VIC Southbank Melbourne High Rises - Shadow Play appartments

Discussion in 'Where to Buy' started by Petko, 11th Sep, 2018.

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  1. Petko

    Petko New Member

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    Hey guys,

    We are looking at buying a property in Southbank Melbourne for living/lifestyle though want to make sure our money are not wasted or go in the ground with dropping valuation.

    What would you say for this project and is it a good buy?

    Shadow Play | BPM

    Looking at a 2 bedroom, 2 bathroom unit with a carpark on level 31.

    Cheers,
    Petko
     
  2. The Y-man

    The Y-man Moderator Staff Member

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    Can't tell without knowing - how much, who will be the builder, fittings, etc etc

    The Y-man
     
  3. The Y-man

    The Y-man Moderator Staff Member

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    To be honest, I would buy an existing one - then you know what you get. OTP is always a risk in this regard.

    The Y-man
     
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  4. The Y-man

    The Y-man Moderator Staff Member

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    By the way, any reason of Southbank over Docklands?

    Will you (or do you) work on the south side of the river?

    One of the issues (and it may be *very* unfounded) I have with southbank is that I find it a bit scary walking from CBD down spencer/clarendon end at night. One of my tenants was mugged there by a gang some years back, and you do walk (very) near the tent city.

    If working in the CBD, I would actually go for Vic Harbour as first choice.

    The Y-man
     
  5. Petko

    Petko New Member

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    Cheers mate, appreciate the response.

    We are looking for 2bed 2 bath, 1 carpark valued at $750k. It is already finished and final sales of the leftover apartments. We've negotiated a better price though :)

    No preference between southbank & Docklands, it just happened that we liked that building. The fit out is pretty nice and the view is basically across the whole apartment.
     
  6. Cimbom

    Cimbom Well-Known Member

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    One thing to keep in mind with these huge towers is issues around occupancy. My husband's friend lived in Eureka Tower not too long ago (was renting) and his apartment was the only one on that particular floor that was occupied. He commented that this was not uncommon in the building. This may pose issues in the future if the building needs repairs and maintenence. This has a good chance of being expensive given the building's size and with mostly investor-owners, they will probably not want to spend much money - this will in turn devalue your investment (and maybe quality of life there). If you want to live in the CBD, I'd look for a cute older building in the actual city. They are actually in quite high demand, less risky and less likely to fall in value than these types of developments.

    Edit: Something like this - 55/187 Collins Street Melbourne Vic 3000 - Apartment for Sale #120984214 - realestate.com.au (I don't like the specific apartment but just to show the type of building I mean)

    Edit again: This building is really nice and the apartment is decent too for a 1 bedder. 502/300 Collins Street Melbourne Vic 3000 - Apartment for Sale #127992570 - realestate.com.au
     
    Last edited: 12th Sep, 2018
  7. Depreciator

    Depreciator Well-Known Member

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    I heard something the other day that may or may not be true - of course that's no reason to not repeat it given we're on the internet. Somebody told me that there are buildings in Sydney and Melbourne where many apartments are owned by absent and disinterested Chinese investors. They think that given nobody lives in their apartment they need not pay the strata levies, so those buildings are looking shabby sooner than they should.
     
  8. Cimbom

    Cimbom Well-Known Member

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    That's right. Many view them as "set and forget" places to park their money so don't want to spend much on top
     
  9. The Y-man

    The Y-man Moderator Staff Member

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    If you can form out a bit more, maybe look at
    2907/100 Harbour Esplanade Docklands Vic 3008 - Apartment for Sale #129173466 - realestate.com.au

    Ask our local man on the ground (paging @Tony3008 ) about the body corp costs etc.

    I just looked at the location of Shadow Play. Make sure to take a walk down Hague street westbound across clarendon st (from Shadow Play) late at night.

    We used to own an apartment in the area. I am not sure if they have "cleaned up" but Launch Crisis Accomo centre is there and we used to get the odd occasional people breaking into our complex at night to sleep in the foyer etc when they couldn't get into the centre. A resident in our block also got bashed by some people in the foyer when he questioned them, and we'd be forever be paying to clean up vomit etc. So there was lots of owners corp talk about hiring guard etc.

    Might have all changed now - that was over a decade ago - but do the ground work if you are planning to live there.

    The Y-man
     
  10. Tony3008

    Tony3008 Well-Known Member

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    Victoria Point, 100 Harbour Esplanade, is an interesting building in that thanks to an OC committee that is really on the ball, the OC levies go down each year! For this apartment I think you'll pay around $5K this year, but check. The biggest plus for this building is location: back entrance on level 4 (check out the History of Docklands display) takes you out onto the Etihad concourse, a few minutes to SXS, four tram routes near the main door. Another plus is the extended concierge hours, weekdays 8.00am – 7.00pm, Saturday 8.00am – 7.00pm, Sunday 10.00am – 2.00pm - really great guys behind the counter who will sign for and hold parcels if you're out.

    Minus is no pool (interesting story which I can't tell here) but there is a gym. On this particular apartment it might be a bit hot in the summer - I was on the other side and moved out because it was so cold in the winter!

    Victoria Harbour generally is also a great place to live because of having everything to hand: Woolworths, GP centre, pharmacy, post office, numerous eateries, superb library etc etc + walk to Etihad if you're sport minded.
     
  11. Cimbom

    Cimbom Well-Known Member

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  12. The Y-man

    The Y-man Moderator Staff Member

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  13. Cimbom

    Cimbom Well-Known Member

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    Seems more common with these older buildings and those types of areas. I think you could get away with it there. Could possibly buy one if you wanted but not sure how close it'd be
     
  14. Mike A

    Mike A Well-Known Member

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    if its the house you will live in then don't be overly concerned about prices. So it goes down 10% ? What you going to do.....ummm nothing....you need to live somwhere.