Hi everyone, Just wondering what people's thoughts are on apartments in some of the city fringe suburbs (ie Prahran, St Kilda, Toorak, brunswick etc)? I would be holding for long term growth (15 years plus). It looks like you can pick up some 1 bedroom apartment in some of these suburbs for around $350-$400k with 4.5-5% yield. I am not referring to the newly built ones, but rather some of the older 2-3 story buildings, with the idea that you aren't paying a premium for the flashy new built apartments. From what i have researched, these tend to be looked upon in a better light the the influx of new CBD apartments that Melbourne is starting to see. I think these area's are always going to be sought after, especially by young professionals who work in the city and like the inner city lifestyle these suburbs have to offer. Areas like chapel street are always going to be a central hub for people, so i see this as a low risk purchase in that sense. I know the Melbourne market seems to be nearing its peak, and these may be able to be brought for less in the next few years if interest rates make big moves so I am torn between waiting or purchasing with the view of long term growth. Any thoughts on this would be greatly appreciated! Cheers, Mitch
