IP in Central Park? (Chippendale NSW)

Discussion in 'Where to Buy' started by Childchance, 30th May, 2019.

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  1. Childchance

    Childchance New Member

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    Hi guys

    What do you guys think of buying a 1 bedroom apartment in Chippendale? They go for $600k-$650k and rents quite high at $700 per week. Plenty of demand from students. Only downside is the strata at $1,800 per quarter. Good for postive gearing?
     
  2. Cimbom

    Cimbom Well-Known Member

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    Back in Canberra!
    Good for losing money in the current market
     
  3. Illusivedreams

    Illusivedreams Well-Known Member

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    Try to find a 2 bedroom apartment if looking at apartments.
    This is my opinion a bit easier to lease and longer tenants.
     
  4. Propertunity

    Propertunity Well-Known Member

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    That's not the only downside, I can assure you. :)

    What is the m2 floor area? If less than 50m2 then the available lenders is reduced to a much smaller pool.

    If you need to sell at some future date and property at that time is in the doldrums, why would buyers buy your property over another 20+ for sale in the same building?

    Same with tenants - what makes your property any more attractive to a tenant who has lots of choices?

    How many in the complex?
    Who is the builder?
    Who is the developer?
    What are their reputations like?
    Will the developer discount the last 10 units say, to quit the project and move onto the next one, thereby triggering a loss to all other unit holders in the complex (comparable sales evidence)?
    What does your target tenant want - a 1brm or 2 brm? etc
    etc etc
     
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  5. Cate Bell

    Cate Bell Well-Known Member

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    For that money I would be looking for an IP in Brisbane.
     
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  6. MWI

    MWI Well-Known Member

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    Just stick to houses or at least very small townhouses complexes in Brisbane, if you can stay away from units!
     
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  7. Cate Bell

    Cate Bell Well-Known Member

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    True, house with a good land component. I have a house under contract at Thorneside