What are people's thoughts on buying an inner city Melbourne apartment. Apparently there is no stamp duty on these. Any recommendations on areas. Any do's and don'ts. Thank you in advance.
There will be some stamp duty, but not much, because there's not much land value in any individual appartment. Inner city appartments are about the one place in Melbourne that did poorly over the last two years. The banks have lending restrictions on them. This should tell you something.
Define “inner city”. Melbourne CBD: never Southbank: never Docklands: never Inner city suburbs: yes absolutely very under valued right now imo, but always buy smart, low-rise in popular areas close to amenity (eg Brunswick, Fitzroy, Collingwood, Richmond, Prahran, South Yarra, Windsor, Balaclava, Armadale, Northcote, Hawthorn etc etc etc)
Again, clear definition of “inner city” needed. My PPOR apartment in Brunswick gained about 15-20% in the past two years. Are you referring to CBD apartments?
My Brunswick unit did quite well too! I wouldn't consider this to be inner city. I tend to think of inner city as Melbourne, Docklands, Southbank.
Nah mate, that's the hair dresser on Elizabeth St that charged 10 bucks for a haircut when I was at uni. When GST came in he upped it to 11 bucks.
Haha we are neighbours! Sometimes these discussions are fraught with danger when we don’t agree on the basic language we use Perhaps we can agree that being as vague as the OP, you’re not gonna get useful advice!
I'd say Brunswick is inner suburbs, but not inner city. Carlton, Parkville, Richmond would be fringe suburbs.
I would say that if you wanted one in your portfolio then now would be a good time to pick one up, pending its a quality build. Building costs are soaring so new apartments will only be getting more expensive, and they've lost so much value against other stock that they're among the cheapest properties in the metro area. But going back to my opening line.. "if you want one in your portfolio". Personally i never would.
Nah inner city is the 5-7km ring or so around the CBD. Same as “inner suburbs”. Middle ring is the Broadmeadows, Heidelbergs, Box Hills, Oakleighs etc Docklands and Southbank are just special cases. Lump them into CBD.
Management fees are nominal. What people perceive as "fees" are: Building insurance Maintenance Repairs Cash Stash for future repairs Any onsite staff - eg concierge Really no different to owning a house right - except you don't often get your way in terms of when the money is spent, what is fixed urgently etc The Y-man
