NSW New Graceview Apartment release North Shore (Turramurra) - straight to Lease?

Discussion in 'Where to Buy' started by JSFF, 23rd Sep, 2019.

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  1. JSFF

    JSFF Member

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    I walk past this apartment block regularly on way to train and saw today that it's now completed with residents moving in,
    however there are multiple units for Lease all appearing at once. (assuming they had to wait until it was officially opened). The other sign further up the road is for an Auction
    upload_2019-9-23_12-36-19.png
    This is the block:
    41/9 Eastern Road, Turramurra NSW 2074 - Off The Plan Apartment For Sale | Domain

    Is this typical for other apartment blocks that are completing across North Shore at the moment?
    I've seen the rental % vacancy rate increasing however haven't seen this many concentrated in one place before
     
  2. thatbum

    thatbum Well-Known Member

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    Is it normal for apartments to go for rent after its just been finished? Isn't the really obvious answer "yes"?

    Am I missing something? Wouldn't this happen no matter what the state of the market?
     
    John_BridgeToBricks likes this.
  3. Trainee

    Trainee Well-Known Member

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    Looks to be 5 signs. In a block with 40 odd units.

    A bit misleading at the start when they are all available at the same time. After a while the vacancies will stagger.
     
  4. Morgs

    Morgs Well-Known Member Business Member

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    This is common, particularly where there is a high concentration of investor owners.

    Had a client settle an OTP (that they'd bought many years ago thankfully) and they had some challenges renting it out because there were a dozen+ apartments, all identical and all on the market at the same time for rent (almost all through the same REA too...). That hurt the yield!
     
    Archaon likes this.
  5. JSFF

    JSFF Member

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    Good points. Theres a bit of competition with other existing unit Leases across the road and nearby streets however i'm sure they'll be soaked up soon enough.
     
    Morgs likes this.
  6. See Change

    See Change Well-Known Member

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    It's a very well positioned block , close to the railway , but not sitting on the line , next the park .

    Apparently it went through a redesign a while ago . The original concept had too many small units which didn't go down with local buyers .

    We live nearby and looked at a few of the local blocks with a view to downsizing , but built a granny flat instead . ( haven't seen inside that one )

    Given the position , if your looking for a well located unit , it has a bit going for it , though it's not SWMBO favourite block aesthetically .

    Cliff
     
  7. balwoges

    balwoges Well-Known Member

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    Fantastic position, lived in Eastern Road when first married, loved walking to the shops with my boys in stroller ... :D