QLD New Farm apartment

Hi all,

First post here. Looking to buy one bed IP in New Farm, QLD. The area has some Art Deco buildings, being a rarer building this standard brick 70s or 80s building. However the prices seem to be higher. Looking at the below property, any opinions on if this represents good value at $420k? My research says it’s comoarable but wanted to ask for 2nd opinion.

Thanks

7/74 Kent Street, New Farm, Qld 4005
7/74 Kent Street, New Farm, Qld 4005

 

If you don't mind me asking, what attracted you to Units in the city for an IP? Most would agree these properties haven't finished falling.

I'm also not familiar with this particular style of building, but it does seem like a LOT for a 1-Bed? Is it over 50m2 (floorplan suggests about 55m2)?- Hard to lend on less than that. Strata also seems high.

 

No value there , higher likelihood for poor performance. Also that stock type is generally falling atm. I'd be stretching the budget a little to get a house in middle ring.

 

Been following new farm for 3 years, Ive seen 2 beds in small complex units (Reno needed) recently going for the same price. Absolutely over paying for a 1 bed at that price.

Love the area, think that location is a great place to own in and will do well into the future, however not 1 bedroom stock. I would at least start with a 2 bedder personally.

 

Probably less than 2.8 m width? Maybe the target market is singles/couples who would be attracted to the word "sunroom" rather than "an old-fashioned flat with a tiny 2nd bedroom".

The building looks to be much older than a 70s or 80s building.

 

I liked this apartment because I like Art Deco apartments and there aren’t many in Brisbane. I have a bit of emotion in it too as see myself in 10-15 years keeping it as a city pad for myself when retiring. From a pure investment POV probably could get a 2 bed brick 70s block for same price. This building is from 1920. A one bedroom similar style sold nearby in December for $418k. Strata is higher, but includes gas, it that will matter so much if renting out.

 

Good street that one and parking is a bonus there.

 

I would run a mile. There are so many better places to put your money beside the one bed market in and around Brisbane. Is this for an investment or to live?

 

If you are considering living in it yourself, then a purchase from a purely numbers perspective is not as relevant as it would be for a purely investment perspective.

It's a lovely apartment, in a great location, in a rarer character building. All ticks. Please consider the entire building and strata details in case there is maintenance issues. I see from the satellite photo that it appears to have a new roof and if the advertising photos are genuine, the building exterior appears to be freshly painted.

Put in a slightly lower offer if you think it will be accepted, apartments are generally slow to sell. How many views has this one had (remember several from this forum). Do not let emotion alone dictate your decision.

Says the once 19 year old who wanted to buy my deceased grandmother's Stuart St Bulimba cottage on 1000m2 back in 1979 and every adult in my life at the time burst out laughing.