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Is this apartment in inner Melb unique?

Discussion in 'General Property Chat' started by MTR, 18th Aug, 2016.

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  1. MTR

    MTR Well-Known Member Premium Member

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    Lots of talk about oversupply of apartments in all capital cities, is this apartment a different beast, only 18 in the block, one bedders start at around $620K, 2x2 around $820K and top floor penthouse apartment around $2M. Some 2 bedders on ground floor actually have courtyards, half of these have been sold in just 8 weeks.

    Seems buyers are now targeting townhouses, what are your thoughts on this product in terms of growth? No one has a crystal ball, but is this what you call unique to Melb inner city?? boutique

    I am very confused, what are your thoughts?? what do you know??

    Ville Prahran, 638 Malvern Road, Prahran, Vic 3181 - realestate.com.au
     
  2. melbournian

    melbournian Well-Known Member

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    This pocket is very different to the rest of the apartments in Melbourne, they are premier area. It was only a couple year ago there was a street in armadale suburb + away Denbigh Road which was already regularly selling old apartments for 700-800K. The type of people who live in Prahan, Armadale and Malvern are of normally higher than medium income individuals which is different to say Sunshine etc. Many already shell out 1.7-2 mil for a small workers cottage or terrace.

    When many news or portals say there is oversupply of apartments, they rarely mentioned the product type of apartments. The ones that are in oversupply are the dogboxes that new developments push out and in southbank (where they really have build too many). Why is it the block - always features apartments in Melbourne that sells for millions. Even the ex-block apartment in park st sold for over its asking couple of months ago.) There was an apartment which I sold for 750K then was re-sold for 1 million just 1 year ago.
     
  3. MrFox

    MrFox Well-Known Member

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    $620,000 for 1 bedder? $12K to $13K p/m2 must be top of the range units.
     
  4. MTR

    MTR Well-Known Member Premium Member

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    Thanks for the feedback, very interesting.
     
  5. MTR

    MTR Well-Known Member Premium Member

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    High specification I guess. Huge $ for a 1 bedder, I guess its the location. Be interesting to find out what the strata fees are.
     
  6. Simon Moore

    Simon Moore Mortgage Broker - Melbourne Business Member

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    Many of the new apartments that were being marketed to overseas buyers had bedrooms without a window.... Who would ever want to live in an apartment with bedroom with no natural light, totally kills resale value.
     
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  7. MTR

    MTR Well-Known Member Premium Member

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    Here is a plan of a 2 bedder guys
     

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  8. melbournian

    melbournian Well-Known Member

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    Go to freshwater place, melburnian (st Kilda rd) or eureka - some 1 bedders go for 1 million+. Freshwater is around 10-15K per year.
     
  9. MTR

    MTR Well-Known Member Premium Member

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    No thanks that is crazy talk..

    Here are the plans for the 2 bedder with courtyard
     

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  10. JacM

    JacM VIC Buyer's Agent Business Member

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    The postcodes to be particularly worried about in Melbourne are;

    • Melbourne 3000
    • Melbourne 3004
    • Melbourne/Docklands 3008
    To some degree Southbank is a bit of a worry also.

    Prahran is different and trendy and expensive and desirable.
     
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  11. Iamnumber5

    Iamnumber5 Well-Known Member

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    I guess in the area where land is rare and expensive, those people who can not afford a house and don't want to live in a high rise apartment either, this can be the only option, unless of course they move out of the area.

    This is another boutique apartment in South Yarra designed by Elenberg Fraser. Only 2 left out of 35.

    Ralston South Yarra

    Another boutique apartment just got the approval not far from the above location, called Millswyn. Only 10 units, with price tag starting from 3.9m - 13million.
     
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  12. Player

    Player Well-Known Member

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    That is one of the nicest pockets of Prahran. It's a stone's throw to Hawksburn village. Far enough away from the commision flats and Chapel street and still close to Toorak as well. Great locale
     
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  13. Stoffo

    Stoffo Well-Known Member

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    Cant say much for the area, or the building for that matter.
    BUT, the 2 bed floor plan "I dislike" :(
    The main bathroom off the kitchen :confused:
    The main bedroom has its own ensuite, but the second (kids room ) gets the balcony :rolleyes:
    All wrong for me
    My recent OTP purchase :cool:
     

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  14. Iamnumber5

    Iamnumber5 Well-Known Member

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    I think you attached the wrong plan:)
    The main bedroom has both the balcony and ensuite.
     
  15. Stoffo

    Stoffo Well-Known Member

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    The pic is my recent OTP purchase
    (My balcony will face NWN on the top floor, with views to the Royal National Park)

    As opposed to the lay out of the ones posted earlier in the thread;)
    Sure its great to have an ensuite, but i don't understand why the design of the Melb unit wouldn't have the main bedroom with the balcony ? (Imagine sitting on the balcony with a wine on a summer evening, only to have your kid in the ajoining room complain about your talking whilst they are trying to nod off :( )
     
  16. MTR

    MTR Well-Known Member Premium Member

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    Stoffo, very nice, care that share where?
     
  17. Iamnumber5

    Iamnumber5 Well-Known Member

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    My bad :).
    In that case, I don't disagree with you.
     
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  18. hobo

    hobo Well-Known Member

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    The commission flats you mention - where are they?

    TIA
     
  19. Stoffo

    Stoffo Well-Known Member

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    Mmmmmmaybe

    2x2x2=2much :rolleyes:

    Liking the rooftop (and ground) BBQ area's
    Next door to a nursery
    Over the road from primary school
    200mt to train station (far enough out of city to get a seat every morning)
    80mt to supermarket
    AND MOST IMPORTANT 70mt to the pub :D
     

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  20. Player

    Player Well-Known Member

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    On Malvern Road further west of Williams road but before Chapel street . I think its corner Surry Road.