go OTP again, predominantly to save the stamp duty. I've never been especially financially minded, and until recently never had desires to be a property magnate...but I'm hoping to inform myself better and change at least one of those things! Looking forward to the learning!
     
    MTR likes this.
  2. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    Welcome to the forums!

    Plenty of people here to give advice regarding OTP property - heaps to learn and lots of potential pitfalls too, so well worth investing some time on it!
     
  3. MsAli

    MsAli Well-Known Member Premium Member

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    Hi CX - that sounds like a really risky move. Expensive lesson waiting to happen. Stamp duty is a cost of doing business. Are you okay to pay 10, 20, 30% more in purchase price to save just 10, 20 or 30k in stamps?? Suggest doing your numbers and the risk of not being able to accumulate further assets given you'd be paying premium and won't have equity for sometime unless you're buying in a rising market!
     
    legallyblonde likes this.
  4. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Welcome aboard :)

    Cheers

    Jamie
     
  5. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    Welcome to the forum @CX13

    You should come to the meeting in Doncaster next week. Details in this thread:
    VIC - Melbourne East Get Together. Shoppingtown Hotel Tues 9th August

    As a general rule, I'd avoid off the plan properties. The stamp duty and tax savings may look good, but you may find yourself paying for those savings many, many times over. It's a very risky segment of the market.
     
  6. Player

    Player Well-Known Member

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    @CX13 Welcome to the forum.

    If this is in Melbourne and specifically Southbank or Docklands, I would wait and buy when the fire sales are on.

    If it is in another suburb and you are buying OTP in a building that is more moderate in size and not high rise with hundreds of units then do your own due diligence and exercise caution.

    Where do you currently live and where are you looking to buy?
     
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  7. The Y-man

    The Y-man Moderator Staff Member

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    Hi @CX13

    Do you mean it settled last year?

    The Y-man
     
  8. Azazel

    Azazel Well-Known Member

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    Gday @CX13 , welcome aboard.
     
  9. CX13

    CX13 Member

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    Hi Y-man

    Yes, that's right. I guess I've used 'settling' incorrectly and should have said 'we settled last year'.
     
  10. CX13

    CX13 Member

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    Hi everyone!

    Thank you all for your welcome! It seems like I should definitely do some more research... I appreciate your input. I'll spend some time this weekend looking through threads and reading up. Did I mention that I'm naive to all this?!? ;) So thanks again!
     
  11. CX13

    CX13 Member

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    Hi Player

    We're in Brunswick East, and looking to stay in the general vivinity - between the bottom of Brunswick and Bell Street, as far west as the Tulla, as far east as Ivanhoe. So far, we've looked at smaller developments, no larger than 60 apartments. Also looking at townhouse options.
     
  12. CX13

    CX13 Member

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    Hi Peter_Tersteeg

    This looks interesting! I'll check mine and my husband's diary to see if one of use can make it and let you know. Thanks.
     
    JacM likes this.
  13. CX13

    CX13 Member

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    Thanks for the feedback MsAli. I will definitely do some more reading and numbers.
     
    MsAli likes this.
  14. CX13

    CX13 Member

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    Thanks Jess Peletier. I'll invest time into more research!
     
  15. The Y-man

    The Y-man Moderator Staff Member

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    Cool - I think if you have already settled and are happy with the previous purchase, then a lot of the concerns about going for another OTP is probably allayed.

    The Y-man
     
  16. Player

    Player Well-Known Member

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    Okay. Great area and of course there are pockets within the precinct that are better than others. I have a small retail property on Lygon so am familiar with the suburb and whilst I haven't been past for a couple of years, there has been plenty of development along Lygon Street and Sydney Road and the adjoining side streets.

    Definitely better than the (mostly) non differentiated rubbish that they are building in Docklands and Southbank, however do your homework here as well. I am not sure if there is too much supply coming on for the demand there. You are local so should be able to analyse yourself.

    Sometimes it doesn't hurt to buy second hand in a building that has been established for a few years to ascertain if there are issues with the building/complex itself. If I were choosing, I would not go as far as Bell Street unless you are looking for a town house or house. Stay South of Albion Street or Moreland Road at most and look at smaller complexes if you can. Brunswick East has turned into a funky groovy area and is going through the changes that Northcote went through as it gentrified and became more popular.

    Good luck :)
     
    MsAli likes this.
  17. Pumpkin

    Pumpkin Well-Known Member

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    Brisbane
    @CX13 : Welcome onboard. This is a fantastic community.
    Good that you are thinking about this now, rather than after 45 ;)
    If you search "Newbie" and Titles-only, you'd find a lot of people have shared their thoughts. Have a good read, and research on the subjects spoken.
    Then go to Barbies with friends and bring a beer. I am sure everyone will have a story to tell. :)
    Thereafter, come back here for specific questions.
    Happy weekend!
     
  18. JacM

    JacM VIC Buyer's Agent Business Member

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    Welcome !

    Steer well clear of the highrise apartment glut in Melbourne 3000, Melbourne 3004 and Docklands 3008.
     
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