VIC Opinion on these Properties?

Discussion in 'Property Analysis' started by plum_kun, 6th Jul, 2019.

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  1. plum_kun

    plum_kun New Member

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    Hello everyone! I'm a newbie in the property market and also a FHB. Care to share your opinion on the following properties please? First, about me, I'm single and in my early 30s, hoping to purchase an apartment to live in for an indefinite amount of time (most likely long-term/yearsss). As I work full-time in the city and don't drive, public transport is a major factor for me. My purchase limit is 400K.

    EG05/11 Flockhart Street, Abbotsford, Vic 3067

    220/193-195 Springvale Road, Nunawading, Vic 3131
     
  2. The Y-man

    The Y-man Moderator Staff Member

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    It's like comapring apples and pears... (not quite apples and oranges).

    Can you find out the OC costs for both? I suspect Abb will be much higher.

    I go past the Nuna one almost daily (I catch the train there) ~ that unit looks like its facing Springy rd, so could be noisy. Having said that the view looks nicer than the prison like outlook of the Abb one.

    The Nuna transport is great (train + 902 + other buses) but supermarket is a station or bus ride away.

    On the other hand Abb is much better served by Vic Gardens etc.

    Hey, but at the end of the day its for you to live in.... up to your tastes.

    Have a chat to a broker, get a property report to see if the price is about right on both, and whether you can easily get a loan (should not be a prob as neither are tiny dog boxes).


    The Y-man
     
    Last edited: 7th Jul, 2019
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  3. Archaon

    Archaon Well-Known Member

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    Thought about buying an investment property and and renting in the city?
     
  4. The Y-man

    The Y-man Moderator Staff Member

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  5. plum_kun

    plum_kun New Member

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    Thank you so much The Y-man for your tips! I will definitely consider them.

    TBH, I'm a creature of habit, so unless something major happened in my life, it's unlikely I'm gonna be moving out if I like the place and community. That said, I don't want to have any troubles as well if I had to sell it too.

    P.S. Sorry for being such a noob, but I can't figure out what OC means :confused:
     
  6. plum_kun

    plum_kun New Member

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    I've been renting in CBD for the past 4 years, that's why I wanted to have my own place after saving enough. Maybe in the future, I'll buy an investment property.
     
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  7. KateSydney

    KateSydney Well-Known Member

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    Owners Corporation - used to be called Body Corporate. So the fees can be scary high in some of these blocks especially if they have lifts and pools or building problems either known or as yet undiscovered.

    You would usually organise (and pay for) a detailed strata report that tells you what are the levies, if there are any special levies, the by laws, and then of course you will want to organise and pay for your own building and pest reports, together with a Strata Report.
     
  8. Angel

    Angel Well-Known Member Premium Member

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    You may be able to rent out your carpark space to someone else in the complex, which can be a nice little extra income.
     
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  9. TMNT

    TMNT Well-Known Member

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    good to see some newish, affordable , decent properties in decent areas under $500k so younger people dont complain how tough buying is
     
  10. The Gambler

    The Gambler Well-Known Member

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    Would you be better off renting if you're looking at apartments like that?

    Personally I couldn't buy either. First probably has high BC and poor balcony and the 2nd is right next to the train station which I imagine is constant noise. I'd go the 2nd over the first though.

    How about buying in a smaller walk up building? You get much lower BC costs that way.

    Question: IS OC a Victorian thing? Still called BC on the Gold Coast.
     
  11. The Y-man

    The Y-man Moderator Staff Member

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    Yep, very Victorian.
    What is an owners corporation?

    The Y-man
     
  12. The Y-man

    The Y-man Moderator Staff Member

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    In Victoria, the minutes of the OC meetigns would generally be attached (or some other documentation) in the Section 32 that is attached to the contract. Should be no need to pay for a report. The vendor is required to provide the OC certificate (which basically states bills are paid, insurance is active etc).

    The Y-man
     
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