NSW Is it crazy to buy a 3 bed New apartment in Bondi Junction for 2.5m?

Hi Everyone, I am new to the forum. A little about myself, I have a 1 year old, my partner moved to Sydney to live with us recently and we have a one bed unit in Ultimo which isn’t going to be enough for the three of us. So I saw an ads of the a new apartment building in Bondi junction, Whitton lane, it’s going to be completed this November, I put a holding deposit on a three bed apartments (3 bed 3 bath 2 car, 140m internal, 13m balcony). I like it as it’s a nice apartment in a convenient location, public transport, near shops, restaurants, parks, not far from beaches. There are good schools around. But now I am doubting if it’s a good idea considering the premium of new apartments also the lack of capital gain for apartments. I would like some insights about the potential of apartments in Bondi Junction, how many years it would take more or less to see some capital gain?

Also friends are suggesting house in northern beaches, is it still possible to buy a three bed house in those areas for around 2.5m? ( if it’s a house we will be actually looking next year)

thoughts?

 

You are blessed to have such knowledgeable friends.

 

That is a bad investment

 

Realistically do you plan on having more kids? If so you might want more space than 3 beds, and with that budget you can.

 

For an investment, I wouldn't touch it with a 10 foot pole.

 

If you are considering to spend $2.5m on an off the plan apartment in Bondi you should look into terraces in the inner west. Something like this suits your budget and arguably has much better potential on CG in the medium term.

https://m.realestate.com.au/sold/property-house-nsw-balmain-136448126

 

What is your cost and exposure if you pull out?

 

Terrible investment, but having known a few friends who've lived in the immediate vicinity, it's a great location.

 

No cost, we haven’t sign the contract.

 

We might. Where should we look? Any suggestions?

 

If you can afford 2.5m what difference does it make?

A property at Bondi recently sold for 25m so 2.5m is only a fraction of that.

 

The question is usually only asked if it's not easily affordable to the point where it makes no difference.

 

You dont want to buy a 3 bed and then in a few years realise its too small.

as others have said, north or north west, probably. Doubt you would want west. You cant afford anything bigger in the east. South is nice but you need to know it.

 

Right. Hey that's convoluted lol.

 

On balance? Imho a house would give better future gains.

but how much happiness will you get living in bondi? Your call.

 

Besides the traffic (horrendous), I'm super happy there

 

I had to read twice lol

 

I read your post with investment suggestions, is it because of your 20yr investing successfully that you can live in Bondi comfortably? We were debating if we should buy a house somewhere else to focus on the CG or buy the apartment in Bondi junction to enjoy life. I see some apartments in Bondi are under 2.5 it’s just not easy to find the right one.

 

Why Bondi Junction? If you want to be near the beach in the east perhaps the south eastern suburbs like Maroubra, Pagewood, Malabar etc would be worth a look as your budget will go bit further in these areas